Kazakhstan [private export after NBK refusal] → South Africa (refine) → United Kingdom · Loco London OTC sale and settlement

Identify the customer and report purchases/sales of precious metals of 50,000,000 KZT or more (cash or non-cash) to the AFM; jewellery threshold 5,000,000 KZT; pawnshops 3,000,000 KZT

من

Individual entrepreneur or company trading precious metals domestically

يُصدر

Report to the AFM on an operation subject to financial monitoring

• Law 191-IV, art. 4

Extract gold ore within the licensed plot under a mining licence

من

Holder of a mining licence for solid minerals (industrial gold miner)

يتطلب

Mining licence for solid minerals

الشكل

Ore (in situ / run-of-mine) → Concentrate / black sand

[unconfirmed] The held Subsoil Code text is the FAOLEX consolidation (Russian), older than the text in force; amendments made since then are not checked, because the official Adilet text is a wall.

• Code of the Republic of Kazakhstan on subsoil and subsoil use (articles in refs), Subsoil Code art. 202

  “По лицензии на добычу твердых полезных ископаемых ее обладатель имеет исключительное право пользоваться участком недр в целях проведения следующих операций”

• Code of the Republic of Kazakhstan on subsoil and subsoil use (articles in refs), art. 202(1)

  “добыча твердых полезных ископаемых (извлечение)”

Process on site (gravity, leaching, smelting) into doré, cathode metal or zinc precipitate; the mining licence covers use of the subsoil space for mining and mine-processing production, and mining includes leaching and the collection, storage, crushing and sorting of the extracted minerals on the mining plot

من

Holder of a mining licence for solid minerals (industrial gold miner)

الشكل

Concentrate / black sand → Doré bar - unstamped

Technology is industry practice. [unconfirmed] The held Subsoil Code text is the FAOLEX consolidation (Russian), older than the text in force; amendments made since then are not checked, because the official Adilet text is a wall.

• Code of the Republic of Kazakhstan on subsoil and subsoil use (articles in refs), Subsoil Code art. 202

  “По лицензии на добычу твердых полезных ископаемых ее обладатель имеет исключительное право пользоваться участком недр в целях проведения следующих операций”

• Code of the Republic of Kazakhstan on subsoil and subsoil use (articles in refs), art. 202(2)

  “использование пространства недр в целях проведения горных работ, размещения горнодобывающего и (или) горно-перерабатывающего производств”

• Code of the Republic of Kazakhstan on subsoil and subsoil use (articles in refs), art. 202, definition of mining

  “химическому и бактериальному выщелачиванию”

Contract with a producer on the authorised body's list for refining (tolling) or sale; mined gold and raw materials must go to Kazakh producers for processing/refining (nuggets not subject to refining excepted)

من

Holder of a mining licence for solid minerals (industrial gold miner)

يُصدر

Refining (tolling) or purchase agreement with a listed Kazakh refiner

• Law 444-V 'On precious metals and precious stones', art. 8(1)

Record the transfer of ownership (or pledge) of raw materials before refining under the authorised body's rules on recording such transactions

من

Holder of a mining licence for solid minerals (industrial gold miner)

يُصدر

Record of a transaction transferring ownership of (or pledging) mineral raw materials before refining

Only art. 4(10-1) delegating the rules was read; how and by whom the record is made is not confirmed.

• Law 444-V 'On precious metals and precious stones', art. 4(10-1)

Move doré under secure escort from the mine to the refinery

من

Secure carrier (cash-in-transit / valuables logistics)

Weigh, sample and assay the incoming doré; agree the outturn

من

Subject of production of precious metals on the authorised body's list (refinery)

Refine to 99.99% gold (standard 12 kg bars, 100 g-1 kg bars or granules); LBMA Good Delivery-listed refiners stamp bars of international standard

من

Subject of production of precious metals on the authorised body's list (refinery)

يُصدر

Refiner's quality certificate / bar list for refined gold (999.9)

الشكل

Doré bar - unstamped → 999.9 kilobar

• Law 444-V 'On precious metals and precious stones', art. 8(1)

Sign the foreign-trade contract with a specification (full assortment, quantity, mass) and issue the invoice or value-confirmation document with the precious-metal content calculation

