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The Modern Slavery Act for SMEs
How does the Modern Slavery Act affect the small to medium size businesses?
Since 26 March 2015, companies with either a UK or global turnover of £36 million are required to prove their compliance with the Modern Slavery Act 2016 (“MSA”) by producing an anti-modern slavery and human trafficking statement at the end of each financial year.
Small and Medium Enterprises (“SMEs”) should be aware of this Act being in force, as many larger companies will be making enquiries to those in their supply-chain, and in turn, each supplier will be asking their suppliers, which could include you! SMEs should prepare for these anti-modern slavery questions heading their way and ensure they have provisions in place to confirm that they have checked their own supply chains. This should ensure that if one of the companies you supply asks you to confirm your compliance with the Act, you will be able to do so, which could avoid the risk of your client looking elsewhere if you are unable to confirm compliance.
To avoid missing out on business due to non-compliance, contact Cynthia Beesoon today on 01206 217333 or at email@example.com.