A new ‘Fighting Modern Slavery and Human Trafficking’ certificate is being provided free-of-charge to financial sector actors.
The FAST Initiative (Liechtenstein Initiative for Finance Against Slavery and Trafficking) and ACAMS (Association of Certified Anti-Money Laundering Specialists) have joined forces to launch a new modern slavery and human trafficking certificate for financial sector actors.
The ‘Fighting Modern Slavery and Human Trafficking’ certificate is the first of its kind and is being provided free-of-charge. It provides an introduction to the steps that financial sector actors should take to meet the growing requirements to identify, report, mitigate and remedy modern slavery and human trafficking risks – covering AML/CFT obligations, ESG factors, and human rights and enterprise risk management.
“This certificate will be an important tool to ensure that financial sector professionals have the learning and training resources they need to identify, report and mitigate such risks,” said Dr James Cockayne, Head of the FAST Secretariat.
“In the wake of the Covid-19 pandemic and the likely rise of modern slavery and human trafficking, it has never been more important for financial crime prevention professionals and the financial sector more broadly to be actively involved in this effort.”
In 2016, over 40 million men, women and children were estimated to be in modern slavery, or one in every 185 people. Proceeds from forced labour are estimated to generate over US 150 billion annually. An estimated 1.7 billion people worldwide currently lack adequate financial access, increasing their risk of enslavement.
ACAMS has also made an official pledge to encourage its members to commit to taking action in line with the FAST Blueprint, a shared collective-action framework to mobilise the financial sector against modern slavery and human trafficking.
A public-private partnership based at the United Nations University Centre for Policy Research, the FAST Initiative was launched in 2019 and has since been working with partners to support dissemination and implementation of the Blueprint.
The new initiatives are in line with the strategic partnership between ACAMS and FAST announced in February.