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UN PhotoMobilizing the Finance Sector Against Modern Slavery and Human Trafficking: From Why to How (HLPF 2024 Side Event)
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01:08:50
Broadcasting UN Entity
Summary
Globally, approximately 50 million people live in conditions of modern slavery. Despite a customary international law norm outlawing such practices, modern slavery remains a big business, generating at least US$236 billion in illegal profits per year. Financial institutions are often connected to this issue via their own operations or business relationships.
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The Side Event will mark the launch of Phase 3 of the "Finance Against Slavery and Trafficking" (FAST) Initiative, which in 2024 is transitioned from the UNU Centre for Policy Research to UNDP. Phase 3 will continue implementing the Blueprint for Mobilizing Finance Against Slavery and Trafficking, prioritizing the impact at the field level, leveraging the existing UNDP presence in more than 170 countries and territories, and expertise on sustainable finance and business and human rights. Participants of the Side Event will gain insights on the role of the financial sector in preventing and combating modern slavery and human trafficking from diverse speakers, including the UN, national regulatory authorities, investors, INGOs, and survivors, whose lived experiences inform all the FAST Initiative's activities, including on anti-slavery laws, human rights due diligence, and innovative prevention strategies.
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