- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Neil Hodge2022-05-03T12:06:00
The U.K. Modern Slavery Act has often been described as “world leading,” yet companies are still failing to meet requirements by providing a statement outlining what they are doing to prevent modern slavery in their businesses and supply chains.
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U.K. companies have improved corporate reporting—particularly on environmental and social issues—despite more instances of noncompliance with the Corporate Governance Code, according to the Financial Reporting Council’s latest review.
U.K.-based philanthropic organization Stronger Together has created a new hand signal to empower victims of modern slavery to get help. Though developed for the construction sector, the signal can be adopted across any industry as a best practice.
Northern Ireland Justice Minister Naomi Long has launched two consultation documents on measures to eradicate modern slavery from the supply chains of public- and commercial-sector organizations.
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
