According to the Walk Free Global Slavery Index, the Asia-Pacific region is home to the largest number of people affected by modern slavery, with an estimated 15 million individuals in situations of forced labour.

Southeast Asia continues to navigate complex challenges related to human trafficking and exploitation, including labour trafficking, commercial sexual exploitation, bonded labour, forced marriage, and emerging forms such as trafficking into online scam operations. These evolving dynamics often involve elements of coercion, restriction of movement, and abuse, where individuals may be compelled to engage in fraudulent activities under conditions of threat or indebtedness.

As a major economic hub attracting both national and migrant workers, Thailand has taken active steps to address the risks of exploitation. In 2019, it became the first country in the Asia-Pacific region to adopt a National Action Plan on Business and Human Rights, grounded in the UN Guiding Principles on Business and Human Rights - reaffirming its commitment to responsible business conduct and the protection of human rights.

Through the Finance Against Slavery and Trafficking (FAST) Initiative, hosted by UNDP Sustainable Finance Hub and collaboratively implemented with the Business & Human Rights Initiative, the financial sector is playing an important role in Thailand's National Action Plan on Business and Human Rights, and the broader human rights agenda. 

At the forefront of this effort is Tarinee Suravoranon, UNDP Thailand’s Project Manager for Business and Human Rights, who coordinates the FAST initiative in the country.

The National Action Plan has yet to include measures for strengthening the financial sector’s capacity to detect and prevent modern slavery and human trafficking in everyday transactions. This gap presents an opportunity for the FAST initiative to play a leading role in addressing it.

Thailand is facing significant challenges related to cross-border migration, with many migrant workers fleeing from neighboring countries vulnerable to exploitation and trafficking. Engaging the financial sector enhances transparency and accountability to prevent modern slavery and human trafficking.

Launched in 2018 as an initiative of the Principality of Liechtenstein, FAST is mobilizing the financial sector to address modern slavery and human trafficking risks, focusing on financial institutions such as banks, investors, Financial Intelligence Units, regulators, and insurers. FAST’s objective is to support these institutions in identifying and mitigating risks tied to forced labor and trafficking in supply chains.

The FAST initiative complements the National Action Plan on Business and Human Rights, particularly in the area of labour rights protection, which focuses on preventing risks faced by workers in business operations and supply chains. One of the initiative’s first steps in Thailand was to foster collaboration among government agencies, financial regulators, and the private sector in exploring the role financial institutions can play in combating modern slavery.

One of the FAST initiative’s key activities in Thailand is strengthening capacity of financial-sector actors to identify and prevent transactions – and the financing of business operations – connected to trafficking networks.

Tarinee emphasized the importance of leveraging existing regulations to promote this agenda, such as mandatory environmental, social and governance (ESG) reporting requirements.

The connection between migration and modern slavery is strong in Thailand, where many migrant workers face exploitation in sectors such as agriculture, construction, and domestic work.

Migrant workers are particularly vulnerable because of the recruitment fees they must pay, which can lead to debt bondage. If they cannot pay the fees, they end up working for free.

The situation has worsened due to political instability in Myanmar, which has pushed refugees and migrants into Thailand and made them prime targets for trafficking syndicates. Migrant workers’ vulnerability is further compounded by gaps in legal protections and enforcement.

Thailand also is impacted by organized crime. Cyber-enabled fraud prompted about between US$18 billion and US$37 billion in financial losses across East and Southeast Asia in 2024, according to the UN Office on Drugs and Crime. According to International Labour Organization (ILO) estimates, forced labour generates about US$ 150 billion in annual earnings.

Through these collaborative efforts, the country can take significant steps toward eradicating human rights violations and ensuring that business practices uphold the dignity of all people.