Click on the link to download documentOECD Financial action Task Force Gold
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OECD Due Diligence Guidance for
Responsible Supply Chains of
Minerals from Conflict-Affected and
Final draft Supplement on Gold
This Supplement on Gold forms an integral part of the OECD Due Diligence Guidance for Minerals from Conflict-Affected and High-Risk Areas. The Introductory section of the Guidance as well as Annex I (Five-Step Framework for Risk-Based Due Diligence in the Mineral Supply Chain), Annex II (Model Supply Chain Policy for a Responsible Global Supply Chain of Minerals from Conflict-Affected and High-Risk Areas) and Annex III (Suggested Measures for Risk Mitigation and Indicators for Measuring Improvement) applies to the Supplement on Gold. Therefore the term “Guidance” may be used throughout this Supplement to refer to both this Supplement on Gold as well as the OECD Due Diligence Guidance for Minerals from Conflict-Affected and High-Risk Areas.
This Supplement provides specific guidance on supply chain due diligence of gold from conflict-affected and high-risk areas according to the different positions of companies in the gold supply chain. It distinguishes between the roles of and the corresponding due diligence recommendations addressed to upstream companies and downstream companies in the supply chain (see Definitions), and includes, where necessary, specific recommendations to the specific actors within those two broad categories.Companies falling into these categories should carry out due diligence regardless of whether they own, lease or loan the gold.
This Supplement focuses on the steps companies should take to avoid contributing to conflict and serious abuses of human rights in the supply chain of gold potentially sourced from conflict-affected and high-risk areas. This Supplement includes due diligence measures to be taken on recycled/scrap or previously refined gold (“Recyclable Gold”) only insofar as recycled material is a potential means of laundering gold that has been mined in conflict-affected and high-risk areas in order to hide its origin. Gold investment products (ingots, bars, coins, and grain in sealed containers) held in bullion bank vaults, central bank vaults, exchanges and refineries with a “verifiable date”1 prior to 1 January 2012 will not require information on their origin (“Grandfathered Stocks”). However, gold investment products will require “Know Your Counterparty” due diligence to ensure the trade in Grandfathered stocks is not carried out in violation of international sanctions or does not enable money-laundering resulting from, or connected to, the sale of gold reserves in conflict-affected and high-risk areas.
In order to determine the applicability of this Supplement, all companies in the gold supply chain should carry out Step 1 (Establish strong company management systems) and begin Step 2 (Identify and assess risks in the supply chain) to determine whether they actually or potentially source gold from conflict-affected and high-risk areas. The remainder of the Steps in this Supplement will then only apply to companies sourcing gold from conflict-affected and high-risk areas and actors in the gold supply chain that operate in a conflict-affected or high-risk area………………kindly download the document for indepth information on the sameOECD Gold guidance supply chains 2012
I was reading the news article of IANS posted by Gyanendra Kumar dated 1st Jan 2012 with title “Made in India, faked in China — $5bn loss”. Well I am not going to repeat the entire news here, as the title makes it very clear whats it about. Perhaps I decided to take this news and think freeing about this news article and put my own thoughts about it.
Since China is No.1 expert in faking goods to keep its Communist government rich and people employed I was wondering if China will hallmark Made in India faked products in Chinese language so that we consumers know when we buy Made in India China is worth less than Made in India, Isnt it?
Since ITC cigarette brands are also faked in China and sold in northern India, it has only made my assumptions of doubt about the corruption of Indian vigilance department into facts, that they are indeed drowned in corruption. Next time you have a terrorist attack on Indian soil, please dont ask , How? Why? etc….as its quite evident that our vigilance departments are involved. You will find that it is most often that only indians have engaged the chinese companies to counterfeit popular commodities . And this spurious stuff gets sold in areas where underprivileged live, in poorer areas of big cities and villages. If you go to shop near slums most of the products be it- soap, detergent, shampoo, cool drink and medicines will be fake… there is a thriving cottage industry duplicating stuff in all cities.
Last year one of my close friends married a Chinese woman in India. After six months she died, I was consoling my friend and he wasnt even sad. He replied me “It was Chinese, I was sure she wont last longer”
I assume after 1962, our government has kept China always outside their top agenda and slowly China will encroach upon our eastern borders and swallow our Mongol states and possible we shall have in future our government outsourced in China.
I will not blame the Chinese as its our own people and government and its officials who encourage it, so we should stop blaming China and try to do something in our own backyard.
This article is not made in China !!!!!!!
Happy New Year