The London Metal Exchange (LME) has updated its policy for approval of delivery points to assure compliance with the newly introduced UK Bribery Act.
A description of the location's corruption and bribery risk is required, and should describe if the location has laws relating to the corruption of public officials, the LME announced on 7th July.
The description should also say whether facilitation payments are often demanded and what, if any, steps are being planned to address it.
The LME “retains the right to limit the capacity in that location or to delist it” if the corruption risk changes, the LME said in a notice to its members.
Bloomberg quoted Miriam Heywood, a spokeswoman for the LME as saying the exchange had updated its policy to ensure compliance with the UK Bribery Act.
The new policy will be effective immediately. The LME currently has 37 approved warehouse locations.
Sources: Bloomberg, WSJ
For more information, please see the Menas ACCS website, here.
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