Armed Conflict: Gold
The question
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what discussions he has had at international level concerning work to close the regulatory and enforcement loopholes that allow the trade in conflict gold.
Answered by Chris Elmore
The trade of illicit gold funds undermines the rule of law and perpetuates human rights abuses. Gold extraction and smuggling operations represent a significant loss to Sudan and undermine effective resource governance. The UK Government engages with the gold industry, in particular the London Bullion Market Association (LBMA) and the World Gold Council, as well as the Organisation for Economic Co-operation and Development (OECD) to support responsible sourcing and rigorous due diligence standards to enhance resilience to illicit gold and identify malign actors in the supply chain. As the UK is an OECD member, businesses in the UK apply the OECD's Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk areas, including the LBMA. The UK is a global leader in tackling illicit gold flows, recently hosting a joint FCDO-HMRC Gold Conference and launching a public-private partnership with industry to clamp down on illicit flows.
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