من

Exporter of precious metals or raw materials (notified entity holding a per-contract export licence)

يُصدر

Foreign-trade contract with specification (submitted for licence and state control act); Invoice or value-confirmation document

• Order of the Minister of Industry and Construction No. 375 of 29.10.2024, para. 18

Obtain the document confirming the NBK's refusal to exercise the priority right on the refined gold

من

Exporter of precious metals or raw materials (notified entity holding a per-contract export licence)

يتطلب

Document confirming NBK refusal to exercise the priority right on refined gold

يُصدر

Document confirming NBK refusal to exercise the priority right on refined gold

• Order of the Minister of Industry and Construction No. 375 of 29.10.2024, para. 19

Obtain a laboratory document on precious-metal content from an accredited testing laboratory

من

Exporter of precious metals or raw materials (notified entity holding a per-contract export licence)

يُصدر

Accredited testing laboratory document on precious-metal content

• Order of the Minister of Industry and Construction No. 375 of 29.10.2024, para. 18

Obtain an export licence for the foreign-trade contract from the authorised body

من

Exporter of precious metals or raw materials (notified entity holding a per-contract export licence)

يتطلب

Notification of start/cessation of activity with precious metals (import/export); Foreign-trade contract with specification (submitted for licence and state control act)

يُصدر

Export licence for precious metals / raw materials (per foreign-trade contract)

Issuing procedure and EAEU basis (EEC Decision 30) not read.

• Order of the Minister of Industry and Construction No. 375 of 29.10.2024, paras 17-18

Assign a registration number to the currency contract where it meets the NBK monitoring criteria

من

Kazakh commercial bank servicing the currency contract

يُصدر

Registration (accounting) number of a currency contract

Threshold is set in NBK rules, not read.

• Law 167-VI, arts 13-14

Apply through the e-government portal for the act of state control, presenting the whole batch and the licence, contract, specification, invoice, content calculation, notification, ownership documents and laboratory document

من

Exporter of precious metals or raw materials (notified entity holding a per-contract export licence)

يتطلب

Export licence for precious metals / raw materials (per foreign-trade contract); Foreign-trade contract with specification (submitted for licence and state control act); Invoice or value-confirmation document; Accredited testing laboratory document on precious-metal content; Notification of start/cessation of activity with precious metals (import/export); Document confirming NBK refusal to exercise the priority right on refined gold

• Order of the Minister of Industry and Construction No. 375 of 29.10.2024, paras 9, 18, 19, 21

Carry out control testing of samples when the content documents do not match the contract or technical documentation

من

National Bank of Kazakhstan (state buyer, priority right)

يُصدر

NBK control test result on samples (Cash Operations and Valuables Storage Centre)

• Law 444-V 'On precious metals and precious stones', art. 7(1)

Issue the act of state control for the shipment (content, source, market valuation, compliance with contract); refuse if documents incomplete or price below metal value

من

Authorised body for precious metals (Ministry of Industry and Construction)

يُصدر

Act of state control of precious metals, issued per shipment

• Order of the Minister of Industry and Construction No. 375 of 29.10.2024, para. 10

Obtain a certificate of origin if the buyer or destination requires it

من

Exporter of precious metals or raw materials (notified entity holding a per-contract export licence)

يُصدر

Certificate of origin (general form) for exported goods

Not researched; included because hand-off checks may ask for it.

Lodge the export goods declaration with the state control act and export licence; customs releases the goods

من

Exporter of precious metals or raw materials (notified entity holding a per-contract export licence)

يتطلب

Act of state control of precious metals, issued per shipment; Export licence for precious metals / raw materials (per foreign-trade contract)

يُصدر

EAEU goods declaration for export (ДТ)

• Order of the Minister of Industry and Construction No. 375 of 29.10.2024, para. 17

Ship the bars to the foreign buyer

من

Secure carrier (cash-in-transit / valuables logistics)

يتطلب

EAEU goods declaration for export (ДТ)

يُصدر

Air waybill for export shipment

Order 375 governs release; carriage arrangements are industry practice.

Onboard the foreign depositor: KYC pack, mined-material questionnaire, refining agreement; apply LBMA Responsible Gold Guidance / OECD due diligence

من

Refining-licence holder (refinery)

يُصدر

Refiner KYC pack on foreign depositor; KYC questionnaire for mined material; Refining agreement with depositor

Rand Refinery states KYC and conflict-free sourcing policies; its depositor requirements and the RGG text were not read in this pass.

