Declaration of Policy
The Bangko Sentral ng Pilipinas (BSP) commits to ensure that the source of its gold products complies with the standards set forth by the London Bullion Market Association (LBMA) with the ultimate goal of building customer trust.
The Bangko Sentral ng Pilipinas (BSP) shall conduct gold transactions with small-scale miners, gold-panners, gold traders and/or sellers, referred to in this policy as “gold-supplying counterparties”, who comply with the BSP Responsible Gold Sourcing Policy.
The BSP shall:
- Buy its gold only from known sources and areas that have not used gold to finance any form of crime or conflict, terrorism, human rights violations, and money laundering activities.
- Suspend or discontinue transacting with gold-supplying counterparties identified as operating in contravention of this policy.
- Adhere to the laws and regulations against money laundering, any form of crime, human rights violations, and terrorism and its financing.
- Provide relevant training on this policy to involved BSP employees and sellers.
- Maintain a Quality Management System subject to audit by a third party certifying body.
This Policy shall take effect on April 8, 2015.
London Bullion Market Association (LBMA) Assessment Report