Canada (refine) → Switzerland → United Kingdom · Loco London OTC sale and settlement

Public law and official guidance, published as research. Not legal, tax or financial advice.

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Canada (Doré bar - unstamped → LBMA Good Delivery 400oz bar) ⟶ Switzerland (LBMA Good Delivery 400oz bar) ⟶ United Kingdom (LBMA Good Delivery 400oz bar)

Not researched: Canada → Switzerland

Leg 1: Canada

Where the goods start

Doré bar - unstamped → LBMA Good Delivery 400oz bar

1
Obtain a prospector's licence online in the Ontario Mining Lands Administration System (MLAS): 18 or older, after completing the Mining Act awareness program within the prior 60 days; valid five years
Who
Prospector / mining-claim or exclusive-exploration-right holder
Issues
Ontario prospector's licence
Primary law
- Ontario Mining Act, ss.18, 19
2
Register a cell mining claim online in MLAS (no ground staking)
Who
Prospector / mining-claim or exclusive-exploration-right holder
Needs
Ontario prospector's licence
Issues
Registered mining claim (MLAS)
Primary law
- Ontario Mining Act, s.38(2)
3
Acquire a Quebec exclusive exploration right by filing a notice of map designation and having it registered (3-year first term, 2-year renewals subject to work)
Who
Prospector / mining-claim or exclusive-exploration-right holder
Issues
Registered exclusive exploration right (Quebec)
Primary law
- Quebec Mining Act, ss.47, 61
4
Ontario: obtain a mining lease (entitled on compliance and first year's rent, after the fifth unit of assessment work; 21 years) and, before mine production, file the Notice of Project Status, give public notice, complete Aboriginal consultation, submit a closure plan with financial assurance (O. Reg. 35/24) and receive the Minister's written confirmation of filing
Who
Industrial mine operator (mining-lease holder)
Needs
Registered mining claim (MLAS)
Issues
Mining lease; Filed closure plan with financial assurance
Primary law
- Ontario Mining Act; O. Reg. 35/24, Mining Act s.81(1)-(3), s.141(1)
5
Quebec: obtain a mining lease before mining (rehabilitation plan approved, financial guarantee, certified feasibility study, environmental authorization, market/processing study where required, rental paid); 20-year term renewable for 10-year periods
Who
Industrial mine operator (mining-lease holder)
Needs
Registered exclusive exploration right (Quebec)
Issues
Mining lease
Primary law
- Quebec Mining Act, ss.100, 101, 104
6
Mine lode ore on the leased land
Who
Industrial mine operator (mining-lease holder)
Needs
Mining lease; Filed closure plan with financial assurance
Official guidance
7
Mill and leach the ore on site and smelt the recovered gold into doré bars
Who
Industrial mine operator (mining-lease holder)
Form
Ore (in situ / run-of-mine) → Doré bar - unstamped
Industry practice
Process route is industry practice; Customs Tariff separately identifies doré (7108.12.00.22).
8
Number, weigh and sample each doré bar; record mine assay and seal for shipment
Who
Industrial mine operator (mining-lease holder)
Issues
Doré bar number and mine weight/assay record
Form
Doré bar - unstamped → Doré bar - stamped/exporter-sealed
Industry practice
9
Ship doré under a refining agreement by secure carrier to a Canadian refiner (Royal Canadian Mint or a private GD refiner); for ore or minerals from Ontario mining lands, refining abroad breaches the s.91 condition unless the Lieutenant Governor in Council has exempted the lands
Who
Industrial mine operator (mining-lease holder)
Needs
Doré bar number and mine weight/assay record
Issues
Refining (toll) agreement, mine - Canadian refiner
Primary law
[inferred] Refining route and carriers are industry practice; the Ontario limitation is s.91(1) and (3); Quebec has no equivalent condition in the sections read (s.101(5) only requires a study on processing in Quebec for regulated substances).
10
Onboard the supplier: KYC, OECD five-step risk assessment, sanctions/PEP/adverse-media screening, confirm gold is not imported, purchased or acquired from Russia or a person in Russia
Who
Private LBMA Good Delivery refiner in Canada
Needs
Refining (toll) agreement, mine - Canadian refiner; Origin country's export authorisation for the gold (permit, licence or clearance issued by the mining or trade authority)
Issues
Supplier KYC pack and acknowledgement of the refiner's procurement policy; Onboarding and daily screening record; non-Russian origin confirmation
Primary law
[inferred] SEMA element is law; KYC and OECD process are LBMA/refiner practice, not a Canadian statute for refiners.
- SEMA (Russia) Regulations s.3.11; LBMA RGG; OECD DDG, s.3.11
11
Receive, weigh, melt and sample the lot; assay in the refinery lab and issue the outturn
Who
Private LBMA Good Delivery refiner in Canada
Needs
Supplier KYC pack and acknowledgement of the refiner's procurement policy; Onboarding and daily screening record; non-Russian origin confirmation
Issues
Refiner outturn assay and settlement statement
Official guidance
12
Refine to 999.9 (or 999.99) and cast LBMA Good Delivery 400 oz bars, 100 oz or 1 kg bars bearing the refiner's mark
Who
Private LBMA Good Delivery refiner in Canada
Issues
Bar list of refined bars (GD 400 oz, 100 oz, kilobars)
Form
Doré bar - stamped/exporter-sealed → LBMA Good Delivery 400oz bar
Official guidance
13
Settle outturn with the supplier: credit fine metal to its metal account or buy the metal, with final invoice
Who
Private LBMA Good Delivery refiner in Canada
Needs
Refiner outturn assay and settlement statement
Issues
Refiner's final invoice / metal-account credit against outturn
Industry practice
14
First supply of the refined bars by the refiner (or the owner on whose behalf they were refined) is zero-rated for GST/HST; refining fees charged to the metal owner are generally taxable
Who
Private LBMA Good Delivery refiner in Canada
Issues
Invoice for sale of refined bars (zero-rated first supply by the refiner / exempt resale)
Primary law
Refining-fee taxability is CRA guidance (17-1 para 35), not a specific statutory provision.
- Excise Tax Act, s.123(1) 'precious metal'; Sched VI Part IX s.3
15
For any purchase or sale of $10,000 or more as a dealer in precious metals: verify identity, keep records, report cash of $10,000+ (LCTR), virtual currency (LVCTR) and suspicious transactions
Who
Private LBMA Good Delivery refiner in Canada
Issues
Record of $10,000+ purchase or sale and client identification; Large cash transaction report; Suspicious transaction report; Large virtual currency transaction report
Primary law
s.65(2) excludes purchases/sales in connection with extracting precious metals from a mine or manufacturing a product; its application to refiners buying doré is not settled in the texts read.
- PCMLTF Regulations, ss.65, 66, 126, 148
16
Confirm no export permit is needed: gold is not on the Export Control List (EIPA s.13 requires a permit only for listed goods or Area Control List countries) and there is no gold export licence, state buyer or export duty; unwrought and semi-manufactured gold (710812, 710813) may not be exported to Russia or a person in Russia (SEMA (Russia) s.3.08, Schedule 6 Part 1 items 176-177); check buyer sanctions
Who
Exporter of record (mine, refiner or bullion trader)
Primary law
[not-read] Area Control List and sanctions regimes other than Russia not read.
- Export and Import Permits Act; Export Control List; SEMA (Russia) Regulations, EIPA s.13; SEMA (Russia) s.3.08
17
Invoice the non-resident buyer. Refined bars ('precious metal'): zero-rated when the exporter is the refiner or the person for whom they were refined (ETA Sched VI Part IX s.3); otherwise an exempt financial service (Sched V Part VII s.1), zero-rated under Part IX s.1 only when supplied by a financial institution to a non-resident. Doré and other gold that is not 'precious metal': taxable, zero-rated as an export when the Sched VI Part V s.1 conditions are met
Who
Exporter of record (mine, refiner or bullion trader)
Issues
Commercial invoice to the foreign buyer
Primary law
CRA 17-1 paras 34 and 37 match this reading of Part IX ss.1 and 3. [inferred] Application of Sched VI Part V s.1 (export of tangible personal property) to doré is our reading of the provision.
- Excise Tax Act, s.123(1); Sched V Part VII s.1; Sched VI Part IX ss.1, 3; Sched VI Part V s.1
18
Report the export to CBSA through the CERS portal or G7 EDI (goods of CAD 2,000+ to any country other than the US), not less than 2 hours before loading on an aircraft; obtain the proof of report number
Who
Exporter of record (mine, refiner or bullion trader)
Needs
Commercial invoice to the foreign buyer
Issues
CERS export declaration and proof of report number
Primary law
- Customs Act Part V; Reporting of Exported Goods Regulations, Customs Act s.95(1); REGR ss.3(1), 6(b)
19
For exports to the United States: no Canadian export declaration is required for non-restricted goods such as gold
Who
Exporter of record (mine, refiner or bullion trader)
Primary law
REGR s.7 exempts exports covered by a written arrangement under which the other country collects the data as imports and shares it; D20-1-1 para 25 applies it to non-restricted goods to the US and para 76 names the Memorandum of Agreement on the Exchange of Import Data between Canada and the United States. Consequence for routes: a Canada-to-US shipment carries no Canadian export declaration to fulfil ref.dk-export-declaration.
- Reporting of Exported Goods Regulations, s.7
20
Carrier obtains the proof of report number from the exporter and flies the bars or doré under air waybill with bar list
Who
Secure precious-metals carrier / airline
Needs
CERS export declaration and proof of report number; Bar list of refined bars (GD 400 oz, 100 oz, kilobars)
Issues
Air waybill
Official guidance

