THE EU CONFLICT MINERALS REGULATION – NEW DUE DILIGENCE REQUIREMENTS FOR IMPORTERS

On 4 June, an article from Freshfields Bruckhaus Deringer says that on 1 January, EU-based importers of certain minerals and metals will have to comply with new supply chain due diligence obligations that will become mandatory under the Conflict Minerals Regulation.  It explains that the Regulation aims to prevent the exploitation of these minerals and metals by armed groups in resource-rich but also conflict-affected and high-risk areas. Its goals and methods are similar to the conflict minerals provisions imposed under the US Dodd Frank Act, and it covers the same minerals. However, the regulation is wider in its personal scope (covering more entities) and geographic reach.  The Regulation does not impose import restrictions or approval requirements for affected minerals – but EU importers will have to establish and comply with supply chain due-diligence obligations.  It recommends steps companies should take.

https://riskandcompliance.freshfields.com/post/102g8xx/the-eu-conflict-minerals-regulation-new-due-diligence-requirements-for-importer

 

 

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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