The EU Timber Regulation came into force in the UK on 3rd March 2013. It prohibits illegal timber in the EU and requires those companies that place wood or wood products on the EU market for the first time to assess the risk that products may have come from an illegal source and act to mitigate any identified risks. This process is known as due diligence and, like all due diligence, it must happen before the product is traded. Due diligence has to be undertaken, even if the product is certified.
The law states that a record must be kept of the supplier, the product species, its origin, and the quantity. Risk assessment on the product, based on the evidence you have collected must be recorded.
In determining the level of risk credible information should be considered in terms of the country of origin, the supplier, the product as well as other sources of information. You should not progress an order for a timber product until you have completed this process and taken any necessary measures to minimise your risk. Action taken to mitigate risk going forward must be documented.
If you are procuring product that has already been placed on the EU market and, as such, on which due diligence has been carried out there is requirement to record from whom you bought the product from and to whom you sold it. This helps the enforcement authority to trace illegal products up and down the supply chain and take them off the market if required.
Source of information: http://ec.europa.eu/environment/eutr2013/index_en.htm