Taxes and fees

British Columbia mineral tax
2% of net current proceeds plus 13% of net revenue exceeding the cumulative tax credit account (and related amounts); placer gold mines 0.5% of transaction value
Primary lawAmount not confirmed
- BC Mineral Tax Act, ss.2(1), 2.2
Export duty on gold
None identified
UnverifiedAmount not confirmed
Northwest Territories mining royalty
Lesser of 13% of the value of output and the Schedule 3 sum (0% on the first $10,000; 5% to $5m; rising 1 point per $5m band to 14% above $45m)
Primary lawAmount not confirmed
- NWT Mining Regulations, s.69, Schedule 3
Nunavut mining royalty
Lesser of 13% of the value of output and the schedule table (0% on the first $10,000; 5% to $5m; up to 14% above $45m)
Primary lawAmount not confirmed
- Nunavut Mining Regulations, s.69
Ontario mining tax
10% (non-remote); 5% (remote mines) Output of Ontario mines (pit's-mouth value basis)
Primary lawAmount not confirmed
- Ontario Mining Tax Act; Reg. 769, ss.3, 3.1, 3.2
Quebec mining tax (greater of profit tax and minimum tax)
Greater of: mining tax on annual profit at 16% (portion of profit margin up to 35%), 22% (35% to 50%) and 28% (above 50%); and minimum mining tax of 1% of mine-mouth output value up to the reduced-rate amount ($80,000,000 for an operator not in an associated group) plus 4% above
Primary lawAmount not confirmed
- Quebec Mining Tax Act, ss.5, 29.1-29.3, 30.1, 30.2
Yukon quartz mining royalty
Graduated on value of output after deductions: none on the first $10,000, from 3% up to 12% above $35m (as summarised)
UnverifiedAmount not confirmed

Controls

S.C. 2026, c. 4 (Bill C-12, royal assent 26 Mar 2026) amended the PCMLTFA and the AMP Regulations: penalty ranges per violation $1 to $40,000 (minor), $1 to $4,000,000 (serious) and $1 to $20,000,000 (very serious) (AMP Regulations s.5, as amended by s.118), subject to the Act's maxima of $4,000,000…
Primary law
- PCMLTFA and PCMLTF AMP Regulations as amended by S.C. 2026, c. 4, Act ss.9.6(1.1), 73.1; SOR/2007-292 s.5
CBSA officers may enter premises where goods destined for export are reported, loaded or stored and examine them (Customs Act ss.97.01-97.02, added by S.C. 2026, c. 4, Part 1).
Primary law
- Customs Act, ss.97.01, 97.02
Extractive entities (listed in Canada, or meeting two of $20m assets, $40m revenue, 250 employees) must report and publish payments of $100,000 or more per category per payee to governments in Canada and abroad within 150 days after year end; keep records 7 years; fine up to $250,000 (ESTMA ss.8, 9,…
Primary law
- Extractive Sector Transparency Measures Act, ss.8, 9, 13, 24
A DPMS receiving $10,000 or more in cash in a single transaction must file a large cash transaction report (unless from a financial entity or public body); amounts received within 24 consecutive hours from or for the same person are aggregated.
$10,000 cash
Primary lawAmount not confirmed
- PCMLTF Regulations, ss.66, 126
No exchange control or export-proceeds repatriation requirement identified.
Unverified
Since 2025 the Ontario Minister may suspend MLAS access, prohibit or terminate prospector's licences, deny leases and (with Lieutenant Governor in Council approval) cancel claims or terminate leases for the protection of the strategic national mineral supply chain.
Primary law
- Ontario Mining Act, ss.4.1(8)-(14), 26.1, 81(1.1), 176.1
No legal cap on cash payments for gold is in force. Bill C-2 (Strong Borders Act, first reading 3 Jun 2025) Part 11 would add PCMLTFA s.77.5 making it an offence for a person or entity engaged in a business to accept a cash payment, donation or deposit of $10,000 or more (single or prescribed relate…
$10,000 (proposed)
Primary lawAmount not confirmed
- Bill C-2 (not enacted), proposed PCMLTFA s.77.5
Travellers must declare currency or monetary instruments of CAN$10,000 or more; gold bullion is not a monetary instrument and moves as goods through customs.
CAN$10,000
Primary lawAmount not confirmed
- Cross-border Currency and Monetary Instruments Reporting Regulations, ss.1, 2
Dealers in precious metals and precious stones are PCMLTFA reporting entities for purchases or sales of $10,000 or more (compliance program, KYC, beneficial ownership, PEPs, records kept at least five years, STR, LCTR, LVCTR, listed-person property and sanctions-evasion reports). Excluded: purchases…
$10,000 per purchase or sale
Primary lawAmount not confirmed
- PCMLTF Regulations, ss.1(2), 65, 148
Export reporting (not licensing): non-monetary gold must be declared through CERS/G7 EDI when worth CAD 2,000+ and going anywhere but the US; exports to the US of non-restricted goods are exempt.
CAD 2,000; US destinations exempt
Primary lawAmount not confirmed
- Customs Act s.95; Reporting of Exported Goods Regulations, REGR ss.3, 6(b), 7
Tariff item 9897.00.00 prohibits importation of "Goods manufactured or produced wholly or in part by prison labour" and "Goods mined, manufactured or produced wholly or in part by forced labour or child labour as those terms are defined in section 2 of the Fighting Against Forced Labour and Child La…
Primary law
- Customs Tariff, Schedule, tariff item 9897.00.00
Canada hosts three LBMA Good Delivery gold refiners: Royal Canadian Mint (Ottawa, listed ~1919), CCR Refinery - Glencore Canada Corporation (Montreal East, ~1956) and Asahi Refining Canada Limited (Brampton, 15/06/1961). Output is accepted in London; Asahi and the Mint also state COMEX acceptance.
Standard
Gold is not on the Export Control List: no export permit, licence or state approval is required to export gold, and no state buyer or export monopoly exists.
Primary law
- Export and Import Permits Act; Export Control List, EIPA s.13; SOR/89-202
Every Ontario patent, lease or other disposition of lands, claims or mining rights is subject to the condition that "all ores or minerals raised or removed therefrom shall be treated and refined in Canada so as to yield refined metal or other product suitable for direct use in the arts without furth…
Primary law
- Ontario Mining Act, s.91
No person in Canada or Canadian abroad may export, sell, supply or ship unwrought (710812) or semi-manufactured (710813) gold, wherever situated, to Russia or to any person in Russia (Schedule 6 Part 1 items 176-177; also jewellery and other listed articles). Exception: personal effects.
Primary law
- Special Economic Measures (Russia) Regulations, s.3.08, Schedule 6 Part 1 items 176-177
Persons in Canada and Canadians abroad may not import, purchase or acquire any Schedule 9 good from Russia or from any person in Russia: gold powder (710811), other unwrought (710812), semi-manufactured (710813), monetary gold (710820), jewellery (711319) and goldsmiths' wares (711419) of precious m…
Primary law
- Special Economic Measures (Russia) Regulations, s.3.11, Schedule 9
No person in Canada or Canadian abroad may import, purchase or acquire Schedule 13 goods, wherever situated, from Russia or a person in Russia; Schedule 13 item 137 is heading 7112 (waste and scrap of precious metal). Added by SOR/2025-143.
Primary law
- Special Economic Measures (Russia) Regulations, s.3.16, Schedule 13 item 137
Entities producing, selling or distributing goods, or importing goods, that are listed in Canada or meet two of $20m assets, $40m revenue, 250 employees must report to the Minister by May 31 each year on steps taken to prevent forced and child labour in their supply chains (S.C. 2023, c. 9, ss.2, 9,…
Primary law
- Fighting Against Forced Labour and Child Labour in Supply Chains Act, ss.9, 11

