2011 LBMA Responsible Gold Guidance
Responsible Gold Guidance
The LBMA will require that, from 1st January 2012, all LBMA Good Delivery Gold Refiners comply with the LBMA Responsible Gold Guidance. Listed refiners have been sent a draft of the Guidance in September, 2011 and during the final quarter of the year they will be consulted before the final version is issued. Please click here for a copy of the current draft. The final version will also take account of the rules to be announced by the SEC as well as the OECD guidance on gold supply chains.
The LBMA Guidance is based on anti-money laundering principles as well as the five steps framework for risk-based due diligence of the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High Risk Areas. The LBMA guidance is intended to provide a flexible framework for carrying out due diligence in this area and thus to minimise the cost of compliance for refiners, whilst ensuring that their feedstock and thus their output remains conflict-free.
OECD Due Diligence for Responsible Supply Chains – Gold Supplement
The LBMA supports the work of the OECD in the area of supply chain due diligence and has been actively involved in drafting the Gold Supplement section of the OECD Guidance. A number of members, both banks and refiners have contributed to this work and Ruth Crowell, the LBMA’s Commercial Director, is the co-facilitator of the OECD Gold Guidance Drafting Committee and the LBMA’s main contact for Responsible Gold.