In recent years, Switzerland has increasingly focused on promoting corporate responsibility, particularly with regard to human rights and environmental standards. Article 54a of the Swiss Federal Constitution stipulates that companies must comply with appropriate due diligence obligations in relation to these issues. This has led to various legal developments, including the Federal Act on Corporate Due Diligence (USR III), which is based on German federal legislation, and the Swiss Code of Obligations (OR) with articles such as 754a and 964j et seq.
A key aspect of this development is the obligation of companies to publish reports on their sustainability and corporate responsibility measures. These reporting obligations are governed by laws and regulations and can be demanded by government agencies and stakeholders. In addition, companies in Switzerland can be held legally liable if they violate human rights or environmental standards, whether through civil law suits or Swiss criminal law.
Recent developments have focused attention on the gold import industry in Switzerland in particular. With new legal provisions that came into force on January 1, 2023, companies that import more than 100 kilograms of gold or process it in Switzerland are obliged to comply with their due diligence and reporting obligations. This represents a significant change and requires companies to closely monitor their gold flow and provide complete reporting on the origin of their gold.
The implementation of these new requirements poses challenges for many companies, especially smaller banks, which may have difficulty verifying the 100 kilogram threshold and acting accordingly. This is where the use of specialist expertise is crucial to ensure compliance and minimise potential legal risks.
Overall, these developments mark a turning point in the Swiss gold import industry and require the companies concerned to proactively address the new legal requirements. By integrating expertise and implementing effective processes, companies can ensure that they comply with the new legislation while running their business successfully.
It is a time of change, but also a time of opportunity for those who are prepared to face the challenges and adapt.
Helveticor in sustainable gold trading
Helveticor is taking an active role in this new era by engaging in ESG-orientated value logistics. The company supports smaller banks in particular in overcoming the challenges of new requirements. This commitment is reflected in Helveticor’s consistent focus on compliance and in ensuring due diligence and transparency obligations in all business areas.
