Ghana [Self-financing aggregator with approved offtaker] → United Arab Emirates → Switzerland (refine) · Bank onboarding, title transfer and settlement

Submit the prospective offtaker's particulars and KYC, AML and financial due-diligence documents to GoldBod

Who

Self-financing aggregator (SFA)

Needs

Self-financing aggregator licence

Issues

Offtaker KYC, AML and financial due-diligence pack

• GoldBod SFA compliance notice (13 July 2026)

Review compliance and assess risk; tell the SFA the result

Who

Ghana Gold Board (state buyer and exporter)

Needs

Offtaker KYC, AML and financial due-diligence pack

Apply to trade, with a draft offtake agreement

Who

Self-financing aggregator (SFA)

Issues

Offtake agreement (draft submitted to GoldBod)

Give written approval setting operational requirements, SFA obligations, disclaimers and conditions

Who

Ghana Gold Board (state buyer and exporter)

Needs

Offtake agreement (draft submitted to GoldBod)

Issues

GoldBod written approval of offtaker and trading conditions

Remit foreign currency according to GoldBod's trading conditions

Who

Offtaker approved by GoldBod

Needs

GoldBod written approval of offtaker and trading conditions

Issues

FX remittance from offtaker

Convert the FX to cedis at the Bank of Ghana Reference Rate

Who

Ghana Gold Board (state buyer and exporter)

Needs

FX remittance from offtaker

Issues

GoldBod FX conversion at the Bank of Ghana Reference Rate

Acknowledge receipt of funds in writing to the offtaker and GoldBod within 24 hours

Who

Self-financing aggregator (SFA)

Needs

GoldBod FX conversion at the Bank of Ghana Reference Rate

Issues

SFA written acknowledgment of receipt of offtaker funds (within 24 hours)

Buy gold under GoldBod's pricing regime, regulations and directives (see the first-sale procedure), only in approved areas

Who

Self-financing aggregator (SFA)

Issues

GoldBod-prescribed receipt to the miner; XRF purity measurement record

Refine the doré at a GoldBod-approved or designated refinery in Ghana, and pay the refining fee (Gold Coast Refinery publishes 0.30% of value)

Who

GoldBod-licensed refinery in Ghana

Issues

Confirmation of domestic refining and of refining-fee payment

Form

Doré bar - unstamped → Pre-refined 995 bar (e.g. 'Dubai 995')

Output fineness not stated; no Ghanaian refinery is on the LBMA Good Delivery List, so the output is modelled as a pre-refined bar

• GoldBod local-refining directive

Ask GoldBod for permission to export the aggregated lot

Who

Self-financing aggregator (SFA)

Needs

SFA written acknowledgment of receipt of offtaker funds (within 24 hours); Confirmation of domestic refining and of refining-fee payment

Assay and verify the lot; the SFA pays assay and regulatory fees

Who

GoldBod assay laboratory (Kotoka International Airport)

Issues

GoldBod assay and valuation certificate

• Ghana Gold Board Act, 2025 (Act 1140), s.3(2)(a)

Approve and facilitate the export; no unrefined doré is approved from 1 Sept 2026

Who

Ghana Gold Board (state buyer and exporter)

Needs

GoldBod assay and valuation certificate; Confirmation of domestic refining and of refining-fee payment

Issues

GoldBod export approval / export permission

• Ghana Gold Board Act, 2025 (Act 1140), s.3(2)(c)

Apply to the Ghana National Chamber of Commerce and Industry for a certificate of origin for the consignment (gold wholly obtained in Ghana), where the buyer or the importing country's customs requires one

Who

Self-financing aggregator (SFA)

Needs

Commercial invoice

Issues

GNCCI certificate of origin

[summary] GNCCI as issuer from a summarised read (Ghana Shippers Authority item); [blocked] GNCCI's own page returned 403; [unconfirmed] whether gold exporters in practice obtain a GNCCI certificate, and its fee and form, were not found. [inferred] Treated as optional because no Ghanaian rule requiring it on export was found.

• Customs Act, 2015 (Act 891), s.70(3) (wholly obtained goods originate in Ghana); s.70(6) (certificate of origin provided to the proper officer on request)

Obtain a Bank of Ghana Exchange Control Form A2 from the bank (traditional export); lodge the customs declaration electronically on ICUMS with the export approval, invoice and other certificates attached; present the gold at the exit port or station for customs inspection; release for export

Who

Self-financing aggregator (SFA)

Needs

GoldBod export approval / export permission

Issues

Bank of Ghana Exchange Control Form A2 (from the exporter's bank, traditional exports); ICUMS customs export declaration; Air waybill

[unconfirmed] The GRA procedure is general to traditional exports (it names "Unprocessed gold"); the gold-specific attachments and whether a state exporter uses Form A2 were not found. [not-read] The export-entry sections of the Customs Act 2015 were not read.