Hold a current SADPMR permit to import unwrought precious metal (Form PMI: quantity, fineness, form, value, period, ports, countries of origin, purpose)

من

Refining-licence holder (refinery)

يتطلب

SADPMR refining licence; SAPS police clearance certificate

يُصدر

SADPMR permit to import precious metals

• Precious Metals Act; Precious Metals Regulations, s.10(1)-(2); regs 21-22

Ship dore by air to Johannesburg with the origin country's export authorisation, export declaration and assay

من

Foreign mine or exporter depositing doré

يتطلب

Origin country's export authorisation for the gold (permit, licence or clearance issued by the mining or trade authority); Export customs declaration accepted by the dispatching country's customs; Assay certificate (fineness and fine weight); Air waybill

يُصدر

Air waybill, origin to Johannesburg (OR Tambo)

[unconfirmed] PMA s.10(2)(b) requires the importer to declare and prove the origin of the metal in the permit application, and s.10(4) says the permit states the origin; which origin-country documents must accompany each shipment is not stated in any text read. The listed hand-off kinds are the model's route logic.

Enter the doré for customs with SARS on a bill of entry for import (the metal must be duly entered for customs under reg 21(4)(b)); entry may be refused if the Regulator considers it of dubious origin or incorrectly declared (reg 21(5))

من

Refining-licence holder (refinery)

يتطلب

SADPMR permit to import precious metals; Air waybill, origin to Johannesburg (OR Tambo)

يُصدر

SARS import declaration for dore

[not-read] Customs and Excise Act procedure, tariff heading 7108 and import VAT on doré not read (Act not held). Manual C(G): gold import applications are referred to SADPMR.

• Precious Metals Regulations; Customs and Excise Act 1964, reg 21(4)(b), 21(5)

  “A precious metal may be refused entry into the South Africa if - (a) that precious metal is in the opinion of the Regulator of dubious origin; or (b) that precious metal has been incorrectly described or declared.”

Carry the dore from the airport to the refinery with the reg 26 waybill; SADPMR or SAPS may inspect imported metal

من

Secure carrier of precious metal

يُصدر

Waybill, port of entry to refinery

• Precious Metals Act, s.10(3), s.13; reg 26

Submit specimens of the imported metal to the SAPS Forensic Science Laboratory

من

Refining-licence holder (refinery)

يُصدر

Specimen submission (importer)

• Precious Metals Act, s.22(1)

  “Any producer or any person who imports precious metal must submit to the Forensic Science Laboratory of the South African Police Service such specimens of any precious metals produced or imported by him or her as may be prescribed.”

Weigh, melt, sample and assay each lot on receipt; issue outturn (final assay and fine weight) to the depositor

من

Refining-licence holder (refinery)

يتطلب

Refining agreement with depositor

يُصدر

Refiner outturn / assay report

Refine at the licensed premises and cast 400 oz Good Delivery bars, kilobars (995-999.9), minted bars (10/50/100 g, 999.9) or grain

من

Refining-licence holder (refinery)

يُصدر

Refiner bar list for bars produced

الشكل

Doré bar - unstamped → LBMA Good Delivery 400oz bar

• Precious Metals Act; Precious Metals Regulations, s.7(1), 7(5); reg 28 (minted bars)

Record receipts and outputs in the PMR2 register within 24 hours

من

Refining-licence holder (refinery)

يُصدر

PMR2 refinery register entry / quarterly copy

• Precious Metals Act, s.15(1); reg 33

Publish annual responsible-gold / LBMA compliance report

من

Refining-licence holder (refinery)

يُصدر

Refiner responsible gold / LBMA compliance report

Credit fine gold to the depositor's metal account and hold the bars in the refinery vault pending sale or export

من

Refining-licence holder (refinery)

يتطلب

Refiner outturn / assay report; Refiner bar list for bars produced

يُصدر

Metal account credit / settlement confirmation

Rand Refinery lists vault and logistics services; account terms not seen.

