Businesses to be “named and shamed” for non-compliance with the Modern Slavery Act
Why is this important?
The government is planning to undertake an independent review of compliance with the Modern Slavery Act 2015 (MSA) which is expected to be published in March 2019. As part of this review the government will introduce a Modern Slavery Database and publish a list of all the businesses that have not complied with the MSA. This “naming and shaming” may create adverse publicity for non-compliant businesses.
What does the MSA require?
The MSA requires all large businesses (as defined by the MSA) to publish a slavery and human trafficking statement for each financial year. This statement must contain an explanation of what the business does to ensure there is no slavery in its business and supply cheap xanax pills chain, or a statement that the business does not take any steps to ensure this.
Which businesses need to comply with the MSA?
Any firm that carries on business in the UK and has a total annual global turnover of £36m or more needs to comply with the MSA. This turnover will include, in relation to a parent company, the turnover of all the subsidiaries of that parent, even if they are not located in the UK. Turnover is the amount derived from providing goods and services following deduction of VAT and other taxes and trade discounts.
This threshold applies to all types of business including companies, partnerships, franchises, charities and educational institutions.