The Role of The Finance Industry in Eradicating Modern Slavery

Modern slavery is one of the most profitable and fastest-growing crimes in the world. As a financially motivated crime, generating over US$150 billion a year, the finance industry is centrally placed to take a leading role in combating modern slavery and human trafficking and contribute to its eradication by 2030, in line with the United Nations Sustainable Development Goals. This chapter considers how the financial industry can tackle human trafficking through prevention, by providing access to financial services to vulnerable populations, effective implementation of anti-money laundering regulations, and transaction monitoring systems and implementation of survivor inclusion initiatives. The potential impact of active finance sector engagement is addressed, and recommendations for future steps are put forward. More specifically, it proposes that the finance sector participates as a stakeholder in national referral mechanisms, taking a leading role in addressing modern slavery and human trafficking. Furthermore, it is recommended that public-private partnerships be developed and trauma-informed and survivor-centered professional education delivered to finance professionals.