This report by UNU-CPR’s Finance Against Slavery and Trafficking (FAST) initiative argues that a small but significant change to the international anti-money laundering regime – the laws, regulations, and procedures used to tackle money laundering – could have enormous consequences for the fight against human trafficking and forced labour.
Making knowingly benefitting from human trafficking or forced labour a predicate offense to money laundering, the report stresses, would close the gap between the billions generated from these crimes and the meagre compensation provided to its victims and survivors. This is a challenge that persists despite international law codifying remedy for human rights violations.
In addition to securing compensation, Asset Recovery and Restitution posits that changing the anti-money laundering regime would bring important shifts in the global economy, resulting in less exploitation and fewer labour abuses. The authors explain that once perpetrating individuals or companies understand their profits can be seized and confiscated, their risk calculus will change and they will be more likely to prevent and avoid supporting these crimes.
Asset Recovery and Restitution consulted 47 representatives from governments, multilateral organizations, the financial sector, and civil society to understand their involvement in efforts to secure compensation for victims and survivors, and the degree to which they cooperated with other agencies/entities to do so. The report reflects growing concerns about forced labour and human trafficking in global value chains and the lack of corporate accountability and remedy for victims and survivors.
Access 'Asset Recovery and Restitution: Leveraging Inter-agency and Multistakeholder Cooperation to Facilitate Compensation for Victims and Survivors of Forced Labour and Human Trafficking' here.
Suggested citation: Shen Andy, Heywood Loria-Mae. Asset Recovery and Restitution : UNU-CPR, 2023.