Obtain Treasury permission and, for any unwrought or semi-fabricated output, SADPMR export approval; file the customs export declaration for the refined bars

من

Refining-licence holder (refinery)

يتطلب

Refiner bar list for bars produced; SADPMR export approval for gold (PMA s.12); National Treasury approval to export gold (Exchange Control Reg 3; PMA s.12(1))

يُصدر

SARS customs declaration / bill of entry for export

[unconfirmed] No SADPMR or SARB text specific to re-export of refined foreign-origin gold was found; Reg 3, Manual C(B) and PMA s.12 are applied as written.

• Exchange Control Regulations; Precious Metals Act, Reg 3; s.12(1)

Ship the bars to the depositor's buyer or vault abroad

من

Secure carrier of precious metal

يُصدر

Waybill, refinery/exporter to port of export; Air waybill, Johannesburg to destination

• Precious Metals Act, s.13; reg 26

Apply customer due diligence to the foreign seller before buying (identity, beneficial owner, purpose, risk assessment, sanctions/PEP screening)

من

Bullion dealer / trader (importer of record, usually an LBMA member)

يُصدر

Supplier KYC pack received by the UK buyer; MLR customer due diligence file

[unconfirmed] Whether a non-bank wholesale bullion trader paid by wire is within the MLR at all (e.g. as a financial institution under reg 10) - consolidated MLR not held. [not-read] Reg 27 quoted via WebFetch; MLR not held.

• Money Laundering Regulations 2017, reg 27

Establish that the gold is not Russian-origin gold exported from Russia on or after 21 Jul 2022, not relevant processed gold incorporating such gold, and not Russian gold jewellery exported on or after 29 Oct 2022; check where the goods were originally consigned or exported from; if Russian origin is possible, apply to DBT's Import Sanctions Team for a licence or contact it; declare document code 9022 (not subject to / exempt from sanctions) or 9011 (licence) on CDS and keep the evidence to produce on demand

من

Bullion dealer / trader (importer of record, usually an LBMA member)

يتطلب

Export customs declaration accepted by the dispatching country's customs

يُصدر

Importer's Russia-sanctions origin evidence file

[inferred] The guidance and tariff do not list specific evidence documents; the required kinds are this module's inference.

• Russia (Sanctions) (EU Exit) Regulations 2019 as amended by SI 2022/850 and SI 2022/1110, regs 46Z11, 46Z16B, 46Z16C

Fly the bars into the UK as valuable cargo (typically Heathrow) under an air waybill

من

Secure valuables carrier

يُصدر

Air waybill, inbound valuables consignment

UK valuables-cargo handling not researched in this pass.

Submit a full import declaration on CDS (procedure code, commodity code 7108 12 00 00 for unwrought gold, DUCR, consignor/consignee, value, licences; EORI); declare sanctions document code 9022 or 9011; claim the investment-gold VAT exemption with additional code VATE where the bars are 995+ of a weight accepted by the bullion markets

من

Customs agent / declarant using CDS software

يتطلب

EORI number of importer/exporter; Importer's Russia-sanctions origin evidence file; Air waybill, inbound valuables consignment; Air waybill; Commercial invoice; Bar list (serials, weights, fineness)

يُصدر

CDS full import declaration

[conflict] gb.div-cpc-chief - VAT Notice 701/21 s.8.1 still gives CHIEF CPC 40 00 073; the tariff (28 Sep 2026) shows the exemption as additional code VATE. [not-read] The CDS procedure code and DE 1/10-1/11 entries for investment gold not read (UK Trade Tariff Vol. 3 listed in gb-fetch.tsv).

Account for import VAT: exempt for investment gold (additional code VATE); 20% standard rate (code 03020) on non-investment gold (dore, grain, scrap, sub-995 bars, non-qualifying coins); customs duty 0.00% (third-country rate on 7108 12, S.I. 2020/1430)

من

Bullion dealer / trader (importer of record, usually an LBMA member)

يتطلب

CDS full import declaration

• VAT Act 1994 Sch 9 Group 15; VAT Notice 701/21, Notice s8.1, s10.7

Clear the goods (CDS message when cleared), or ask for supporting documents for a customs check; for 7108 the Russia/Belarus measures read "Import allowed after control"; HMRC enforces trade sanctions at the border

من

HMRC (customs and VAT authority)