Leg 2: Switzerland

On the way

21
Onboard Dubai supplier: KYC pack, chain-of-custody statement, mine-of-origin/scrap declaration, DMCC/UAEGD audit reports
Who
Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)
Needs
Air waybill
Issues
Refiner file on the Dubai supplier: identity, commercial-register extract, proof of lawful acquisition (export permit/declaration, mining licence where applicable), SECO embargo check, origin clarification (kept for the period the EMKV sets: zehn Jahren); KYC questionnaire for mined material, naming each ASM supplier in the chain (team/cooperative, aggregators, local exporter); Independent assurance report on the Dubai refiner's responsible sourcing practices, as an Intermediate Refiner (RGG v9 s.2.3 enhanced due diligence for high-risk recycled gold); Site visit at the mine of origin before transacting (or within 6 months) - enhanced due diligence
Primary law
[inferred] Asking for DMCC/UAEGD audit reports and a chain-of-custody statement is the model's application to a Dubai supplier; the LBMA Responsible Gold Guidance and the BAZG melter due-diligence directive do not name them. The EMKV duties are read in the official fedlex consolidation held on the server. In the EMKV record on the server these articles are parsed into the section labelled Anhang (section id in the refs), not into their own sections; the quotes are from that section.
- PMCO/EMKV; LBMA Responsible Gold Guidance; BAZG melter due-diligence directive (sections in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168a Abs. 1 (parsed into section sch-2)
  “Der Inhaber einer Schmelzbewilligung darf Schmelzgut nur von Per-”
- PMCO/EMKV; LBMA Responsible Gold Guidance; BAZG melter due-diligence directive (sections in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168a Abs. 1 (lawful acquisition) (parsed into section sch-2)
  “die sich über deren rechtmässigen Erwerb aus- weisen können.”
- PMCO/EMKV; LBMA Responsible Gold Guidance; BAZG melter due-diligence directive (sections in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168a Abs. 2 (identity) (parsed into section sch-2)
  “Es muss die Identität des Kunden anhand eines beweiskräftigen Do- kumentes wie Pass oder Identitätskarte überprüfen.”
- PMCO/EMKV; LBMA Responsible Gold Guidance; BAZG melter due-diligence directive (sections in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168a Abs. 3 (origin clarification) (parsed into section sch-2)
  “Bestehen über die Herkunft der Ware Zweifel oder stammen die An- gebote von Unbekannten, so ist der Inhaber der Schmelzbewilligung verpflichtet, die Herkunft des Schmelzgutes besonders sorgfältig abzu- klären.”
- PMCO/EMKV; LBMA Responsible Gold Guidance; BAZG melter due-diligence directive (sections in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168b Abs. 3 (retention) (parsed into section sch-2)
  “Schmelzprodukten müssen während zehn Jahren aufbewahrt werden.”
- PMCO/EMKV; LBMA Responsible Gold Guidance; BAZG melter due-diligence directive (sections in refs), EMKG Art. 31a Abs. 1
  “Wer gewerbsmässig Schmelzgut im Sinne von Artikel 1 Absatz 3”
- PMCO/EMKV; LBMA Responsible Gold Guidance; BAZG melter due-diligence directive (sections in refs), EMKG Art. 31a Abs. 6
  “Die Absätze 1-5 gelten nicht für Inhaber einer Schmelzbewilligung nach Artikel 24.”
- PMCO/EMKV; LBMA Responsible Gold Guidance; BAZG melter due-diligence directive (sections in refs), BAZG Richtlinie R-247 (1 Jan 2023) annex matrix Teil 1 (KYC)
  “Identifikation des Kunden gemäss Art. 168a Abs. 2 EMKV für natürliche Personen, für juristische Personen mittels Han-”
- PMCO/EMKV; LBMA Responsible Gold Guidance; BAZG melter due-diligence directive (sections in refs), BAZG Richtlinie R-247 (1 Jan 2023) Ziff. 3.3.2
  “Bestehen Zweifel über die Herkunft des Materials oder in Bezug auf die Integrität des Kunden sind Bewilligungsinhaber verpflichtet, den Sachverhalt besonders sorgfältig abzuklären”
- PMCO/EMKV; LBMA Responsible Gold Guidance; BAZG melter due-diligence directive (sections in refs), RGG v9 Step 2.1 (origin of mined gold)
  “Mined Gold: The location of the mine (LSM and ASM).”
- PMCO/EMKV; LBMA Responsible Gold Guidance; BAZG melter due-diligence directive (sections in refs), RGG v9 Step 2.2 (transit red flag)
  “Is claimed to originate from a country through which gold from CAHRAs is known, or reasonably suspected, to transit”
- PMCO/EMKV; LBMA Responsible Gold Guidance; BAZG melter due-diligence directive (sections in refs), RGG v9 Step 1.2 (records)
  “Records are required to be maintained for at least five years, or the minimum timeframe stipulated by local regulatory requirements”
- PMCO/EMKV; LBMA Responsible Gold Guidance; BAZG melter due-diligence directive (sections in refs), BAZG Schmelzen und Prüfen (Dec 2023) Ziff. 4.1.6 (restates Art. 168b Abs. 3)
  “Die Dokumente über den Geschäftsverkehr mit Schmelzgut und Schmelzprodukten müssen während zehn Jahren aufbewahrt werden.”
22
File the Swiss electronic customs import declaration (formal declaration; simplified or oral declarations excluded for melt material imported for sale), tariff heading 7108.1200 (statistical key 911 for mining gold), with actual origin if known; import VAT-exempt for investment gold (cast bars of at least 995 thousandths fineness bearing the fineness and the stamp of a recognised assayer-melter) and for gold in raw form or semi-finished for refining; unmarked doré may only be imported by a trade assayer (BAZG practice)
Who
Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)
Needs
Air waybill
Issues
Electronic customs import declaration (commercial import; simplified and oral declarations excluded for melt material)
Primary law
The Federal Council report (citing the customs administration) says actual origin must be declared if known, but for large imports, e.g. from the United Kingdom or the UAE, the dispatch country is sometimes entered; [inferred] Dubai-refined Nigerian gold can therefore appear as UAE origin. [unconfirmed] That no certificate of origin is required is not stated in the sources read. No written precious-metals control record found for a passed border check. The rule that unmarked doré may only be imported by a trade assayer is BAZG practice (BAZG letter on unmarked melt products; BAZG directive on applying the EMKG); it is not in the EMKG import article. The EMKV (precious metals control ordinance) is not held on the server, so its provisions on recognised fineness marks and banking precious metals are not relied on here. Corrected earlier: the declaration was described as "Passar"; the BAZG melt-material sheet names e-dec web. [time-limited] When the BAZG-VG enters into force (date not set), the EMKG import-check paragraphs are repealed and replaced by a new BAZG control article (BAZG-VG annex amending the EMKG).
