Forced labour: New regulations are changing contractual obligations across the world
14 February 2023
An international framework aimed at the eradication of forced labour across the world has long been in place, set out in ILO Conventions and embraced within UN Sustainable Development Goal 8.7. New efforts in States and regions have been mounted in recent years, throwing a spotlight on the role of business in achieving these aims. These include requirements to conduct supply chain due diligence and to report on forced labour risks and how these are addressed.
In this briefing, we survey some of the recent developments and focus on the way in which development finance institutions have been playing a role. All of these developments are accompanied by the use of contractual mechanisms in support of addressing forced labour and related risks. Companies, investors and financial institutions across the world need to think about how these developments affect their operations and value chains.