LBMA confirms responsible supplier status of Ekaterinburg NFMPP JSC

03 Jun 2016

Ekaterinburg Non-Ferrous Metal Processing Plant JSC has successfully passed the audit process of the London Bullion Market Association (LBMA) regarding its compliance with the Responsible Gold Guidance developed by it. Such tests are taken on a regular and mandatory basis by all world refining enterprises, bullions of which have Good Delivery Status (the Guidance is a part of Good Delivery Regulation). Responsible Gold Guidance was adopted by LBMA in 2012 under recommendation of the Organization for Economic Co-operation and Development (OECD). This action was performed in order to “combat violation of human rights, financing of terrorism and develop high standards of anti-money laundering”. “The Guidance is an important document. It contains a set of rules which are to be followed by LBMA companies when managing their supply chains. First of all, they contain the selection criteria and evaluation of the organizations to which the gold is supplied; it is necessary to avoid even the slightest risk that an investment in precious metal may get into the hands of the wrong people. This is a complex and hard work, but the quality of performance is a sine qua non condition for LBMA membership and access to the world market”, Nikita Knyazev, Deputy Director for Precious Metal Management of Ekaterinburg NFMPP JSC, said.

Sourсe: Ekaterinburg Non-Ferrous Metal Processing Plant JSC