Canada Anti-Forced Labor Law
Canada enacts an Anti Forced and Child Labor Act that requires businesses conducting business in Canada to report on and remediate any potential forced labor risks in their supply chains.
Canada's new Act on fighting against forced labour and child labour (Bill S-211) was passed on May 11, 2023, and comes into effect on January 1, 2024. Affected businesses must report by May 31, 2024, on specific details and steps taken in its previous financial year to help prevent and reduce forced labour. In-scope businesses include both Canadian and non-Canadian businesses as outlined in the bill. Consequences of non-compliance - apart from reputational damage - include sizeable fines.
How BanQu helps you with Forced Labour Reporting
END-TO-END VISIBILITY
Whether you want to trace forced labour risks throughout your entire value chain, or to uncover the more remote, risky portions, BanQu can help you capture that data from source to shelf - all in one place.
PRIMARY VALUE CHAIN DATA
Rest assured that all of the ESG / forced labor risk data captured is primary, auditable, and secure. So you can meet and remain compliant - regardless of any regulatory shifts or changes.
REAL-TIME INSIGHTS & REPORTS
Back up your due diligence compliance reports with reliable data to keep you compliant - and give you unmatched strategic insights into your operations. So you can drive more competitive, and resilient business.
Frequently Asked Questions
This bill applies to entitites that:
- Produce, sell or distribute goods in or outside Canada, or
- Import goods produced outside of Canada, or
- Control an entity engaged in either of the above activities
AND, meet one of the two following requirements:
- Listed on the Canadian stock exchange, or
- Have a place of business in Canada, do business in Canada, or have assets in Canada. And, based on their consolidated financial statements, meet at least two of the following conditions globally for at least one of their two most recent financial yearssome text
- CAD $20M (USD $14.8M) or more in assets
- CAD $40M (USD $29.5M) or more in revenue
- Average 250 more employees
In-scope companies must submit a yearly report and answer a questionnaire that describe their effertos to prevent and reduce risks of forced and child labor int their supply chains.
Businesses could be fined up to CAD $250,000 ($184,000 USD) in noncompliance fees, in addition to bad press / reputational damage as all reports are publicly accessible.
Modern businesses face a lot of challenges throughout their operations, and getting the data they need to drive smarter, more resilient, and sustainable business is increasingly tricky. BanQu helps get companies the visibility and data they need throughout their value chains to multi-solve procurement, sustainability, and compliance pain points. Meaning, BanQu can help your company not only comply with Canada’s Anti-forced Labour requirements, but also help you get a better handle on your supply chain operations.