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), MWSTG (SR 641.20, Stand 1 Jan 2025) Art. 23 Abs. 2 Ziff. 12: gold supplies exempt
  “die Umsätze, die mit Gold und Legierungen von Gold der folgenden Form erzielt werden:”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), Art. 23 Abs. 2 Ziff. 12 Bst. b: investment gold, cast bars
  “Gold zu Anlagezwecken mit einem Mindestfeingehalt von 995 Tausendsteln, in Form von:”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), Art. 23 Abs. 2 Ziff. 12 Bst. b, first indent
  “gegossenen Barren, versehen mit der Angabe des Feingehalts und dem Stempelzeichen eines anerkannten Prüfer-Schmelzers oder”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), Art. 23 Abs. 2 Ziff. 12 Bst. d: raw or semi-finished gold for refining
  “Gold in Rohform oder in Form von Halbzeug, das zur Raffination oder Rückgewinnung bestimmt ist”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), MWSTG Art. 53 Abs. 1 Bst. m: import of gold exempt
  “Gold und Legierungen von Gold nach Artikel 23 Absatz 2 Ziffer 12.”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), AS 2024 438 (amendment of 16 June 2023, in force 1 Jan 2025): inserts Art. 53 Abs. 1 Bst. m
  “Gold und Legierungen von Gold nach Artikel 23 Absatz 2 Ziffer 12.”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), MWSTV Art. 44 (former gold provision) repealed
  “Aufgehoben durch Ziff. I der V vom 21. Aug. 2024, mit Wirkung seit 1. Jan. 2025”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), EMKG (SR 941.31) Art. 20 Abs. 3: import checks
  “Die diesem Gesetz unterstellten Waren können bei der Einfuhr einer umfassenden oder stichprobenweisen Kontrolle unterworfen werden.”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), BAZG statistics page: tariff heading 7108.1200
  “Data relating to gold in raw form (e.g. bars) are recorded under customs tariff heading 7108.1200”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), BAZG statistics page: statistical key 911 (from 1 Jan 2021)
  “mining gold *(key: 911)*”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), Federal Council report 14 Nov 2018, s.3.7
  “dass der tatsächliche Ursprung der Waren gemeldet werden muss, sofern er bekannt ist”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), Federal Council report s.3.7
  “Bei umfangreichen Einfuhren, zum Beispiel aus Grossbritannien oder den Vereinigten Arabischen Emiraten, wird in der Zollerklärung gelegentlich das Versendungsland angegeben.”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), BAZG R-247 (1 Jan 2023) s.3.4.2: unmarked melt products only imported by trade assayers
  “Daher sind ausschliesslich Handelsprüfer berechtigt, nicht gekennzeichnete”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), R-247 s.3.4.2 (doré bars as example)
  “(bspw. Doré-Barren aus dem Bergbau)”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), BAZG Merkblatt "Annahme von Schmelzgut aus dem Ausland" (Jan 2024): simplified declarations excluded
  “Vereinfachte Zollanmeldeverfahren wie Quickzoll oder gar eine mündliche Zollanmeldung sind daher grundsätzlich ausgeschlossen.”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), Merkblatt: e-dec web
  “dies selbst mittels e-dec web vornehmen”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), Merkblatt: prior customs procedure
  “Annahme von Schmelzgut aus dem Ausland sichergestellt wird, dass dieses vorgängig”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), Merkblatt: fine per case (under the EMKG)
  “mit bis zu CHF 2 000 pro Fall gebüsst werden”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), Merkblatt: licence withdrawal
  “In schweren Fällen kann die entsprechende Bewilligung”
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), BAZG letter of 4 Dec 2019 on import of unmarked melt products (only footnotes are sectioned; cited law-only)
- VAT Act (MWSTG) as amended with effect from 1 Jan 2025; Precious Metals Control Act (EMKG) (sections in refs), BAZG-VG of 20 June 2025, Anhang 2 Ziff. 53 (EMKG Art. 20 Abs. 3-5 repealed, new Art. 22a); annex not sectioned, cited law-only
23
Optionally store under customs control in a free port (e.g. Geneva La Praille / Aéroport, Embrach - Embraport, Zürich-Flughafen - Cargologic): stored goods are not subject to import customs duties or trade-policy measures and may be stored indefinitely
Who
Bonded warehouse / freeport operator (Geneva/Embrach)
Issues
Electronic customs declaration on entry of sensitive goods into the free port (content: the inventory-record particulars listed in the Customs Ordinance, letters a to f, plus the depositor's name and address); Electronic inventory record of sensitive goods: previous customs document, entry date, owner, origin country, description, value, marks, gross/net mass, origin proof, location, exit date, etc. (17 fields)
Primary law
The BAZG free-port list held is the old list in the library (its record dates it to the start of the year it was issued; no newer list found); operators may have changed. [time-limited] The BAZG-VG (adopted, not yet in force) treats free ports as a kind of customs warehouse and will replace these articles when in force. [inferred] Suspension of import VAT is read from the BAZG free-port directive ("auf das Erheben der Abgaben ... verzichtet"); the ZG names only import customs duties and trade-policy measures. Supplies of goods stored in a free port are VAT-exempt under the MWSTG (read). The ZG and ZV are now read in their official fedlex consolidations held on the server.
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), ZG (SR 631.0, Stand 1 Sep 2023) Art. 62 Abs. 1
  “Zollfreilager sind Teile des Zollgebiets oder in diesem gelegene Räumlichkeiten:”
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), ZG Art. 62 Abs. 3
  “Die eingelagerten Waren unterliegen weder den Einfuhrzollabgaben noch handels- politischen Massnahmen.”
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), ZG Art. 64 Abs. 1
