LBMA’s Responsible Sourcing programme for precious metals protects the integrity of the global supply chain for the wholesale precious metals markets.
Vital to the credibility of the standards is the broad scope, which includes measures to combat money laundering, terrorist financing and human rights abuses globally.
It is essential that all precious metals traded in the wholesale market are sourced responsibly.
It ensures that gold sourced from conflict affected and high-risk areas, is responsibly sourced. But it also ensures that it’s not contributing to terrorist financing, money laundering activities and human rights abuses.
All Good Delivery List Refiners, gold and silver, selling metal into the London Market must comply with the LBMA Responsible Sourcing Programme. That basically means, that every 12-months they must undergo an independent third-party audit.
It is a code of practice and a series of tools that enables participants in the supply chain to develop Responsible Sourcing practices.
Failure to adhere to the LBMA’s Responsible Sourcing Programme will result in the removal of the refiner from the Good Delivery Lists.
We have a robust Incident Management Process, that allows us to address issues within the Market. We strongly encourage market participants to escalate issues to the LBMA. Communication and engagement are very important to the success of this programme.
We’re developing and encouraging best practices and constantly improving Responsible Sourcing standards that apply to both refiners and auditors.
Ultimately, the Responsible Sourcing Programme helps to create trust and confidence within this global market.
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Responsible Sourcing & Industrial Miners in ASM
Alan Martin (Head of Responsible Sourcing, LBMA) and Gregory Mthembu-Salter (Director, Phuzumoya Consulting) discussed how industrial miners could help responsible sourcing in the Artisanal and Small-scale Mining (ASM) sector.
The Future of Responsible Sourcing, Sustainability and ESG
The webinar features a discussion on the OECD’s three flagship initiatives to address problems in Artisanal and Small-scale Mining and the FATF report on Environmental Crime and Money Laundering – as well as many other topics relating to ESG.
LBMA/LPPM Virtual Precious Metals Conference Wrap Up
In today’s webinar, James Steel (Chief Precious Metals Analyst, HSBC Securities (USA) Inc) and Suki Cooper (Precious Metals Analyst, Standard Chartered) discussed their personal highlights of the LBMA/LPPM Virtual Precious Metals Conference 2021.