يتطلب

CDS full import declaration

يُصدر

CDS clearance notification (goods released)

Give the custodian written notice of the deposit (amount, Availability Date, and the carrier and packing for physical delivery, or the source account for book-entry); advise the vault manager of the vehicle registration and driver's identity

من

Bullion dealer / trader (importer of record, usually an LBMA member)

يتطلب

CDS clearance notification (goods released)

يُصدر

Deposit notice to London custodian

• LPMCL Allocated Account Agreement; LBMA Good Delivery Rules, Allocated cl. 3.3 (Unallocated cl. 3.2); GD Rules Annex B s.2

Weigh the bars under the London weighing procedures (the receiving party may charge for weighing if not weighed by an Approved Weigher) and produce the machine-readable, dated weight list stating whether an Approved Weigher weighed the metal; a copy travels with the bars

من

LBMA Approved Weigher

يُصدر

Machine-readable LBMA weight list accompanying the delivery (dated, approved-weigher status)

• LBMA Good Delivery Rules, Annex B

Receive bars on pallets; before crediting, verify compliance with the Rules and weigh them per LBMA practice against the notified amount; the vault manager may refuse bars not meeting Good Delivery standards and may ask LBMA to appoint independent inspectors

من

London commercial vault / custodian (typically a clearing or custodian bank)

يتطلب

Deposit notice to London custodian; Machine-readable LBMA weight list accompanying the delivery (dated, approved-weigher status)

• LPMCL Allocated/Unallocated Account Agreements; LBMA Good Delivery Rules, Allocated cl. 3.1(b), 3.4, 3.5; Unallocated cl. 3.1(b), 3.3, 3.4; GD Rules 2.4 and Annex B

For bars of the six suspended Russian refiners: accept only bars produced while the refiner was listed and already in the loco London/Swiss markets before 7 Mar 2022; clearing banks attest conformity

من

London commercial vault / custodian (typically a clearing or custodian bank)

يتطلب

Machine-readable LBMA weight list accompanying the delivery (dated, approved-weigher status)

Separately, UK law bans import of Russian gold exported from Russia on or after 21 Jul 2022. [unconfirmed] GD Rules 2026 s.1.4 says bars of a refiner moved to the Former List for sanctions reasons may lose Good Delivery status; LBMA's specific Russian-bars page keeps pre-7 Mar 2022 loco London/Swiss stocks as Good Delivery - the model follows the specific page.

• LBMA Good Delivery List suspension notice (7 Mar 2022)

Credit the client: an allocated account (specific bars, title stays with client, weight list issued) or an unallocated account (a metal debt claim on the custodian); statements at least annually

من

London commercial vault / custodian (typically a clearing or custodian bank)

يتطلب

Machine-readable LBMA weight list accompanying the delivery (dated, approved-weigher status)

يُصدر

Allocated weight list (bar number, gross weight, fineness, fine weight, brand) or unallocated balance statement

• LPMCL Account Agreements, Allocated cl. 2.3, 7.3 and Schedule (bar numbers, purity, gross and fine weight, brand); Unallocated cl. 1.1, 2.3, 3.3

Central-bank channel: hold Good Delivery bars in an allocated account at the Bank of England (off the Bank's balance sheet)

من

Bank of England (gold custodian)

الشكل

LBMA Good Delivery 400oz bar → Monetary gold (central bank reserve)

Monetary state applies when held as reserves by a monetary authority.

Report month-end holdings to LBMA (London vault data) and, from Dec 2026, aggregated vault data into the Gold Bar Integrity database (bar-level reporting planned from 2027)

من

London commercial vault / custodian (typically a clearing or custodian bank)

يُصدر

Custodian holdings return to LBMA (London vault data / GBI)

Onboard the counterparty: MLR customer due diligence and sanctions representations in the account agreement

من

LPMCL clearing member bank

يُصدر

MLR customer due diligence file

[not-read] MLR reg 27 quoted via WebFetch; MLR not held.

