4 August 2020

The Law Council of Australia and the Association of Corporate Counsel are assisting businesses to understand their new commitments under the Modern Slavery Act with a new fact sheet to help navigate reporting requirements.

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Law Council of Australia President, Pauline Wright said by reporting these risks Australian entities are joining international efforts to eliminate modern slavery, particularly prevalent in our Asia-Pacific region.

"Slavery is not a relic of the past. It affects millions of people worldwide and it's a multibillion-dollar industry," Ms Wright said.

"More than half of all modern slavery victims are estimated to live in the Asia-Pacific region, where the supply chains of many large Australian businesses are concentrated. This means the risk of exposure to modern slavery is a very real and current problem for businesses.

"Many Australian companies are likely unaware that modern slavery practices happen in their supply chains or operations. Collectively, we need to do better."

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"Modern slavery in supply chains distorts global markets, undercuts responsible business, and poses significant legal and reputational risks for companies," said Vice President and Managing Director, ACC Australia and Asia Pacific, Tanya Khan.

"By reporting, Australian entities are shining a light on this insidious practice, which represents a false economy based on human misery. We urge all entities, even those below the revenue threshold, to review their operations and consider their risks and exposure to modern slavery."

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