ECONOMIC SANCTIONS POLICY STATEMENT

Pacific Mining Parts also known collectively PMP Group (the Company) is committed to conducting business with the highest standards of ethics, integrity, and compliance with all applicable laws and regulations, including economic sanctions that is prescribed by respective governments having jurisdiction over Company entities. T

 

This Economic Sanctions Policy outlines our commitment to adhere to economic sanctions and export control laws to ensure the responsible and lawful conduct of our business as a supplier to mining companies with global operations.

 

SCOPE

 

This policy sets forth the minimum expected standards for all entities under the governance of the PMP Group, encompassing their employees, contractors, and stakeholders across all operational locations. In jurisdictions where applicable laws prevail, they supersede the PMP Group Policy.

 

COMPLIANCE

 

The Company shall strictly adhere to all relevant economic sanctions laws and regulations imposed by the government having jurisdiction over the related company and relevant international bodies that is supported by the government having the jurisdiction. The Company will not engage in any business transaction or activities that violate these economic sanctions. This includes transactions with individuals, entities, or countries subject to sanctions.

 

RISK ASSESSMENT

 

The Company will conduct a risk assessment to identify and evaluate potential sanctions risks associated with its business operations, customers, suppliers, partners, and transactions.

 

SCREENING AND DUE DILIGENCE

 

The Company will conduct appropriate due diligence and screening of all potential business partners, customers, and suppliers to ensure compliance with applicable economic sanctions laws.

 

REPORTING

 

All employees must promptly report any potential sanctions-related violations or concerns to the relevant Country Director or email complaints@pmpgroup.io.

 

TRAINING

 

The Company will provide training and awareness programs to educate employees and stakeholders on economic sanctions laws and the importance of compliance.

 

RESPONSIBILITIES

 

All employees and stakeholders are responsible for understanding and adhering to this policy, promptly reporting any concerns, and cooperating fully in investigations.

 

CONSEQUENCES OF NON-COMPLIANCE

 

Non-compliance with this Economic Sanctions Policy may result in disciplinary action, including termination of employment or business relationships, and legal consequences for individuals and the company.

 

The Company is committed to conducting its operations with the utmost integrity and in full compliance with economic sanctions laws and regulations. We expect all employees, contractors, suppliers, and business partners to share in this commitment and to uphold the highest ethical standards in all dealings related to our business with mining companies with global operations.

 

This policy reflects our dedication to responsible and lawful business conduct while minimizing the risks associated with economic sanctions violations. The Company will review and update this policy to ensure ongoing compliance with changing laws and regulations.