The TRIBE Freedom Foundation, in partnership with Nasdaq, has unveiled a financial literacy portal designed to equip financial institutions and survivor support organizations with the tools needed to empower survivors of modern slavery. This new hub will help to promote long-term financial well-being, freedom and stability.
The TRIBE Survivor Financial Empowerment Hub is set up to encourage action across four core areas:
- Understanding the challenge: Learn more about the nature of modern slavery, the role of the financial industry and existing barriers to survivor financial inclusion.
- Promoting financial inclusion: Explore how financial institutions can support survivors to set up a bank account and start taking control of their money.
- Driving financial empowerment: Understand the key drivers that are advancing survivor financial empowerment, including practical recommendations and how to implement similar initiatives.
- Building employee awareness: Help increase employee awareness of modern slavery and create a greater impact across your organization.
Within each section, there are a series of lessons that provide actionable takeaways for financial institutions, support organizations and survivors, ranging from guidance for engaging survivors and steps to build employee awareness to how to open a bank account and advice for internet banking.
“Access to a bank account and giving survivors the power to take control of their own money is a key step in recovery, but it’s about much more than this. We established the TRIBE Survivor Financial Empowerment Hub to help ensure that all survivors are equipped to rebuild long-term financial independence, enabling them to flourish and supporting their wider well-being,” said Tom Stancliffe, Co-Founder of TRIBE Freedom Foundation, a U.K.-based charity that empowers survivors of human trafficking.
The Financial Empowerment Hub is the latest effort from TRIBE and Nasdaq to tackle modern slavery and human trafficking (MSHT) and those victimized by it. Modern slavery encompasses forced and compulsory labor, human trafficking, slavery and servitude, according to TRIBE. In the financial markets, crimes related to MSHT include money laundering and labor exploitation.
Combatting financial crime is central to Nasdaq’s role in protecting the world’s financial ecosystem and maintaining integrity in the capital markets through financial crime detection and prevention with sophisticated technology, data and insights. Nasdaq announced its partnership with TRIBE at the start of the year and participated in TRIBE’s Relay across Scotland, a 218-kilometer race that raised funds to fight human trafficking and end modern slavery. This partnership reiterates Nasdaq’s focus on fighting financial crime from both a technology and from a human perspective.
“Financial crime is global and crime networks are borderless – necessitating a collaborative approach for those on the frontlines combatting this ever-evolving challenge,” said Nasdaq President and CEO Adena Friedman. “If the industry can work together to identify and expose the criminal networks by leveraging the most advanced technology and data science capabilities available, we can make huge strides in making our world a better and safer place.”