Modern Slavery Act
This statement is pursuant to section 54(1) of the Modern Slavery Act 2015 and constitutes World First’s Transparency Statement for the financial year ending 31 December 2016.
Organisational structure, business and supply chains
This statement covers the activities of the World First Group, of which World First UK Ltd is the ultimate parent company. Subsidiaries include:
- World First Markets Ltd
- World First USA, Inc.
- World First Pty Ltd (Australia)
- World First Asia Ltd
- World First Asia Pte Ltd
World First offers foreign exchange facilities, including spot, forward contracts as well as payment services, to commercial and private clients. World First has offices located in:
- The UK
- The USA
- Hong Kong
Our policies in relation to slavery and human trafficking
World First recognises that it has a responsibility to take a robust approach to slavery and human trafficking. World First is committed to preventing slavery and human trafficking in its corporate activities, and to ensuring that its supply chains are free from slavery and human trafficking.
World First’s employment standards encompass the below:
- Employment is freely chosen
- Freedom of association and the right to collective bargaining are respected
- Work conditions are safe and hygienic
- Child labour shall not be used
- Living wages are paid in country of supply/production
- Working hours are not excessive
- No discrimination is practised
- Regular employment is provided
- No harsh or inhumane treatment is allowed
Due diligence processes in relation to slavery and human trafficking and the steps taken to assess and manage the risk.
World First has identified the following areas of its supply chain as having a higher risk in relation to modern slavery and human trafficking:
- Food & drinks supplies
- Office supplies
World First undertakes due diligence when approving new suppliers taking into consideration the geographical location, industry sector and nature of the commercial transaction and conducts an assessment of the risk from a slavery and human trafficking perspective.
All new suppliers for new or extended contracts are required to self-certify whether the Modern Slavery Act applies to them and that they meet the requirements of the act.
This policy has been communicated to staff to make them aware of the issue and World First’s obligations.
This statement has been approved by the Board of Directors of World First, who will review and update it annually.
Chief Executive Officer