Designa Accessories
advertisement
Designa Accessories
advertisement
Designa Accessories
advertisement
Goto your account
Search Stories by: 
and/or
 

News












The LBMA will retain the Perth Mint on its list of approved refiners; however, has also requested a strengthening of management systems in order to prevent future issues. | Source: Getty Images
The LBMA will retain the Perth Mint on its list of approved refiners; however, has also requested a strengthening of management systems in order to prevent future issues. | Source: Getty Images

International investigation into Perth Mint concludes

The London Bullion Market Association (LBMA) has concluded an incident review of the Perth Mint’s practices which began in March amid a gold-doping scandal.

The LBMA will retain the Perth Mint on its list of approved refiners; however, has also requested a strengthening of management systems in order to prevent future issues.

The LBMA's investigation focused specifically on whether the Perth Mint conformed with the Responsible Gold Guidance, which sets standards for combating money laundering and terrorist financing practices.

“LBMA did not find any instances of zero-tolerance non-conformance. There are elements of the Perth Mint’s management systems that are being strengthened through a Corrective Action Plan (CAP) to be audited by a third-party auditor”
London Bullion Market Association

“LBMA did not find any instances of zero-tolerance non-conformance. There are elements of the Perth Mint’s management systems that are being strengthened through a Corrective Action Plan (CAP) to be audited by a third-party auditor,” the LBMA said in a statement.

“LBMA reserves the right to re-visit this conclusion if new information relating to the Perth Mint becomes available.”

Chief executive Jason Waters said the Perth Mint was committed to completing the Corrective Action Plan.

"The Perth Mint has embarked on a comprehensive, fully-funded program to remediate our anti-money laundering processes and ensure best practice in everything we do," Waters told the ABC.

Good news

Gold Corporation is the parent company of the Perth Mint, the largest processor of newly mined gold in the world. The mint is owned by the Government of Western Australia.

Nathan Lynch, Asia-Pacific Manager, Regulatory Intelligence
Nathan Lynch, Asia-Pacific Manager, Regulatory Intelligence
"It's a good outcome for Gold Corporation and gives them a window of opportunity now to push ahead with the work they're doing to rebuild their governance framework. That work on developing a sophisticated risk culture cuts across the entire organisation.”
Nathan Lynch, Thompson Reuters

Nathan Lynch, a financial regulation expert for Thomson Reuters, said the findings from the LBMA was a significantly positive outcome for the Perth Mint.

"The LBMA review has been very quick, considering the complexity of these issues around money laundering, terrorism financing, sanctions, and environmental standards," Lynch said.

"It's a good outcome for Gold Corporation and gives them a window of opportunity now to push ahead with the work they're doing to rebuild their governance framework. That work on developing a sophisticated risk culture cuts across the entire organisation.”

The controversy surrounding the Perth Mint ignited in early March when the ABC’s Four Corners program published a report detailing a potential $9 billion bullion recall involving the Shanghai Bullion Exchange.

More reading
Digital headaches for Perth Mint
Anti-money laundering agency pursues audit of Perth Mint
Perth Mint accussed of potential US commodities breaches
Calls for Royal Commission in wake of Perth Mint scandal
$9 billion deal turns sour as Perth Mint rocked by scandal

 











Independent Jewellers Collective (IJC)
advertisement





Read current issue

login to my account
Username: Password:
Timesupply
advertisement
Rapid Casting
advertisement
Jeweller Magazine
advertisement
© 2024 Befindan Media