Many of the world’s largest financial companies have made bold promises to promote responsible investing and to combat human trafficking. Yet, behind these commitments lies exploitation much closer to home, literally. In the Asian financial hubs of Hong Kong and Singapore, where many of these firms have offices, migrant domestic workers (MDWs) are frequently trapped in debt bondage, a form of modern-day slavery. Many might be unwittingly hired by foreign finance executives from these firms, who could be blinded by the apparent strict rule-of-law in these global cities. 

Based on findings from various research reports, employment agencies have likely charged illegal recruitment fees to more than half of the 600,000 MDWs in both countries. All reports find the incidence of illegal or excessive fees (that is, those in excess of the legal amount allowed) to be very high and the resulting debt contributes to trafficking for labour exploitation. Despite these well-documented human rights abuses, the financial sector has largely turned a blind eye to the problem, leaving its non-local executives to use, often unwittingly, unscrupulous agencies that charge illegal or excess fees during the hiring process.