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Human trafficking
OpinionLetters

Letters | How Asian bankers can become heroes in the fight against modern slavery

  • With US$150 billion generated from this crime annually, banks must ensure that none of this illegal money makes it into their business
  • Throughout Asia, many people in banking compliance do their jobs without realising that their work could have a major positive impact

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More than 40 million people around the world are in some kind of modern slavery. Photo: Shutterstock
Letters

Earlier this month, I travelled to Washington for the American Bankers Association Conference. After my panel on human trafficking, a banker came up and told me his story. Three years ago, he and his family were travelling across America when they stopped at a motel. That evening, he noticed a sad, frightened-looking teenage girl being pulled into a room by an older man. He knew she was a prostitute about to be used by this patron.

He went to the motel manager and told her what he had seen, and returned to his room. Twenty minutes later, a police car pulled up and he saw someone being taken away in handcuffs. The young girl was escorted to another car. He said he felt good that he was able to help this young girl. He said this was a major milestone in his life – something he felt very proud of.

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I then asked what he did. He said he was a compliance officer in a bank focusing on money laundering. I asked if they did work related to modern slavery. He said they were just getting started in this area, that his job was not exciting and didn’t make much of a difference.

How to fight modern slavery: question company supply chains

Throughout Asia, many people in banking compliance do their jobs without realising that their work could have a major positive impact. Human trafficking continues to emerge as an issue within the banking sector. With US$150 billion generated from this crime annually, banks must ensure that none of this illegal money makes it into their business, or the bank can be fined for money laundering.
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