Amid being listed by the U.S. USTR among 54 economies failing to effectively ban forced-labour goods imports and facing a threatened 12.5% import tariff, alongside Canada also moving to tighten relevant laws after the same report, the Australian Government plans to overhaul its modern slavery legislation: it will create a new criminal offence for large corporations with consolidated annual revenue exceeding A$100 million that fail to curb modern slavery in supply chains, with a legal defence for firms able to prove they took reasonable preventive measures, alongside new civil penalties and enforcement powers for breaches of the Modern Slavery Act; the authorities will hold consultations on specifics such as deferred prosecution agreements and victim remedies, roll out supporting guidance and training to help businesses mitigate supply chain slavery risks, and will collaborate with stakeholders to refine the reforms to boost corporate accountability without unduly burdening compliant local enterprises, according to Attorney-General Michelle Rowland.
Source: https://www.esgtoday.com/australia-to-crack-down-on-modern-slavery-in-company-supply-chains/