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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Neil Hodge2023-01-23T19:24:00
Despite legislation aimed at preventing labor and other human rights abuses in supply chains taking force in major countries including the United Kingdom, United States, Germany, and France, many companies are struggling to comply.
Part of the problem could be differences in the expectations of national legislation, as well as varying sanctions and appetites for enforcement. Germany’s Supply Chain Act, for example, puts the onus on companies to try to prevent labor abuses, rather than necessarily stamp them out altogether. The U.K.’s Modern Slavery Act, meanwhile, only requires firms to report on the steps they are taking to identify and root out incidences of slavery; it is up to other national legislation to punish offenders.
Differences in the level of commitment become apparent when compared to the requirements of the U.S. Uyghur Forced Labor Prevention Act that went into effect in June. Under that legislation, companies should automatically presume goods made either wholly or in part in the Xinjiang region in northwestern China involve forced labor and should be avoided, unless they can prove—without doubt—they were produced ethically and in compliance with the law.
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News and analysis for the well-informed compliance or audit exec.
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Our lowest price ($1 per day) for one year.
2023-06-07T12:00:00Z By Aaron Nicodemus
Respondents to a survey conducted by the International Compliance Association said they were confident they understood and are properly monitoring the social risks in their companies’ supply chains, though blind spots regarding cultures and strategic plans remain.
2023-05-05T18:12:00Z By Adrianne Appel
Large Canadian businesses must meet new supply chain rules starting in January that are designed to prevent products tainted by forced and child labor from entering the country.
2023-05-02T19:16:00Z By Aaron Nicodemus
Two dozen lawmakers have demanded the Securities and Exchange Commission require an independent third party to verify fast-fashion retailer Shein does not use Uyghur forced labor before allowing it to go public.
2024-06-28T19:30:00Z By Jeff Dale
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
2024-06-20T15:40:00Z By Aaron Nicodemus
Compliance departments at financial institutions must become more involved in ensuring their firm’s operational resiliency to address emerging risks, the Treasury Department’s Office of the Comptroller of the Currency said in its semi-annual risk perspective.
2024-06-07T22:34:00Z By Adrianne Appel
Compliance has been “sleeping on” artificial intelligence, two panelists discussed at Compliance Week’s Women in Compliance Summit. The profession should be positioned to lead on AI governance at the business level.
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