Modern Slavery Act: the impact on businesses
01 May 2015 12:00 am by Mark Dunn
This blog first appeared on CorderyCompliance.com and was written André Bywater (+44 20 7075 1785, firstname.lastname@example.org). André is a lawyer with Cordery in London where his focus is on compliance issues.
The UK government is currently consulting in connection with the Modern Slavery Act, which received Royal Assent on 26 March 2015.
We've made a short film on what this means for businesses – you can see the film below or here.
This new Act is aimed at combatting slavery and human trafficking and includes amongst its compliance requirements that all businesses over a certain size must disclose what steps they have taken to ensure that their businesses and supply chains are slavery free.
One of the key points of the consultation is which companies the new law should apply to. It is proposed that the laws will apply to any business operating in the UK even if based outside the UK. The consultation looks at a number of different turnover thresholds. The consultation closes on 7th May.
We think that this will be a significant extra compliance burden for many businesses. We've been advising businesses already on the new legislation. As well as our film there's an introduction to the new law and the current consultation here.
Cordery is a trading name of Cordery Compliance Limited which is authorised and regulated by the Solicitors Regulation Authority; SRA number 608187. Cordery Compliance Limited is a separate legal entity to Reed Elsevier (UK) Limited trading as LexisNexis.