  “Wer ein Zollfreilager betreibt, braucht eine Bewilligung des BAZG.”
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), ZG Art. 65 Abs. 1
  “Waren, die in einem Zollfreilager gelagert werden sollen, sind der zuständigen Zoll- stelle zur Einlagerung anzumelden und in das Zollfreilager zu verbringen.”
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), ZG Art. 65 Abs. 2
  “In Zollfreilagern dürfen Waren beliebig lange gelagert werden.”
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), ZG Art. 66 Abs. 1
  “Die Lagerhalterin oder der Lagerhalter muss über alle eingelagerten sensiblen Wa- ren Bestandesaufzeichnungen führen.”
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), ZV (SR 631.01, Stand 1 Oct 2024) Art. 178a Abs. 1
  “Die anmeldepflichtige Person muss sensible Waren bei der Einlagerung ins Zollfrei- lager elektronisch anmelden.”
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), ZV Art. 182 Abs. 2
  “Sie oder er muss zudem für sensible Waren eine Bestandesaufzeichnung führen.”
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), ZV Art. 184 Abs. 2
  “Sie muss elektronisch geführt werden.”
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), ZV Anhang 2 Ziff. 5 (sensitive goods; the section id carries footnote 193 glued to the label)
  “Perlen, Diamanten, Edelsteine, Schmucksteine, Edelmetalle und Edel- metallplattierungen sowie Waren daraus (ex Zolltarifkapitel 71)”
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), BAZG Richtlinie R-10-50 Ziff. 1.1 (levies not raised)
  “Dabei wird auf das Erheben der Abgaben, auf deren Sicherstellung und auf die Anwendung handelspolitischer Massnahmen”
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), MWSTG Art. 23 Abs. 2 Ziff. 3bis
  “die Lieferung von Gegenständen, die wegen Einlagerung in einem Zollfreilager (Art. 62-66 ZG) nachweislich im Inland unter Zollüberwachung standen und diesen Zollstatus nicht rückwirkend verloren haben”
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), Embrach
  “Zürcher Freilager AG, GVZ Embraport”
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), Genève La Praille and Genève Aéroport
  “Ports Francs et Entrepôts de Genève SA”
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), BAZG-VG (20 June 2025, not in force) Art. 64
  “Zolllager sind vom BAZG zugelassene Orte im Zollgebiet”
- Swiss Customs Act (ZG); Customs Ordinance (ZV) (articles in refs), BAZG-VG Art. 65 Abs. 2
  “Als Zolllager können bewilligt werden:”
24
Screen the bars, buyer and destination against Swiss sanctions before release: no purchase, import, transit or related services (including brokerage and financing) for gold of Russian origin exported after 4 Aug 2022 or gold processed from it in third countries
Who
Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)
Primary law
[transcription] Art. 14d paras 1-4 read in an unofficial third-party English translation (as at 22 Mar 2024, held in laws/); Annex 26 covers 7108, 7112 91 and ex 7118 90 gold coins; Annex 27 ex 7113 and ex 7114. [unconfirmed] The official consolidation is now Stand 21 Sep 2026 and was not read (the fetch tool truncates before Art. 14d); changes after March 2024 are not ruled out. The ordinance contains no explicit ban on selling gold to Russia; the export-side effect is through the services ban.
- Ordinance of 4 March 2022 on measures in connection with the situation in Ukraine (SR 946.231.176.72), Art. 14d
25
Release the bars from the refinery vault or free port against the owner's instruction and prepare the weight list (bar list), commercial invoice and packing list for the shipment
Who
Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)
Issues
Outbound weight list / bar list; Commercial invoice to the foreign buyer; Packing list
Standard
The weight list is sourced to LBMA Annex C; commercial invoice and packing list are standard export practice, not read in a Swiss source.
- LBMA Good Delivery Rules, Annex C (weight lists); Customs Act Arts. 62-66 (free ports)
26
Lodge the electronic export declaration in Passar (HS 7108; e-dec Export was usable only to end-2025); the declarant must make it binding and physically export the goods within 120 days of its acceptance in the IT system
Who
Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)
Issues
Passar export declaration (HS 7108)
Official guidance
R-10-10 (valid 1 Jan 2026) cites Art. 25-29 ZG and Art. 79-83 ZV for the declaration duty, says declarations are electronic in principle, and sets the 120-day limit from acceptance in the IT system. R-10-10 held and read in full on 2026-09-28; the Customs Act and Ordinance texts themselves were not read. R-10-10 has no gold-specific rule.
- Customs Act (ZG, SR 631.0); BAZG R-10-10, ZG Arts. 25-29 (as cited in R-10-10)
27
Receive the export assessment notice (Veranlagungsverfuegung Ausfuhr), the evidence that the goods were properly cleared for export
Who
Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)
Issues
Veranlagungsverfuegung Ausfuhr
Official guidance
R-10-10 cites Art. 38 and 69 ZG and Art. 92 ZV for the export assessment notice and says it is evidence of proper assessment and of export for VAT. R-10-10 held and read in full on 2026-09-28.
- Customs Act (ZG); BAZG R-10-10, ZG Arts. 38 and 69; ZV Art. 92 (as cited in R-10-10)
28
Treat the sale as a VAT-exempt export (supply of goods directly transported abroad) and keep the export assessment notice as evidence
Who
Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)
Needs
Veranlagungsverfuegung Ausfuhr
Primary law
Art. 23(2) no. 1 read in the held MWSTG (Stand 1 Jan 2025, German wording current). Art. 23(3): direct export includes export into an open customs warehouse or a free port. Investment gold of at least 995 fineness is separately exempt with credit under Art. 23(2) no. 12 (see ch.tax-import-vat).
- Federal VAT Act (MWSTG, SR 641.20), Art. 23(2) no. 1
29
Hand the sealed consignment to a secure valuables carrier and fly it out (Zurich or Geneva) under an air waybill
Who
Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)
Issues
Air waybill (outbound)
Unverified
Carrier practice. Cantonal licensing: in the Canton of Zurich "Sicherheitstransporte von Personen, Gütern und Wertsachen" require a licence under the Polizeigesetz, 9. Abschnitt (cantonal page, read by WebFetch 2026-09-28; PolG text not read). Geneva and other cantons not checked. No Swiss source read describes the outbound air leg for gold.

