Valcambi and ASFCMP break up

Oct 31, 2023

After over 40 years of membership, on 26.10.2023 Valcambi left the ASFCMP due to irreconcilable differences Valcambi believes that with a due diligence process aligned to the OECD Guidance, any origin can be considered.

Valcambi doesn’t agree on the position of some members of the ASFCMP’s board to exclude certain countries of origin, which is also an implicit confirmation of inability to perform a due diligence according to the inherent risks.

Valcambi did never hide the origin of its gold supplies. Pretending gold from dubious origin will not enter in the Swiss market by excluding direct supplies from specific countries is not the correct approach. What is needed is an adequate risk management, implementing an enhanced due diligence with sophisticated due diligence tools.

Valcambi has received a confirmation of the appropriateness of its due diligence tools and protocols in all its audits.

Unfortunately, the ASFCMP adopted the board’s position as the official association’s position, which is not aligned to other institutions like the LBMA and the aim of the OECD Guidance.

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