Finance Against Slavery and Trafficking (FAST)
The Liechtenstein Initiative for a Financial Sector Commission on Modern Slavery and Human Trafficking is a public-private partnership that aims to put the financial sector at the heart of global efforts to end modern slavery and human trafficking, and accelerate action in eradicating these practices in line with the 2030 Agenda.
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OVERVIEW
The Liechtenstein Initiative was formally launched in September 2018 at the United Nations during the 73rd Session of the UN General Assembly. Its task was to convene a Commission to consider how to put the financial sector at the heart of global efforts to address modern slavery and human trafficking. The Liechtenstein Initiative is a public-private partnership between the Governments of Liechtenstein, Australia and the Netherlands, United Nations University Centre for Policy Research – acting as its Secretariat – and Liechtenstein private sector institutions and foundations.
As a Commission, the Liechtenstein Initiative was given a one-year mandate (September 2018 to September 2019) to consider different ways the financial sector can accelerate its engagement in addressing and preventing modern slavery and human trafficking: from compliance and regulatory regimes to responsible lending and investment, remedy, financial inclusion, financial technology and international cooperation.
The Commission consisted of 25 Commissioners, representing numerous stakeholder perspectives. It convened in Liechtenstein, Sydney and The Hague during its year-long mandate. As a result of this work, the Commission produced its final report, released in September 2019, titled Unlocking Potential: A Blueprint for Mobilizing Finance Against Slavery and Trafficking, and an Implementation Toolkit. The Blueprint covers goals and implementation strategies that are intended to strengthen the role of the financial sector in the fight against modern slavery and human trafficking. The Toolkit provides resources to help financial sector institutions implement the Blueprint.
Following its initial year-long mandate, the Liechtenstein Initiative transitioned to the second phase of its work, continuing as Finance Against Slavery & Trafficking (FAST). FAST aims to promote the implementation of the Blueprint. It seeks to encourage enterprise and market-level implementation by overseeing the Toolkit, working in partnership with key stakeholders, identifying lessons learned, and by hosting and participating in global convenings.
MISSION STATEMENT
The Liechtenstein Initiative for a Financial Sector Commission on Modern Slavery and Human Trafficking responds to calls from the G7, the G20, the United Nations General Assembly and the United Nations Security Council for governments to partner with the private sector to address modern slavery and human trafficking. As part of its Blueprint to mobilise the financial sector to this end, FAST has identified five goals towards which financial sector actors can work through individual and collective action. These include:
- Goal 1: Compliance with laws against modern slavery and human trafficking.
- Goal 2: Knowing and showing modern slavery and human trafficking risks.
- Goal 3: Using leverage creatively to mitigate and address modern slavery and human trafficking risks.
- Goal 4: Providing and enabling effective remedy for modern slavery and human trafficking harms.
- Goal 5: Investment in innovation for prevention.
Each Goal is accompanied by three ‘Act Now’ measures for immediate action, and three ‘Initiate’ actions to be implemented over a longer time period.
FUNDING SOURCES
The initiative is set up as a public-private partnership, which is a mechanism to facilitate and fund collaborative work between public institutions and private sector actors. Partners of the Initiative include the Governments of Liechtenstein, Australia and the Netherlands, the United Nations University Centre for Policy Research – acting as its Secretariat – and Liechtenstein private sector institutions and foundations, such as the LGT Group and the Liechtenstein Banking association. See here.