BAE Systems has recently published ‘The 2021 Global State of Anti-Money Laundering Report: Is compliance creating an industry own goal?’. The report identifies that human trafficking is one of the top 5 biggest concerns for financial institutions such as banks and insurers.
The report, quoting the UNODC, addresses the worsening of the ‘trend’ human trafficking caused by the pandemic, with lockdowns and curfews driving crime underground and limiting the abilities of NGOs and governments to help victims.
Findings from the report highlights that 77% of compliance teams are not confident in stopping crimes linked to human trafficking, and 81% said the same about crimes linked to sexual exploitation.
You can find the full report on the BAE Systems website here.