Page 15 - Bullion World Issue 12 Volume 05 December_2025

Bullion World | Volume 5 | Issue 12 | December 2025

Governance integrity of the global market. Today, with gold
At this year’s Conference, the opening session laundering at an all-time high – exacerbated by
included a metaphorical ‘passing of the baton’ as Paul rising gold prices – the urgency to act is greater
Fisher stepped aside and welcomed Peter Zoellner – than ever.
who joined last year as an Independent Non-Executive • As we refresh our call to action, we emphasise that
Director – as the new Chair of LBMA. this is not about competition between centres but
about building a united international ecosystem
Paul remarked that he was “more than happy to hand where illicit flows have no place. LBMA looks
the reins over to someone so capable,” while Ruth took forward to working closely with our Government
the chance to thank Paul for his “wisdom, strategy, and industry partners worldwide as we update
and dedication to LBMA” over an impressive nine-year these recommendations and drive collective
stint. Peter responded with hearty congratulations, progress in 2026.
applauding Paul’s achievements and sharing his
excitement for what lies ahead. Gold as HQLA
The joint LBMA-WGC initiative to advance gold’s case
Ruth also thanked Andy Quinn for his term as for recognition as a Level 1 High-Quality Liquid Asset
Independent Non-Executive Director, which has now (HQLA) gathered further momentum this year, helped
concluded. As part of the ongoing succession planning by the increased interest in gold. The focus has been
process, the Board welcomed Martin Fraenkel as on broadening regulatory understanding of gold’s
a new Independent Non-Executive Director. These performance during stress events and positioning it
appointments reinforce the independence and integrity as a complementary – rather than competing – asset
of our governance. within existing liquidity frameworks.

Transparency Roadmap LBMA has made great progress this year through

LBMA has committed to accelerating key transparency targeted engagement, innovation, governance and
enhancements for Refiners. Originally slated for 2027, transparency, all with the primary goal of building trust
these measures are expected to be incorporated into in the market. As Ruth said at Conference, “Trust is not
Refiners’ compliance reports beginning January 2026. given, it’s earned, and we need to continue to do the
work to earn the trust of the global community.” We
LBMA’s Refiner Transparency Roadmap adopts look forward to building on these initiatives in 2026 to
disclosure requirements aligned with Footnote 59 of create a stronger and more trusted market.
the OECD Due Diligence Guidance for Responsible
Supply Chains of Minerals from Conflict-Affected and See You in Sorrento?
High-Risk Areas (OECD Guidance). LBMA will become The Global Precious Metals Conference returns
the first industry scheme to require Refiners to publicly next year, this time in Sorrento, Italy. Registration is
disclose: currently available at launch sale rate on the LBMA
• The identity of the Refiner and local exporter in website.
“red flag” locations as per OECD Guidance. You can also read more about LBMA’s key strategic
• All World Gold Council (WGC) miners and mines initiatives and 2025 deliverables in the LBMA
from which Refiners receive material. Annual Report 2025.
• All locations (countries) from which mined material
is sourced.

International Bullion Centres –
Call to Action
• Five years ago, LBMA issued three clear
recommendations to the world’s major gold hubs:
eliminate cash from the supply chain, strengthen
responsible sourcing of recycled gold, and
provide genuine support for artisanal and small-
scale mining. These measures were designed
to eliminate gold laundering and safeguard the

15
15