Elevating Accountability: Key Amendments to Strengthen the Modern Slavery Act

For our second article in the Modern Slavery Amendment series, we're looking at the recommendations aimed at bolstering the effectiveness of the 2018 Modern Slavery Act.

Among the most notable proposed changes is the reduction of the reporting threshold from $100m to $50m in annual revenue. This adjustment is poised to widen the net, bringing a larger cohort of businesses under the purview of the Act and ensuring greater transparency in operations.?

Perhaps even more impactful is the introduction of financial penalties for non-compliance or the submission of false reports. This move signals a shift towards more stringent enforcement, holding entities accountable for their role in the global supply chain.?

The bill also emphasizes the need for due diligence systems, allowing for more proactive risk management and response strategies. It also grants the minister or commissioner the authority to identify and declare specific modern slavery risks, demanding targeted action from relevant entities.?

These amendments are designed not only to enhance the reporting process but also to ensure that it translates into tangible actions against modern slavery.?Stay tuned for our final piece in the Modern Slavery Amendment series this week where we will look at the new ways organisations will be expected to approach the Act.

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