An international initiative has released a report recommending actions for the financial sector to mobilize against modern slavery and human trafficking.
The Financial Sector Commission on Modern Slavery and Human Trafficking — known as the Liechtenstein Initiative — is a public-private partnership between the government of Liechtenstein, the Australian Department of Foreign Affairs and Trade, and the Center for Policy Research at United Nations University, a U.N. think tank.
Begun in September 2018 at the United Nations during the 73rd session of the U.N. General Assembly, the commission released its report on Friday, which includes 30 separate actions for the financial sector — including investors, insurers, regulators and other sector representatives — under five main themes:
- Investment in innovation for prevention.
- Provision and enablement of effective remedies for modern slavery and human trafficking.
- Enforcement of laws.
- Creative use of leverage to mitigate and address modern slavery and human trafficking risks.
- Knowledge of those risks.
The report also includes an implementation toolkit to assist financial institutions in putting those themes into action.
The commission is chaired by Fiona Reynolds, managing director of the Principles for Responsible Investment. According to a commission document showing membership, commissioners include Anne-Maree O'Connor, head of responsible investment at the NZ$41.2 billion ($26.2 billion) New Zealand Superannuation Fund, Auckland; and Bob Prince, co-chief investment officer at Bridgewater Associates LP, Westport, Conn.
The commission is also supported by the Liechtenstein Bankers Association and the LGT Group Foundation, Vaduz, Liechtenstein.
The report is available on the Liechtenstein Initiative's website.