Report

Detecting Financial Flows of Human Trafficking and Modern Slavery: A Guide to Automated Transaction Monitoring

Mobilizing the financial sector to enhance detection of modern slavery.

Date Published
1 Dec 2023
Authors
Frank Haberstroh Simon Zaugg

Modern slavery, encompassing human trafficking, forced labor, and child labor, affects 49.6 million people globally, generating $150 billion in profits annually. Despite its pervasive global nature, there is a noticeable gap between the perceived threat and actual cases reported.

The Finance Against Slavery and Trafficking (FAST) Blueprint emphasizes that the financial sector, while unable to single-handedly end these crimes, plays a crucial role in prevention and investigation.

Financial evidence is vital for overcoming challenges in prosecuting perpetrators and can provide remedies for victims. However, the low number of Modern Slavery/Human Trafficking Suspicious Activity Reports (MS/HT SARs) reflects insufficient awareness in the financial sector. Traditional transaction monitoring methods are ineffective due to the lack of meaningful indicators.

This report aims to guide financial institutions in detecting MS/HT-related illicit flows through automated transaction monitoring - enhancing SARs, investigations, and convictions.

Access the technical report here.

Suggested citation: Haberstroh Frank, Simon Zaugg. Detecting Financial Flows of Human Trafficking and Modern Slavery: A Guide to Automated Transaction Monitoring : UNU-CPR, 2023.

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