July 30, 2018
Rani’s Voice joins Thomson Reuters in public-private coalition to help fight financial crime and modern slavery
Rani’s Voice joins public-private coalition of leading organizations as world marks a day against trafficking in persons.
NEW YORK, July 30, 2018 – As the world marks a day against trafficking in persons, Rani’s Voice, a global social enterprise focused on human trafficking prevention, is joining forces with Thomson Reuters in a public-private coalition, to help step-up the fight against financial crime and modern slavery.
Human trafficking and other financial crimes have a devastating impact on individuals and communities around the world. Every year, an estimated $2.4 trillion in proceeds from this and other causes of human misery such as forced prostitution, terrorism and drug trafficking are laundered through the world’s financial markets and banking systems. Independent research conducted by Thomson Reuters reveals that 47% of the 2,300 organizations it surveyed have been a victim of at least one type of financial crime in the last 12 months.
The high level of incidence means that financial crime is now a depressingly common practice. Public-private cooperation is key to the identification and implementation of innovative strategies that address this challenge and safeguard the integrity of the global financial system.
The formation of the public-private coalition was announced in January 2018 at the Annual Meeting of the World Economic Forum in Davos. Its objective is to mobilise and influence decisions-makers at the highest levels to improve awareness of the extent of financial crime and modern slavery, promote more effective information sharing, and establish enhanced processes to share best practice. The inclusion of Rani’s Voice in the coalition gives a voice to the millions of enslaved people throughout the world, drawing attention to their suffering, and highlighting the importance of finding new ways to secure their freedom.
Rani's Voice is led by Rani Hong, who at the age of seven was stolen from her family and sold into slavery. As a survivor of child slavery, Rani has dedicated her life to speaking for those without a voice, becoming one of the foremost advocates for combating the crime of human trafficking.
“The United Nations has designated today as World Day against Trafficking in Persons and this gives us cause to celebrate freedom,” said Rani Hong, CEO of Rani’s Voice and former UN Special Advisor. “While I am conscious of how far we still need to go to end the trafficking in children and young people, I believe we are taking a significant step forward through this alliance of influential organisations.”
“We welcome the addition of Rani’s Voice to the coalition as we look to raise more global awareness of financial crime as a critical challenge with grave human and financial costs,” said Phil Cotter, Managing Director, Risk, Thomson Reuters. “Increased collaboration is key to fighting financial crime and Rani’s passion and expertise will be invaluable as we work to bring forward innovative, high-impact solutions that help disrupt and dismantle the criminal networks that cause incalculable harm around the world.”
The founding members of the public-private coalition include Thomson Reuters, Europol and the World Economic Forum. Its membership has expanded to include the Royal United Services Institute, the Atlantic Council and now Rani’s Voice.
To learn more about the costs of financial crime, read the independent report from Thomson Reuters: Revealing the True Cost of Financial Crime
Thomson Reuters is the world’s leading source of news and information for professional markets. Our customers rely on us to deliver the intelligence, technology and expertise they need to find trusted answers. The business has operated in more than 100 countries for more than 100 years. For more information, visit www.thomsonreuters.com.
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