In a global marketplace, businesses risk reputational damage and losing consumer conﬁdence and market share if they are found to have modern slavery practices within their business or supply chains. But there are some simple steps that can help business prepare for the passage of the Australian modern slavery legislation.
The Treasury has recently published its opinion in relation to the Banking Royal Commission and the apparent misconduct prevailing within the industry. This, paired with ANZ and IOOF confirming the continuance of their grandfathered commission arrangements, certainly shows that the industry is still in disagreement over how it should be acting.
AUSTRAC has just released the registered Anti-Money Laundering & Counter Terrorism Financing Rules Amendment Instrument 2018 (No2) (The Amendment Instrument) which introduces new provisions relating to Digital Currency, and commenced on 3 April 2018.