On 28 October 2015, two sets of regulations relating to the Modern Slavery Act 2015 ("MSA") were published.
The Modern Slavery Act (Transparency in Supply Chains) Regulations 2015 sets the figure of £36 million as the global turnover above which businesses will, under the MSA, have to publish a slavery and human trafficking statement each year. This requirement came into force on 29 October 2015.
The MSA makes clear that the total turnover is the annual global turnover. It will include the turnover of the commercial organization and that of its subsidiaries. It is not limited to turnover in the UK.
This legislation can be accessed at:
http://www.legislation.gov.uk/ukdsi/2015/9780111138847
The Modern Slavery Act 2015 (Commencement no 3 and Transitional Provision) Regulations 2015 provide that, although section 54 MSA came into force on 29 October 2015, the requirement (requiring the publication of this slavery and human trafficking statement) only applies in respect of financial years ending on or before 31 March 2016.
This legislation can be accessed at:
http://www.legislation.gov.uk/uksi/2015/1816/regulation/3/made
A copy of our client briefing on the MSA's annual statement requirements is available at:
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
