The Modern Slavery Act 2018 (NSW) was passed in June and the Commonwealth Parliament passed similar legislation in November 2018. These new laws require businesses with an annual turnover over AUD50 million (NSW) and AUD100 million (Commonwealth) to prepare Modern Slavery Statements to help ensure that their goods and services are not a product of supply chains in which modern slavery is taking place.
Eric Boone (Special Counsel) from our Banking and Asset Finance Group, and Clive Cachia (Special Counsel) from our Corporate/M&A Group, present about these recent enactments. This includes:
- an overview of the NSW and Commonwealth Modern Slavery Acts
- a comparison to the precedent UK Modern Slavery Act
- insights into expected challenges for businesses to comply with the reporting obligations
- discussion of commercial drivers for compliance by businesses
- detail Eric and Clive's experience helping clients meet their reporting obligations