Taxes and fees

Customs duty on gold
0% HS 7108
Official guidanceAmount not confirmed
Import VAT on gold
Exempt Gold and gold alloys under MWSTG Art. 23(2) Ziff. 12: (a) state-minted gold coins of tariff nos. 7118.9010, 9705.3100, 9705.3900; (b) investment gold of at least 995 fineness as cast bars bearing the fineness and the stamp of a recognised assayer-melter, or stamped plates; (c) granules of at least 995 packed and sealed by a recognised assayer-melter; (d) gold in raw form or semi-finished for refining or recovery, and gold waste and scrap; (e) alloys under (d) with 2% or more gold
Primary lawAmount not confirmed
- VAT Act (MWSTG, SR 641.20), Art. 53(1)(m) (import) with Art. 23(2) Ziff. 12

Controls

Banks identify the contracting party and beneficial owner for precious-metals trading and for cash transactions over CHF 15,000 (CDB 20; Form A, Form K).
CHF 15,000 cash
StandardAmount not confirmed
- CDB 20 (SBA), CDB Art. 4(2)(f)-(g), 7, 20-21, 27-28
Melt material imported from abroad for sale in Switzerland needs a formal import declaration; simplified and oral declarations are excluded in principle. A buyer or licensee who accepts melt material that has not been through customs breaches due diligence under the PMCA: fine up to CHF 2,000 per ca…
Official guidance
- BAZG Merkblatt 'Annahme von Schmelzgut aus dem Ausland' (Jan 2024)
Commercial production of melt products (bars, plates, rods, granules made by melting precious metal or melt material) requires a melt licence; acting without it is punishable by a fine (EMKG Art. 48). Every melt product must bear the licence holder's stamp; melt products for resale must be assayed b…
Primary law
- EMKG/PMCA (SR 941.31), Arts. 1(2), 24, 31(1), 32-33, 47, 48
Holders of a melter licence may accept melt material only from persons who can prove lawful acquisition, and must verify the customer's identity by a probative document such as a passport or identity card. Where origin is doubtful or the offer comes from unknown persons, origin must be clarified wit…
Primary law
- PMCO/EMKV (articles in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168a Abs. 1 (parsed into section sch-2)
  “Der Inhaber einer Schmelzbewilligung darf Schmelzgut nur von Per-”
- PMCO/EMKV (articles in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168a Abs. 2 (parsed into section sch-2)
  “Es muss die Identität des Kunden anhand eines beweiskräftigen Do- kumentes wie Pass oder Identitätskarte überprüfen.”
- PMCO/EMKV (articles in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168a Abs. 3 (parsed into section sch-2)
  “Bestehen über die Herkunft der Ware Zweifel oder stammen die An- gebote von Unbekannten, so ist der Inhaber der Schmelzbewilligung verpflichtet, die Herkunft des Schmelzgutes besonders sorgfältig abzu- klären.”
- PMCO/EMKV (articles in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168b Abs. 1 (parsed into section sch-2)
  “derlichen organisatorischen Massnahmen, um das Schmelzen von Schmelzgut unrechtmässiger Herkunft zu verhindern.”
- PMCO/EMKV (articles in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168b Abs. 2 (parsed into section sch-2)
  “so ist die Ware durch den Inhaber der Schmelzbewilligung bis zur Klärung des Falles in unverändertem Zu- stand aufzubewahren.”
- PMCO/EMKV (articles in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168b Abs. 3 (parsed into section sch-2)
  “Schmelzprodukten müssen während zehn Jahren aufbewahrt werden.”
- PMCO/EMKV (articles in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168c Abs. 1 (parsed into section sch-2)
  “Der Inhaber einer Schmelzbewilligung muss über seine Ankäufe von Schmelzgut und Schmelzprodukten Buch führen.”
- PMCO/EMKV (articles in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168c Abs. 2 Bst. b (parsed into section sch-2)
  “die in Artikel 168a Absatz 2 vorgeschriebenen Identifikations- nachweise;”
- PMCO/EMKV (articles in refs), BAZG Schmelzen und Prüfen (Dec 2023) Ziff. 4.1.6 (restates Art. 168a)
  “Er muss die Identität des Kunden anhand eines beweiskräftigen Dokumentes wie Pass oder Identitätskarte überprüfen und muss sich vor Ausführung des Auftrages den rechtmässigen Erwerb des Schmelzgutes durch den Auftraggeber nachweisen lassen.”
- PMCO/EMKV (articles in refs), BAZG Schmelzen und Prüfen (Dec 2023) Ziff. 4.1.6 (restates Art. 168b Abs. 3)
  “Die Dokumente über den Geschäftsverkehr mit Schmelzgut und Schmelzprodukten müssen während zehn Jahren aufbewahrt werden.”
- PMCO/EMKV (articles in refs), BAZG Richtlinie R-247 (1 Jan 2023) Ziff. 3.3.2
  “Bestehen Zweifel über die Herkunft des Materials oder in Bezug auf die Integrität des Kunden sind Bewilligungsinhaber verpflichtet, den Sachverhalt besonders sorgfältig abzuklären”
Purchase, import, transit and transport of gold (Annex 26) originating in Russia and exported from Russia after 4 Aug 2022, and of gold processed from it in third countries, are prohibited, as are related services (all kinds, including financial services, brokerage and technical assistance) and the …
Primary law
- Ordinance of 4 March 2022 on measures in connection with the situation in Ukraine (SR 946.231.176.72), Art. 14d
Precious metals are 'sensitive goods' in free ports (Customs Ordinance Annex 2, as amended on 18 November 2015): the declarant must declare them electronically on entry into storage, and an electronic inventory record of them is kept per depositor and submitted by the warehouse keeper to customs on …
Primary law
- Customs Ordinance (ZV) as amended on 18 November 2015 (articles in refs), AS 2015 4917, ZV Anhang 2 (sensitive goods) as amended
  “Anhang 2 wird wie folgt geändert:”
- Customs Ordinance (ZV) as amended on 18 November 2015 (articles in refs), ZV Anhang 2 Ziff. 5: precious metals ex tariff chapter 71
  “Perlen, Diamanten, Edelsteine, Schmucksteine, Edelmetalle und Edel- metallplattierungen sowie Waren daraus (ex Zolltarifkapitel 71)”
- Customs Ordinance (ZV) as amended on 18 November 2015 (articles in refs), AS 2015 4917 Ziff. IV: in force
  “Diese Verordnung tritt am 1. Januar 2016 in Kraft.”
- Customs Ordinance (ZV) as amended on 18 November 2015 (articles in refs), ZV Art. 178a Abs. 1: electronic declaration on entry into the free port
  “Die anmeldepflichtige Person muss sensible Waren bei der Einlagerung ins Zoll- freilager elektronisch anmelden.”
- Customs Ordinance (ZV) as amended on 18 November 2015 (articles in refs), ZV Art. 185: inventory record per depositor
  “Die Bestandesaufzeichnung für sensible Waren ist je Einlagererin oder je Einlagerer zu führen.”
- Customs Ordinance (ZV) as amended on 18 November 2015 (articles in refs), ZV Art. 184 Abs. 2: kept electronically
  “Sie muss elektronisch geführt werden.”
- Customs Ordinance (ZV) as amended on 18 November 2015 (articles in refs), ZV Art. 184 Abs. 3bis: warehouse keeper submits it on request
  “Auf Verlangen muss die Lagerhalterin oder der Lagerhalter der EZV die”
- Customs Ordinance (ZV) as amended on 18 November 2015 (articles in refs), AS 2015 4917, ZV Art. 246a: amendment date
  “Übergangsbestimmungen zur Änderung vom 18. November 2015”
- Customs Ordinance (ZV) as amended on 18 November 2015 (articles in refs), BAZG R-10-50 (1 Jul 2025) s.1.3.1: export goods count as sensitive goods
  “Ausfuhrwaren gelten als sensible Waren”
- Customs Ordinance (ZV) as amended on 18 November 2015 (articles in refs), R-10-50 s.4.1: inventory records over all sensitive goods
  “Bestandesaufzeichnungen nach den Grundsätzen der ordnungsgemässen Buchführung”
Cash threshold for dealers in goods (anti-money laundering)
Primary law
- GwG Art. 8a(1)
  “Händlerinnen und Händler nach Artikel 2 Absatz 1 Buchstabe b müssen folgende”
- GwG Art. 8a(1)(a)
  “Identifizierung der Vertragspartei (Art. 3 Abs. 1);”
Cash threshold for dealers in gold (anti-money laundering)
Primary law
- GwG Art. 8a(1)
  “Händlerinnen und Händler nach Artikel 2 Absatz 1 Buchstabe b müssen folgende”
- GwG Art. 8a(1)(a)
  “Identifizierung der Vertragspartei (Art. 3 Abs. 1);”
- GwG Art. 8a(2bis)
  “oder Edelsteinen beträgt die massgebende Schwelle im Sinne von Ab-”
- EMKG Art. 1(1)
  “Edelmetalle im Sinne dieses Gesetzes sind Gold, Silber, Platin und Palladium.”

