The Modern Slavery Act 2015 (“Act”) came into force on 26 March 2015 to make provisions to help combat “the great human rights issue of our time”, to echo the words of Theresa May. Section 54 in particular has been dedicated to assist its elimination within UK businesses by ensuring transparency in the supply chain. All UK businesses with a UK or global turnover of £36 million must at the end of their financial year, publish an anti-slavery and human trafficking statement in a prominent place on a searchable website (if they have one).
Who will need to prepare for the Modern Slavery act?
Businesses which are subsidiaries of larger organisations, whose overall turnover meets the £36 million threshold, are required to issue their own statement and not merely rely on that of its parent company. While this provision appears to apply to higher-turnover organisations, in preparing their statement, these businesses will look to their supply chains and expect them to prove their compliance. Therefore, it would be prudent for smaller businesses who are engaging (or are hoping to engage) with larger organisations to ensure they can demonstrate compliance with the Act.
Birkett Long can help you with:
- Preparing their anti-modern slavery statement.
- Updating their purchase terms of business to include anti-slavery provisions.
- Providing anti modern slavery policies.
- Recommending actions to satisfy disclosure requirements.
- Recommending actions for supplier due diligence; and
- Reviewing their supplier terms and conditions.
Need bespoke advice?
For advice on compliance with the Act and the preparation of your anti-modern slavery statement, contact our Commercial & Corporate finance team.
