New report of the Federal Council on gold trading
In the new report on the gold trade, the Federal Council analyzes the gold sector in Switzerland, presents initiatives and measures, and makes recommendations to ensure that only gold produced in accordance with human rights is imported.
What many in the discussion about the gold trade do not know: A large part of the world's gold production is refined in Switzerland. In 2017, 2404 tons of gold worth 69.6 billion Swiss francs were imported and 1684 tons of gold worth 66.6 billion Swiss francs were exported, according to the media release.
In view of the importance of the gold sector in Switzerland, the Federal Council requested the acceptance of Postulate 15.3877 of 21.9.2015, which instructed it to submit the corresponding report on this matter.
Need for action on transparency
In addition to an overview of the gold sector in Switzerland and its main actors, the report also lists potential risks and challenges as well as projects and measures implemented in Switzerland to ensure gold production complies with human rights.
Gold trading in Switzerland is subject to one of the strictest legislations in the world, it continues. In particular, the Precious Metals Control Act and the Money Laundering Act are designed to ensure that Swiss refineries do not process gold of fraudulent origin. Furthermore, Swiss refineries have introduced voluntary social and environmental standards.
Nevertheless, the Federal Council sees a need for action, especially in the area of transparency and the supply chain.
This is the only way to prevent gold produced in violation of human rights from being imported into Switzerland. The Federal Council would therefore like to deepen the multi-stakeholder dialogue and further expand development cooperation in the field of responsible gold production.
For more information on the gold trade and human rights violations, please visit here
