Swiss court rules against gold trade transparency: NGO
An activist demonstrates against the use of gold, mined under inhuman conditions, during the 2016 opening ceremony of the world watch and jewellery show "Baselworld" in Basel, Switzerland.
Keystone
Switzerland’s Federal Administrative Court has decided in favour of four big gold refineries that were under pressure to disclose their gold suppliers.
This content was published on
2 minutes
Italiano
it
Il tribunale svizzero si pronuncia contro la trasparenza del commercio dell’oro: ONG
The Bern-based Society for Threatened Peoples (STP) said Thursday that it took note of the court’s decision to “protect business secrecy.”
“Importers can now hide behind trade secrecy and are not accountable to anyone regarding the origin of the raw material and associated risks,” the organisation said in a press release.
In February 2018, STP had submitted a request to the Federal Customs Administration to examine the files relating to the origin of gold imported in Switzerland .
This request was made due to “the complete secrecy in the gold trade”. The had STP raised the question whether Switzerland is a hub for risky goldExternal link in a report focused on gold sourced in the United Arab Emirates and Peru.
“Swiss gold importers fail to take their duty of care seriously enough when it comes to trading gold from the UAE and Peru,” that report concluded.
The Swiss customs authority rejected the request presented by STP, which then launched an arbitration procedure through the Federal Data Protection and Information Commissioner (FDPIC).
The FDPIC recommended that the demands of the STP be conceded and, as a result, the customs administration ordered the disclosure of the data.
Toothless due diligence
The gold refineries appealed against this order at the Federal Administrative Court, which decided in favor of the refineries and rejected the NGO’s request.
“Transparency in the gold trade is the be-all and end-all for a clean and fair gold business,” says Christoph Wiedmer, co-manager of STP. “Without this, due diligence is toothless, as no one can verify the decisions of this audit.”
The decision imposed procedural costs of CHF1,000 on STP and CHF 8,000 on the customs administration as compensation for the refineries.
The STP considers this a punitive measure that discourages simple requests for information that are in the public interest.
The gold refineries arguments – notably that trade relations are subject to commercial secrecy – persuaded the court.
More
More
Why Switzerland struggles with dirty gold
This content was published on
With gold prices the highest they’ve been in nearly a decade, the quest for the precious metal is heating up in a remote area of Peru where mining and criminal activities overlap.
Switzerland, the world’s hub for gold refining, is watching closely.
What do you think Switzerland’s Alain Berset can bring to the Council of Europe?
The former interior minister is to become the first Swiss Secretary General of the Council of Europe – which issues should his five-year term focus on?
How is your country dealing with the return of stolen artifacts?
Western nations like Switzerland often have to deal with the process of recovering or returning looted artifacts which have been illegally imported. What’s the situation like in your country?
Swiss helicopter rescue pioneers safe autopilot approach system
This content was published on
Swiss air rescue company Rega has received approval for a new kind of instrument flight system for approaching a hospital.
Algerian to face trial in Switzerland for ties to Islamic State
This content was published on
A 51-year-old Algerian man has been charged by the Swiss Federal Prosecutor's Office for involvement in the banned terrorist group.
Sylvain Saudan, ‘skier of the impossible’, dies aged 87
This content was published on
The Swiss father of extreme skiing pioneered descents from the Alps to the Himalayas – and became the sport’s first star.
Hayek family buys additional Swatch shares for nearly CHF11 million
This content was published on
Following the acquisition of registered shares worth over CHF20.6 million on Monday, the Hayek family made another purchase on Tuesday.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Clean gold: How Switzerland could set new supply chain standards
This content was published on
Switzerland is the undisputed top dog of the global gold industry, refining a majority of the world’s gold, as well as being the leading exporter. But how seriously does the country take its responsibility to ensure sustainable mining and the protection of human rights? “This position of great global power comes with great responsibility because – here’s another thing too few people…
From Nazis to refineries: How Switzerland has handled the world’s gold
This content was published on
A new book exposes the dark history of gold laundering in Switzerland and the modern challenge of cleaning up a lucrative industry.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.