Business Fit Magazine November 2018 Issue 2 | Seite 12

Special
It is time for the
business world to
step up and
stop slavery!
Katerina Stephanou
When we hear the word “slavery” we think of a
practice which was eradicated over a hundred
years ago, an abhorrent practice no longer
plaguing our world. Unfortunately, this is far from
the truth. Modern slavery exists in our word, in
plain sight. A darkness touching all our lives and
facilitated by our lack of awareness.
The number of people who are sold into
slavery, and the amount of money made by
their traffickers is shocking. Human slavery
has a global footprint and generates over 150
billion USD per year. This is second only to
drug trafficking. There are 40.3 million people
in the world today who are slaves. 25 million
people are victims of forced labour and 1 in 4
human slaves are children.
Human slavery is a global phenomenon which
impacts all of us. It is a huge violation of human
rights and as citizens we have a responsibility
to come together and take steps to bring an
end to it. The private sector has been active
in this area for a while and we are now seeing
the issue at the top of the global political
agenda. We are witnessing a global call to
action to eliminate the scourge of forced
labour human trafficking and human
slavery from our societies. Taking
on a crime of this magnitude
requires engagement of
all areas of society and
strategic partnerships
between the public
and the private
sector.
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In September 2015 193 countries pledged to
take effective measures to end modern slavery
as part of the UN 2030 Agenda for Sustainable
Development. UN security council and G20
have called for public-private partnerships to
end modern slavery. On the 25 September
2018 the UN launched the Financial Sector
Commission on Modern Slavery and Human
Trafficking.
Human slavery is a crime of economic
opportunity. A truly global coherent strategy
must include a clear role for the financial
sector. The financial sector has a key role in
making slavery unprofitable for traffickers,
both in terms of blocking the flow of these
illicit proceeds through the banking system by
utilisation of existing anti-money laundering
legislation and in terms of exercising human
rights audits into ethical investing.
In the words of Jean Badershneider, founder
and CEO of the Global Fund to End Modern
Slavery: “Business engagement is key to
impacting modern slavery by impacting
both the supply and demand for slavery and
ultimately helping to make it economically
unprofitable. That’s the way we put traffickers
out of business.”
The vital elements of the financial sector to be
engaged are the banking system, corporations
and governments in terms of ethical
procurement.
1. Banking system
The banking system unwittingly handles funds
which are proceeds of slavery. Traffickers
utilise common channels to launder their
proceeds including cash intensive businesses
and front shell companies. In fact, as part
of their organised crime structures human
traffickers often work in collaboration with
drug traffickers. The banking sector has a
highly sophisticated anti-money laundering
framework which it can utilise to a greater
degree in order to follow the money straight
to the traffickers. Greater understanding of
the organised criminal networks and methods
of using the financial system to launder funds
generated from human slavery will also
increase the filing of suspicious activity reports
to local financial intelligence units as well as
enhanced cooperation of all global partners.
2. Corporations
Companies ought to exercise vigilance in
combating abuses of human rights in their
supply chains.
Corporate Investors can help fight human
slavery by the incorporation of environmental
and human rights factors into their governance
and pre-investment due diligence processes.
Managing risks to people should become one
of the factors considered as part of the risk
assessment of the business.
3. Governments
Governments should also take steps to
ensure that transparency in supply chains is
a requirement for confirmation of slave free
procurement in government engagement.
During 2016-2017 the Office of the OSCE
Special Representative and coordinator
for Combating Trafficking in Human Beings
implemented the project “Prevention of
Trafficking in Human Beings in Supply Chains
through Government Practices and Measures”,
a project which is currently underway.
I believe that women have a key role to play in
society and in ending modern slavery. For this
reason, I am proud to be a leader at GIFEW.
GIFEW is a global multi-dimensional platform
for transformational education, connection
and synergistic collaboration of conscious
women leaders around the world. We believe
it is unleashing the power of women leaders
and working in collaboration with men which
will bring about the change we wish to see in
the world. Through my own transformational
journey, I set up Step Up Stop Slavery, in order
to bring together partners in the financial and
business sector, to further collaboration for
the purpose of efficient engagement in the
global effort to combat human slavery. It is
time for us as individuals and professionals to
Step Up and Stop Slavery.
We have a responsibility to shine light into the
darkness that is human slavery and take an
active role to effect change. Collectively we can
use our voices and professional expertise to
uphold justice, respect and integrity for every
human being.
We will be the generation that ends modern
slavery! Together we can!
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