Small businesses not exempt from Modern Slavery Act

Edinburgh-based compliance and company formations specialist Oswalds is warning small businesses of the impact The Modern Slavery Act will have on them when it comes into effect in October (2015).
Oswalds says that although the Act, which will require businesses turning over at least £36 million a year to annually disclose the steps taken to prevent slavery in their own firms and supply chains, primarily affects larger companies, small companies will still experience the fall-out.
Director Andrew Cockburn is warning that small businesses which supply to larger businesses will also be required to meet the criteria if they’re to continue to form part of the supply chain.
He says that smaller businesses will be required to know the supply chain beneath them to be able to give assurances to larger companies.
For further reading, go to The Modern Slavery Act and how it affects your business
Sponsored by