INTHEBLACK February/March 2024 - Magazine - Page 26
AT A GLANCE
Modern slavery is widespread
in developed economies, but
it is difficult to identify.
Words Megan Breen
Modern slavery is often associated
with far-flung places along the
supply chain. However, workers in
developed economies are equally
at risk through factors such as
excessive working hours,
underpayment and poor working
conditions.
26 INTHEBLACK February 2024
High-risk industries include
agriculture, domestic services
and hospitality.
Accountants are key to
helping identify red flags
in business operations.
HOME
TRUTHS
It is a sobering statistic – the number of people living in modern
slavery conditions in Australia has more than doubled since 2018, to
over 41,000 people, or 1.6 in every 1000. The situation is similar in
New Zealand, while the numbers are even higher in the UK and the US.
The Australian Federal Police (AFP) says modern slavery has
traditionally been underreported, but over the past seven years, there has
been a steady increase in referrals and investigation, reaching 294 reports
in the 2021–22 financial year.
Commenting on a recent case of forced domestic labour, the AFP
says, “Without the assistance of the community – in this case healthcare
professionals – victims may go undetected, and we would not be able to
provide victims the help and support they need.”
“This is a societal problem, and it is up to all of us to work together to
protect people who are vulnerable to these exploitative crime types.”
Patrick Viljoen CPA, senior manager ESG with CPA Australia, says
this is an important point. “Modern slavery is not merely a reporting
issue – ultimately, it is a crime.”
Accountants and finance professionals are particularly well-placed to
identify red flags within business operations that can help flesh out and
eliminate modern slavery practices hidden in plain sight.
