DO YOU UNDERSTAND YOUR Reporting Requirements?

If you carry on a business in Australia, you may have to submit a Modern Slavery Statement covering the risks of modern slavery in your supply chain during your accounting year.

Under the Modern Slavery Act 2018, businesses with an annual consolidated revenue of AUD$100 million or more who are either

Australian entities at any time during the reporting period, or
foreign entities carrying on business in Australia at any time during the reporting period

must submit a Modern Slavery Statement to be made publicly available on Modern Slavery Register.

This includes individuals, partnerships, associations and other entities that meet the above criteria. Reporting obligations apply equally to commercial, non-commercial and not-for-profit organisations.

Businesses that do not meet these criteria are not required to submit statements, but they can choose to voluntarily report in a similar manner. Many businesses decide to voluntarily report to demonstrate their credentials in this area, or as way to get familiar with reporting if they expect to meet the revenue thresholds in future years.

For businesses that do have reporting obligations, it is imperative to get it right, or face a range of growing consequences.

To ensure your business meets reporting obligations and stays ahead of any regulatory changes, contact our team and ask about our Modern Slavery compliance package.

 

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what is Modern Slavery?

“Modern slavery” is where coercion, threats, or deception are used to exploit victims and undermine their freedom. It includes practices such as human trafficking, slavery, servitude, forced labour, debt bondage, forced marriage, and the worst forms of child labour. The Modern Slavery Act 2018 was created to address these acts and ensure businesses take responsibility for their supply chains.

Modern slavery and forced labour can occur in every industry and sector. Modern slavery distorts global markets, undercuts responsible business practices and poses significant legal and reputational risks to businesses. Businesses have a responsibility to respect human rights in their operations and supply chains, as outlined in the United Nations Guiding Principles on Business and Human Rights. This includes taking steps to assess and address modern slavery risks.

risks of non-compliance with the modern slavery act 2018.

Non-compliance may affect profitability, investor confidence and access to financing opportunities.

Non-compliance can result in public naming and shaming. The Modern Slavery Act enables the government to name non-compliant entities that fail to take steps to rectify their non-compliance.

Compliance can satisfy investors and finance providers and protect profitability levels.

The reputational risk from the media, civil society, and labour unions calling out unaddressed modern slavery risk is high.

Failure to appropriately address modern slavery risks can erode public trust.

Business partners in your supply chain – such as those with their own reporting obligations – may see your non-compliance as a risk to their own reputation and business objectives.

Addressing modern slavery can avoid a negative impact on your entity's purpose, culture, and values.

Employees increasingly demand that their employers prioritise ESG, with reports suggesting that Millennials and Generation Z gravitate towards ethical leadership, focusing on human rights and environmental impacts.

Not implementing policies and systems to manage modern slavery risks may jeopardise business controls.

Effective due diligence increases supply chain visibility and traceability, improves the integrity and quality of supply chains, enhances supplier relationships, and strengthens processes for managing other social risks.

how can moulis legal support your business?

Our firm specialises in trade and regulatory compliance. As well as boasting a highly established China Business practice, that assists enterprises with importing goods and services from, and exporting to, China, we operate around the globe.

We assist companies operating in Australia with overseas connections in their supply chains to prepare compliant, well presented Modern Slavery Statements. We provide legal solutions for developing governance and reporting frameworks.

As we have increasing demand for our advice and assistance in relation to Modern Slavery Reporting and governance, we have developed the following –

diagnostic tool

Our free questionnaire will help you to understand your entity’s reporting obligations under the Modern Slavery Act 2018 (Cth) and identify areas where you may need assistance in fulfilling these.

HOW DOES THIS APPLY TO MY BUSINESS?

compliance package

A tailored Modern Slavery compliance package that can include: policy development, risk assessment guidelines and documentation, Supplier questionnaires, including bilingual versions (e.g. Chinese/English), clauses for supplier contracts, reporting, and more.


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take advantage of our experience with Complex regulatory frameworks

We are highly experienced in assisting our clients understand and comply with Australia’s complex regulatory frameworks.

Moulis Legal not only ensures that entities comply with their legal obligations for modern slavery risk reporting, but will also –

take a holistic approach to modern slavery reporting, helping your entity identify and manage risks in operations and supply chains;

prepare or review internal modern slavery policies, develop formal supply chain risk assessments, provide training for staff and embed best practices in your entity’s operations;

assist entities to become leaders in modern slavery reporting best practice and broader corporate environmental, social and governance (ESG) compliance.

Our team of regulatory and international trade lawyers are ready to assist clients fulfil their modern slavery reporting obligations and broader corporate regulatory compliance matters.

Stay Ahead of Regulatory Changes

Modern slavery reporting is evolving. Stay updated with our expert insights and ensure your business adapts to new requirements and maintains continuous improvement.

Protect Your Business – Comply with Confidence

Access your free compliance diagnostic tool and take the first step towards safeguarding your business from the risks of modern slavery non-compliance.

HOW DOES THIS APPLY TO MY BUSINESS?

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