On 17 June 2019, the EITI ratified the revised 2019 EITI Standard with the clarification of Requirement 4.2. This is the significant result of the efforts of the EITI multi-stakeholder working group on commodity trading created by the Swiss government, within which SUISSENÉGOCE and its members participate.
SUISSENÉGOCE and its members are committed to transparency and are pleased to have contributed to this important move. We endorse consideration of international transparency standards and initiatives for companies active in commodity trading that fall within their scope.
SUISSENÉGOCE is supportive of transparency initiatives for commodity trading and of advancing the transparency discussion. Regarding the Extractive Industries Transparency Initiative (EITI), SUISSENÉGOCE values its potential to bring transparency of payments to governments for commodity extraction activities in a country and to mitigate related risks for all actors in the commodity value chain. SUISSENÉGOCE members are already complying with EITI disclosure obligations in countries that required them, for example in Iraq.
At the initiative of SUISSENÉGOCE, a closed meeting was organized at the occasion of the EITI side-event in Bern in October 2015. During this meeting, a multi-stakeholder working group on EITI and commodity trading was launched, in which SUISSENÉGOCE and major Swiss commodity trading houses participate.
In 2014, SUISSENÉGOCE supported Switzerland in the establishment of the Extractive Industries Transparency Initiative (EITI) Working Group on commodity trading, which focuses on how governments are selling oil, gas and minerals.
It continues to participate in and support the Working Group, providing expertise together with its members.
Link to EITI website
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Switzerland has signed up to the three international conventions against bribery and corruption:
In addition, Swiss authorities are actively assisting Swiss companies and trade associations in combatting illict financial flows and have developed several documents to help companies:
The commodity trading industry recognized the need to harmonize due diligence practices with regard to risk-based controls, and therefore developed these sector-specific Guidelines on due diligence against money laundering and terrorist financing (particularly in connection with corruption) that will strengthen the competitiveness and integrity of the sector, while validating the already existing practice of traders. These Guidelines are in line with the Federal Council’s recommendation contained in its report that was published in February 2020.
Link to the GuidelinesThe commodity trading industry recognized the need to harmonize due diligence practices with regard to risk-based controls, and therefore developed these sector-specific Guidelines on due diligence against money laundering and terrorist financing (particularly in connection with corruption) that would strengthen the competitiveness and integrity of the sector, while validating the already existing practice of some traders. These Guidelines are in line with the Federal Council’s recommendation and would help commodity trading companies improve access to financing from banks.
