Risk and compliance
MODERN SLAVERY
In preparing an annual Modern Slavery Statement, reporting entities must include information on: –– the reporting entity’s structure, operations and supply chains; –– the modern slavery risks within its operations and supply chains; –– the actions taken to assess, address,
COMMONWEALTH MODERN SLAVERY LEGISLATION
On 29 November 2018, the Modern Slavery Act 2018 (Cth) ( the Modern Slavery Act ) passed both houses of Parliament and received Royal Assent on 10 December 2018. The legislation entered into force on 1 January 2019. The Modern Slavery Act requires all Australian entities, or entities carrying on business in Australia, with consolidated revenue of at least AUD 100 million in a given financial year, to prepare an annual Modern Slavery Statement and file it with the Government. There is provision for related entities to prepare a joint modern slavery statement. Entities with turnovers of less than AUD 100 million may prepare a statement voluntarily. In order to prepare an annual statement dealing with risks of modern slavery, companies will need to give consideration to the jurisdictions in which they operate, whether they are in a high risk industry sector and particular points of vulnerability in their supply chains.
and remediate modern slavery risks, including due diligence and remediation processes; and –– how such actions will be assessed for effectiveness.
Reporting entities will be required to prepare an annual statement. This statement must be prepared within six months of the end of each financial year or accounting period. A Modern Slavery Statements Register will be established by the Minister for Home Affairs, which will be available for public inspection on the Department of Home Affairs’ website. The Minister for Home Affairs will have the power to request a written explanation if an entity fails to submit an annual Modern Slavery Statement and, if such a request has been made, may publish information on the Modern Slavery Register identifying the entity and its failure to provide a Modern Slavery Statement.
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