COMPLIANCE UPDATEUK Modern Slavery Act - Implications for Swiss CompaniesThe UK Modern Slavery Act 2015 ("MSA") requires companies, including Swiss-based, that conduct business in the UK and with more than GBP 36 million in global revenues to publish an annual statement setting out the steps taken to eradicate slavery and human trafficking in their supply chains. Under the MSA, companies are expected to address their entire supply chain, often including thousands of small and medium-sized first and second-tier suppliers doing business in jurisdictions across the world. These 'long tail' suppliers are notoriously difficult to manage using traditional solutions, but often represent significant risks. Which Swiss businesses are concerned?
What can Swiss businesses do to ensure compliance? VISCHER can help identify and mitigate clients’ most high-risk subsidiaries or suppliers and focus resources on activities, which may include:
What are the timelines and requirements? The statement must detail the steps taken to ensure slavery and human trafficking is not taking place in any of its supply chains or in its business, or confirming that no such steps have been taken. It may include information about the structure of the business and its supply chains, policies, due diligence processes, identification and management of high risk areas, effectiveness in ensuring that slavery and human trafficking is not taking place measured against appropriate performance indicators, and relevant personnel training. Approval and publication of
statement Next steps Authors: Christian Wyss Dr. Jana Essebier VISCHER AG Zürich Basel The publisher cannot be held liable for the correctness, completeness and topicality of any contents or presentations in this News Alert. Copyright © 2016 VISCHER AG; Basel/Zürich. All rights reserved. |