Leg 3: United Kingdom

Where the goods arrive

30
Apply customer due diligence to the foreign seller before buying (identity, beneficial owner, purpose, risk assessment, sanctions/PEP screening)
Who
Bullion dealer / trader (importer of record, usually an LBMA member)
Issues
Supplier KYC pack received by the UK buyer; MLR customer due diligence file
Primary law
[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
31
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
Who
Bullion dealer / trader (importer of record, usually an LBMA member)
Needs
Export customs declaration accepted by the dispatching country's customs
Issues
Importer's Russia-sanctions origin evidence file
Primary law
[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
32
Fly the bars into the UK as valuable cargo (typically Heathrow) under an air waybill
Who
Secure valuables carrier
Issues
Air waybill, inbound valuables consignment
Unverified
UK valuables-cargo handling not researched in this pass.
33
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
Who
Customs agent / declarant using CDS software
Needs
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)
Issues
CDS full import declaration
Official guidance
[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).
34
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)
Who
Bullion dealer / trader (importer of record, usually an LBMA member)
Needs
CDS full import declaration
Official guidance
- VAT Act 1994 Sch 9 Group 15; VAT Notice 701/21, Notice s8.1, s10.7
35
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
Who
HMRC (customs and VAT authority)
Needs
CDS full import declaration
Issues
CDS clearance notification (goods released)
Official guidance
36
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
Who
Bullion dealer / trader (importer of record, usually an LBMA member)
Needs
CDS clearance notification (goods released)
Issues
Deposit notice to London custodian
Standard
- LPMCL Allocated Account Agreement; LBMA Good Delivery Rules, Allocated cl. 3.3 (Unallocated cl. 3.2); GD Rules Annex B s.2
37
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
Who
LBMA Approved Weigher
Issues
Machine-readable LBMA weight list accompanying the delivery (dated, approved-weigher status)
Standard
- LBMA Good Delivery Rules, Annex B
38
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
Who
London commercial vault / custodian (typically a clearing or custodian bank)
Needs
Deposit notice to London custodian; Machine-readable LBMA weight list accompanying the delivery (dated, approved-weigher status)
Standard
- 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
39
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
Who
London commercial vault / custodian (typically a clearing or custodian bank)
Needs
Machine-readable LBMA weight list accompanying the delivery (dated, approved-weigher status)
Standard
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)
40
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
Who
London commercial vault / custodian (typically a clearing or custodian bank)
Needs
Machine-readable LBMA weight list accompanying the delivery (dated, approved-weigher status)
Issues
Allocated weight list (bar number, gross weight, fineness, fine weight, brand) or unallocated balance statement
Standard
- 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
41
Central-bank channel: hold Good Delivery bars in an allocated account at the Bank of England (off the Bank's balance sheet)
Who
Bank of England (gold custodian)
Form
LBMA Good Delivery 400oz bar → Monetary gold (central bank reserve)
Official guidance
Monetary state applies when held as reserves by a monetary authority.
42
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)
Who
London commercial vault / custodian (typically a clearing or custodian bank)
Issues
Custodian holdings return to LBMA (London vault data / GBI)
Standard
43
Onboard the counterparty: MLR customer due diligence and sanctions representations in the account agreement
Who
LPMCL clearing member bank
Issues
MLR customer due diligence file
Primary law
[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
44
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
Who
Bullion dealer / trader (importer of record, usually an LBMA member)
Needs
MLR customer due diligence file
Issues
OTC bullion trade confirmation (IBMA 1994 / ISDA Bullion Definitions 1997)
Standard
45
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
Who
Bullion dealer / trader (importer of record, usually an LBMA member)
Needs
OTC bullion trade confirmation (IBMA 1994 / ISDA Bullion Definitions 1997)
Official guidance
[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
46
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
Who
LPMCL clearing member bank
Needs
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
Issues
Loco London settlement: transfer between unallocated accounts via LPMCL members, or allocated bar transfer
Standard
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.
47
Pay the cash leg against metal settlement
Who
LPMCL clearing member bank
Needs
Loco London settlement: transfer between unallocated accounts via LPMCL members, or allocated bar transfer
Issues
Cash-leg payment for the metal
Unverified
Cash-leg timing and DvP arrangements not documented in the sources read.
48
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
Who
Bullion dealer / trader (importer of record, usually an LBMA member)
Needs
Loco London settlement: transfer between unallocated accounts via LPMCL members, or allocated bar transfer
Issues
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)
Primary law
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
49
Keep MLR records 5 years; nominated officer files a suspicious activity report where there is suspicion
Who
LPMCL clearing member bank
Needs
MLR customer due diligence file
Issues
Suspicious activity report to the National Crime Agency
Official guidance
MLR record-keeping regulation not held; 5 years from the end of the relationship or completion of the transaction per HMRC guidance.

Taxes and fees

Customs duty on gold (UK Global Tariff)
0.00% (third-country duty on 7108 12 00 00; preferential rates also 0.00%) HS 7108 12 00 00 non-monetary gold, other unwrought forms (read); 7108 13 and 7112 91 not held
Official guidanceAmount not confirmed
- Customs Tariff (Establishment) (EU Exit) Regulations 2020 (S.I. 2020/1430), as shown on the tariff
Import VAT on investment gold
Exempt Bars/wafers 995+ of a weight accepted by the bullion markets; qualifying coins
Official guidanceAmount not confirmed
- VAT Act 1994 Sch 9 Group 15; VAT Notice 701/21 s.8.1; UK tariff additional code VATE
Import VAT on non-investment gold
20% (standard rate; tariff code 03020) Doré, grain, scrap, bars below 995, non-qualifying coins
Official guidanceAmount not confirmed
- VAT Notice 701/21, s10.7
VAT exemption for supplies of investment gold (with option to tax)
Exempt Supplies of investment gold (incl. rights to it, unallocated gold, loans, swaps, forwards and futures; not options) and agents' services for them; not between an LBMA member and a taxable non-member (standard-rated, SAS)
Official guidanceAmount not confirmed
- VAT Act 1994 Sch 9 Group 15; VAT (Investment Gold) Order 1999
Special accounting scheme (reverse charge) for gold
20%, accounted for by the buyer Standard-rated B2B supplies between VAT-registered (or liable) persons: fine gold, gold grain, gold coins (not margin-scheme), gold-containing goods priced at no more than a negligible amount above the gold value, investment gold on which the option to tax is exercised or supplied between an LBMA member and a non-member, and treatment/processing services producing such gold (Notice 701/21 s.11.2)
Official guidanceAmount not confirmed
- VAT Act 1994 s.55 (named in VGOLD1700; statute not held)
Zero rate for London Bullion Market and central-bank gold transactions
0% Investment gold (incl. futures and options) between taxable LBMA members (TMO; Notice 701/9 s.3.2.4); gold, rights to or part interests in gold held in the UK between central banks or between a central bank and an LBM member (VATA Sch 8 Group 10; Notice 701/21 s.10.4). Not zero-rated: investment gold between an LBMA member and a taxable non-member (standard-rated, special accounting scheme); a futures contract between a member and a non-member that leads to physical delivery (Notice 701/9 s.3.3.2).
Official guidanceAmount not confirmed
- VAT (Terminal Markets) Order 1973 art. 2(2), (4) and arts 4-7; VATA 1994 s.50, Sch 8 Group 10
HMRC MLR registration and annual supervision fee
Not read
Official guidance

