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San Marino Enacts Tough New Rules on Conflict Minerals Regulation for Businesses Across Europe
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In a major move aimed at increasing transparency in global supply chains, San Marino has introduced new laws requiring companies to take responsibility for sourcing conflict minerals. The regulations specifically target four key minerals - tin, tantalum, tungsten, and gold - which are commonly used in electronics and other products.
What’s at Stake
These “3TG” minerals are often mined in regions plagued by armed conflict and widespread human rights violations. The increased demand for 3TG minerals has been driven by the rapid growth of the electronics industry, with these metals used in a wide range of products from smartphones to televisions.
Implications for Businesses
The move has far- reaching implications for businesses across Europe, including those in the UK, as it seeks to ensure that companies are aware of the origins of these minerals and take steps to avoid contributing to conflict or human rights abuses. According to Katie Tamblin, Chief Product Officer at Achilles Information:
“The world is waking up to the social and environmental injustice embedded in previously opaque corners of industrial production, and a spotlight is shining on global supply chains.”
What Businesses Need to Know
The new regulations require EU importers to conduct due diligence on their supply chain for any tin, tantalum, tungsten, and/or gold. This paper examines what businesses must do now to comply with these new requirements, including:
- Definition of conflict minerals
- What 3TG importers need to know
- Upstream and downstream restrictions
- Rules in other countries (US, UK, Northern Ireland)
- Future crackdowns on non-compliance
- Tips for ensuring compliance through supply chain due diligence, audits, and third-party experts
Staying Ahead of the Game
To ensure your business is compliant with these new regulations, it’s essential to:
- Conduct thorough supply chain due diligence
- Identify high-risk countries and areas
- Engage with suppliers to implement conflict-free sourcing practices
- Regularly audit and monitor your supply chain for compliance
By following these best practices, businesses can demonstrate their commitment to ethical sourcing and contribute to a more responsible global supply chain.