Human trafficking on the rise

With the launch of a new report from the UN on rising incidents of human trafficking, Moody’s Compliance and Third-Party Risk Management Solutions General Manager Keith Berry said: “The sharp rise in human trafficking, highlighted by the United Nations 2022 report, has significant ripple effects. Human trafficking is deeply intertwined with organized crime, and is a predicate offence to money laundering, with Moody’s data identifying human trafficking as an underlying crime associated with more than 10% of reported money laundering instances," writes James Drew.

“Moody’s data from 2023 highlights a continuing upward trend in human trafficking risk events, and between 2022 and 2023, it shows incidents of modern slavery rose in Europe by nearly 17%, climbing from 18,335 to 21,626. The UK remains a critical focus, with modern slavery incidents nearly doubling over five years, from 12,500 in 2018 to 24,000 in 2023 according to our data, which also shows the UK leads Europe in money laundering-related risk events, accounting for 29% of reported instances. 

“Human trafficking, modern slavery, and the other predicate offences for money laundering show how complex and interconnected crime is. This is an expanding environment, exploiting vulnerabilities in society, financial systems, and business controls every minute of every day. Governments, corporates, and all organisations need robust data and advanced due diligence techniques to address money laundering on a continual basis and to help prevent the exponential growth of risks like human trafficking.”

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