Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what assessment he has made of the effectiveness of the regulatory framework governing the import of gold linked to conflict and human rights abuses; what steps his Department is taking to improve oversight and enforcement in that area; and whether he has compared those measures to the European Union’s approach.
The trade of illicit gold linked to conflict undermines the rule of law and has no place in UK supply chains and our global economy. The 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 to support responsible sourcing and rigorous due diligence standards.
In the Trade Strategy, the Government launched a review into responsible business conduct. The review is still progressing and considering the effectiveness of the UK's current regime and the merits of alternative measures to support responsible business practices. We shall update the House when the review is complete.