A unique advisory on the business risks associated with the gold sector in sub-Saharan Africa was issued on Tuesday by the Departments of State, Treasury, Commerce, Homeland Security, Labor, and the U.S. Agency for International Development.
The advisory highlights the specific opportunities and risks associated with the gold trade in sub-Saharan Africa and encourages those involved in the industry to adopt and implement enhanced due diligence practices to ensure that malicious actors, such as the Wagner Group, are not able to exploit and profit from the industry.
The advisory also provides integrated guidance to gold industry participants in sub-Saharan Africa, which produces approximately 25% of the world’s gold each year.
It encourages US companies to invest responsibly in all aspects of the sector: mining, trading, refining, processing, and retailing of finished products.
Many risks are also directly and indirectly linked to the gold sector in sub-Saharan Africa, including the financing of conflict and terrorism, money laundering, corruption, sanctions evasion, human and labor rights abuses, and environmental degradation.
The United States expresses its common interests and goals with gold producers throughout sub-Saharan Africa in the development of a responsible and sustainable gold sector free of predatory and malicious actors.