Feb 2, 2023
Over the past year, a number of countries have focused on corruption risks and economic crime by enacting or strengthening legislation requiring supply chain diligence. The Canadian government is soon expected to introduce a package of legislation intended to combat modern slavery, particularly in supply chains. In their article published in Financier Worldwide Magazine, Malcolm Aboud and Chelsea Rubin share their insights on the proposed legislation and discuss how impacted businesses can best prepare for it.
If passed in its current form, the legislation would require reporting entities to provide the government with and make publicly available a report of the measures and diligence processes used to prevent and reduce risk of forced or child labour being used to produce goods in or import goods into Canada. Reporting entities that fail to comply with these new requirements could face fines up to $250,000.
Due diligence best practices include conducting an audit to identify compliance risks throughout the supply chain, designing and implementing a risk program, and reviewing the effectiveness of the risk program on an ongoing basis and revising accordingly.
Read the full article published in Financier Worldwide Magazine in its February 2023 issue