Human trafficking is both illegal and big business. The International Labour Organization estimates that forced labor, one of the forms of exploitation into which humans are trafficked, generates $150 billion a year in revenues, while the Global Slavery Index suggests there may be as many as 45.8 million people enslaved today.
Yet, the funds generated by human trafficking are proceeds of crime. Handling those funds can constitute money laundering or, in certain cases where designated terrorist organizations are involved, terrorist financing. Financial institutions that handle funds generated by human trafficking and modern slavery, or that finance businesses that engage in these crimes, thus risk violating a range of existing laws and norms, especially in the area of anti-money laundering and countering the financing of terrorism.
This United Nations University report, 25 Keys to Unlock the Financial Chains of Human Trafficking and Modern Slavery, puts forth 25 concrete proposals for strengthened action in, with and by the financial sector to break the financial bonds of modern slavery. It is based on the insights provided by over 100 experts from the financial sector, law enforcement, national regulators, civil society and academia who convened at a workshop organized by the UN University together with the Permanent Mission of Liechtenstein to the UN.
Download the Report:
25 Keys to Unlock the Financial Chains of Human Trafficking and Modern Slavery (800KB PDF)