UN says Dodd-Frank Congo conflict minerals bill is working
(Read article summary)
The controversial Dodd-Frank bill, intended to block armed groups from reaping profits from Congo's mineral mining industry, is making inroads, according to a UN Group of Experts on Congo.
The United Nations Group of Experts on Congo wrote to the US Securities and Exchange Commission on Friday to say, in sum, “Since the signing into law of the Dodd Frank act, a higher proportion then before of tin, tungsten and tantalum mined in the DRC is not funding conflict.” The full letter is posted as a pdf here.
This is a significant statement, coming from an internationally mandated group that has done in-depth research at hundreds of mines across eastern Congo over the past year. The group highlighted several key points:
- The Dodd-Frank bill should issue strong regulations as soon as possible should and not be watered down. From the letter: “Dodd Frank and due diligence is working. Retreat now will confuse all players in the market, unfairly and unwisely diminishing the efforts of those who are implementing due diligence, and playing into the hands of the cynical and those with other agendas who have thus far refused to implement due diligence in the hope that it will simply go away.”
- Legitimate, conflict-free mining has increased significantly in Congo in Maniema and northern Katanga, border provinces to the west and south of the Kivus. This is in direct contrast to those who argue that there is a now a de facto international embargo on Congolese minerals.
- Criminal networks continue to exist in the Congolese army, and the Congolese government must make a better effort to prosecute Congolese army networks trading in conflict minerals, and…