• MLR 2017; LPMCL account agreements, MLR reg 27; LPMCL Allocated cl. 10 / Unallocated cl. 8

Agree the OTC trade (spot/forward) under the 1994 International Bullion Master Agreement (IBMA) or an ISDA Master Agreement with the 1997 ISDA Bullion Definitions; LBMA Members must comply with the Global Precious Metals Code

من

Bullion dealer / trader (importer of record, usually an LBMA member)

يتطلب

MLR customer due diligence file

يُصدر

OTC bullion trade confirmation (IBMA 1994 / ISDA Bullion Definitions 1997)

Apply the VAT treatment: investment gold between LBMA members is zero-rated (TMO); gold held in the UK between central banks, or between a central bank and an LBM member, is zero-rated (VATA Sch 8 Group 10); investment gold between an LBMA member and a taxable non-member is standard-rated under the special accounting scheme (the buyer accounts for the VAT); to private individuals it is exempt; other investment gold is exempt unless the supplier has opted to tax; standard-rated gold (fine gold, grain, scrap, opted investment gold) between VAT-registered traders goes under the compulsory special accounting scheme

من

Bullion dealer / trader (importer of record, usually an LBMA member)

يتطلب

OTC bullion trade confirmation (IBMA 1994 / ISDA Bullion Definitions 1997)

[conflict] gb.div-tmo-member-category. [not-read] TMO arts 3-7 and VATA s.55 not held; the member/non-member rule is from VGOLD1600 ("Supplies of investment gold between members and non-members who are taxable persons are now standard-rated") and Notice 701/21 ss. 11.2, 11.5.

• VAT (Terminal Markets) Order 1973; VATA 1994 s.55, Sch 8 Group 10, Sch 9 Group 15

Settle loco London: book transfer between unallocated accounts through LPMCL members (client instructions by 16:00, inter-member by 16:30 London), or transfer of specific allocated bars

من

LPMCL clearing member bank

يتطلب

OTC bullion trade confirmation (IBMA 1994 / ISDA Bullion Definitions 1997); Allocated weight list (bar number, gross weight, fineness, fine weight, brand) or unallocated balance statement

يُصدر

Loco London settlement: transfer between unallocated accounts via LPMCL members, or allocated bar transfer

Cut-offs (client instructions until 4.00pm, LPMCL members until 4.30pm London time) confirmed in the held 2017 OTC Guide; the current web section not held.

Pay the cash leg against metal settlement

من

LPMCL clearing member bank

يتطلب

Loco London settlement: transfer between unallocated accounts via LPMCL members, or allocated bar transfer

يُصدر

Cash-leg payment for the metal

Cash-leg timing and DvP arrangements not documented in the sources read.

For exempt investment gold: issue an invoice with a unique number and the prescribed details for each sale over GBP 5,000 (or smaller sales once a customer passes GBP 10,000 in 12 months); keep the accounting and customer records (identity from one List 1 and one List 2 document) for at least 6 years; notify HMRC in writing within 28 days of the first exempt supply over GBP 5,000 or when supplies to one customer exceed GBP 10,000 in 12 months; failures attract a penalty normally of 17.5% of the transactions' value

من

Bullion dealer / trader (importer of record, usually an LBMA member)

يتطلب

Loco London settlement: transfer between unallocated accounts via LPMCL members, or allocated bar transfer

يُصدر

Investment gold invoice (VAT tertiary legislation s.3 / VAT Regs reg 31A); Investment gold customer records and identity evidence; Notification to HMRC of exempt investment gold dealing (within 28 days)

Tertiary legislation (force of law, held). [unconfirmed] The general 6-year retention and the 17.5% penalty are in Notice 701/21 ss. 7.7 and 9.4, outside the passages marked as having force of law.

• VAT Regulations 1995; VAT tertiary legislation (gold), reg 31A

Keep MLR records 5 years; nominated officer files a suspicious activity report where there is suspicion

من

LPMCL clearing member bank

يتطلب

MLR customer due diligence file

يُصدر

Suspicious activity report to the National Crime Agency

MLR record-keeping regulation not held; 5 years from the end of the relationship or completion of the transaction per HMRC guidance.

Repatriate the proceeds to a Kazakh bank account within the term of the currency contract; the bank monitors the contract

من

Exporter of precious metals or raw materials (notified entity holding a per-contract export licence)

يُصدر

Receipt of export proceeds on the exporter's Kazakh bank account

Threshold and exact deadline rules are in NBK export-import currency control rules (not read). No mandatory sale of FX proceeds found in the law.

• Law 167-VI, art. 9