Controls

The UK tariff attaches to 7108 12 00 00 a "Restriction on entry into free circulation for Belarus" (from 30 Sep 2023; legal base SI 2023/616) and a "Restriction on export for Belarus" (legal base SI 2022/748): allowed with document code 9011 (DBT licence, GBSAN reference) or 9022 (not subject to / e…
Official guidance
- Republic of Belarus (Sanctions) (EU Exit) Regulations 2019 as amended
A trader accepting or making a cash payment of GBP 10,000 or more for goods (single or linked) is a high value dealer: must register with HMRC first and apply CDD. Threshold changed from EUR 10,000 to GBP 10,000 with effect from 30 Jun 2026.
GBP 10,000 cash (EUR 10,000 before 30 Jun 2026)
Primary lawAmount not confirmed
- MLR 2017 as amended by SI 2026/621, regs 14, 27(3); SI 2026/621 reg 9
Regulated firms apply CDD on a business relationship, a transfer of funds over GBP 800, an occasional transaction of GBP 12,000+ (HVDs: cash GBP 10,000+), suspicion or doubt; EDD for PEPs, non-face-to-face and FATF call-for-action countries (reg 33 as amended 30 Jun 2026); keep records 5 years; nomi…
Occasional transactions GBP 12,000 (general); GBP 10,000 cash (HVD); transfer of funds GBP 800 (from 30 Jun 2026; previously 15,000 / 10,000 / 1,000 euros)
Primary lawAmount not confirmed
- MLR 2017, reg 27
The import into the United Kingdom of gold originating from Russia is prohibited where it was exported from Russia on or after the relevant day. The ban goes by origin, so it applies whichever country the gold is shipped from.
Primary law
- The Russia (Sanctions) (EU Exit) (Amendment) (No. 14) Regulations 2022, inserting reg 46Z11 into SI 2019/855, reg 46Z11(1)
  “The import of gold originating from Russia is prohibited, where that gold has been exported from Russia on or after the relevant day.”
No Great Britain statute imposing CAHRA/OECD due diligence on gold importers was found. Responsible-sourcing duties in London come from the LBMA (RGG mandatory for Good Delivery refiners since 2012; annual audit; Incident Review Process) and the GBI country-of-origin reporting (monthly, mandatory fr…
Standard
- LBMA Responsible Gold Guidance / Good Delivery Rules
UK persons may not provide financial services for foreign exchange reserve and asset management to the Central Bank of Russia, the National Wealth Fund or the Russian Ministry of Finance (or persons owned, controlled or acting for them); the reserves include bullion such as gold - "it is prohibited …
Official guidance
- Russia (Sanctions) (EU Exit) Regulations 2019, reg 18A (as named in the statutory guidance)
Only Good Delivery bars settle loco London: 350-430 fine troy oz, minimum 995.0 fineness, marks = refiner stamp, assay mark, fineness, serial number (max 11 digits or characters), month and year of manufacture (MMYY, since Jan 2019); no laser engraving. Vault managers have complete discretion and an…
Standard
- LBMA Good Delivery Rules 2026; LPMCL account agreements, GD Rules 2.1.5, 2.1.7, 2.4
The Hallmarking Act 1973 regulates describing articles as gold; Schedule 1 Part II exempts "Any raw material (including any bar, plate, sheet, foil, rod, wire, strip or tube) or bullion" (para 7) and coins that are or were current coin of the UK or any other territory (para 3). Bullion bars and lega…
Primary law
- Hallmarking Act 1973
Dealers in exempt investment gold must identify customers (one List 1 and one List 2 document), issue invoices with prescribed details, keep records at least 6 years and notify HMRC within 28 days when an exempt supply first exceeds GBP 5,000 or supplies to one customer exceed GBP 10,000 in 12 month…
GBP 5,000 per supply / GBP 10,000 per customer per 12 months
Primary lawAmount not confirmed
- VAT Regulations 1995; VAT tertiary legislation, reg 31A
LBMA suspended six Russian refiners (Krastsvetmet, Novosibirsk, Uralelectromed, Moscow Special Alloys, Prioksky, Shyolkovsky) from the Good Delivery List on 7 Mar 2022; their bars made from that date are not Good Delivery; stocks already in loco London/Swiss before then remain Good Delivery.
Standard
- LBMA Good Delivery List
Import of gold originating in Russia that was exported from Russia on or after 21 Jul 2022 is prohibited (reg 46Z11); so are acquiring gold that originated in and is located in Russia with the intention that it enter the UK (46Z12), supplying or delivering gold that originated in Russia on or after …
none
Primary law
- Russia (Sanctions) (EU Exit) Regulations 2019 as amended by SI 2022/850, regs 46Z11-46Z16; Sch 3G
Import of relevant processed gold - gold processed (altered, transformed or otherwise operated on) in a third country that incorporates gold which on or after 21 Jul 2022 originated in and was exported from Russia - is prohibited (46Z16C), as is import of gold jewellery (Sch 3G Part 3) originating i…
Primary law
- SI 2022/1110 (Chapter 4JA), regs 46Z16B, 46Z16C, 46Z16D-46Z16I
All smuggled gold may be liable to forfeiture under the Customs and Excise Management Act 1979, even in the hands of an innocent buyer; HMRC advises buyers to check where the gold came from, whether it was declared at import with import VAT paid, and warning signs (below-market price, quick settleme…
Official guidance
- Customs and Excise Management Act 1979; VAT Notice 701/21 s.14

Leg 4: Canada

Back in the origin country: the proceeds of the export

50
Buy refined bars from the refiner (zero-rated first supply) or from another holder (exempt resale); non-qualifying forms (granules, below 99.5%) are taxable
Who
Bullion dealer (dealer in precious metals and precious stones)
Issues
Invoice for sale of refined bars (zero-rated first supply by the refiner / exempt resale)
Primary law
- Excise Tax Act, s.123(1); Sched VI Part IX s.3
51
Identify the counterparty and keep the $10,000+ record; report cash of $10,000+ (LCTR), virtual currency (LVCTR), suspicious or sanctions-evasion activity
Who
Bullion dealer (dealer in precious metals and precious stones)
Issues
Record of $10,000+ purchase or sale and client identification; Large cash transaction report; Large virtual currency transaction report; Suspicious transaction report
Primary law
- PCMLTF Regulations, ss.65, 66, 126, 148
52
Settle by bank wire or by transfer between metal accounts (e.g. at the Royal Canadian Mint); no foreign-exchange surrender or repatriation step
Who
Canadian bank (bullion desk / payments)
Issues
Settlement confirmation / metal-account transfer
Industry practice
Absence of exchange control is background knowledge; no official statement was read.

Crossings between countries

Canada → Switzerland Not researched
Papers that cross: Ontario prospector's licence; Registered mining claim (MLAS); Registered exclusive exploration right (Quebec); Mining lease; Filed closure plan with financial assurance; Doré bar number and mine weight/assay record; Refining (toll) agreement, mine - Canadian refiner; Refiner outturn assay and settlement statement; Bar list of refined bars (GD 400 oz, 100 oz, kilobars); CERS export declaration and proof of report number; Air waybill
Switzerland → United Kingdom Researched
Papers that cross: Electronic customs import declaration (commercial import; simplified and oral declarations excluded for melt material); Passar export declaration (HS 7108); Veranlagungsverfuegung Ausfuhr; Air waybill (outbound)