• GRA Customs export procedure (traditional exports); Customs Act, 2015 (Act 891)

Pre-contract KYC on the Nigerian exporter: corporate docs, UBO, MBC/export-permit evidence, mine-of-origin declaration

Who

DMCC importer / trader

Needs

Bank-to-bank reference confirmation (not a public letter) on the Nigerian exporter

Issues

Importer's KYC/due-diligence pack on the Nigerian exporter; Evidence pack from the Nigerian exporter: export licence/permit, mine location, legal existence of the ASM operation

[conflict] For an ordinary DMCC trader the binding CDD duties are those of CR 134/2025 (Arts. 5-14); DMCC RBD-GPM binds only its Accredited Members (see ae.div-dmcc-role). [inferred] "Highest-scrutiny category" for ASM is the model's reading of Rule 1.6, not a phrase in the Rules.

• DMCC RBD-GPM Rules v2/2020; Cabinet Resolution 134/2025, DMCC Rules 1.4-1.8 (KYC; Rule 1.6 specific requirements for ASM supply), Rules 2.4-2.8 (red flags); CR 134 Art. 25(1) (records at least 5 years)

File the Dubai Customs declaration on Mirsal 2 with invoice, packing list, certificate of origin and air waybill (for a free-zone consignee the Customer Guide's 'FZ Transit In' type appears to apply, not import to local); disclose the precious metals crossing the border

Who

DMCC importer / trader

Needs

Air waybill; Certificate of origin; Origin country's export authorisation for the gold (permit, licence or clearance issued by the mining or trade authority); Commercial invoice; Packing list

Issues

Dubai Customs declaration filed online (for goods entering a free zone: "FZ Transit In"); Disclosure of precious metals crossing the UAE border (cargo included)

No UAE import permit for gold: Dubai Customs lists DMCC as restricting authority only for "Pearls, Diamonds, Rough Diamonds etc." (Customer Guide App. I). FZ Transit In (s.15.12.2): "foreign goods originated from any country may be brought into the free zones without being subject to customs duties or taxes. The owner of the goods in the Documents shall be a Free Zone Licensee"; documents MAWB/HAWB, commercial invoice, certificate of origin, packing list, delivery order. Mainland duty: the GCC exempted list's gold line is printed "71060000" (silver's heading) [summary][blocked]. Cross-border disclosure: see ae.doc-pm-disclosure-ae. [unconfirmed] Neither Dubai Customs guide names the declaration type for gold into a DMCC company or the DMCC Vault. [conflict] Supporting documents are due within 14 days (Customer Guide s.15.7) or 30 days (Service Guide v9 App. A) - see ae.div-customs-doc-deadline. KPMG (secondary): periodic "Goods Consumption within FZ" declaration under Dubai Customs Notice 17/2020.

• Dubai Customs Customer Guide v3.03; Dubai Customs Service Guide v9; Federal Decree-Law 10/2025, Customer Guide s.15.12.2 (FZ Transit In), App. J (DMCC declarations at the Customer Service Center at DMCC); FDL 10/2025 Art. 10 (cross-border disclosure)

Import VAT: registered importer accounts for VAT on its own return (reverse charge); investment-grade gold is zero-rated, doré is not

Who

DMCC importer / trader

Issues

Import VAT accounted on the importer's own VAT return (registered importer)

Investment precious metals = gold, silver or platinum of 99% purity or more, in a form tradeable in global bullion markets (ER Art. 36(2), not amended in the consolidation to CD 100/2025); their supply or import is zero-rated (Art. 45(8)). [inferred] Doré below 99% does not qualify. [unconfirmed] DMCC's absence from the Designated Zones was checked only against the 2017 list (secondary copy). [not-read] FDL 16/2025 amendments (from 1 Jan 2026) not held.

• Federal Decree-Law 8/2017 on VAT; Executive Regulation (Cabinet Decision 52/2017, as amended; consolidated to CD 100/2025), Law Art. 45(8), 48(1), 49; ER Art. 36(2), 48(1), 48(5), 50(1)

If the importer sells the doré to the refiner (rather than toll-refining it): refiner gives two written statements before supply; importer issues a tax invoice without VAT (reverse charge)

Who

DMCC importer / trader

Issues

Refiner's two written statements: VAT-registered, and buying to resell or use in production; Tax invoice without VAT for the importer-to-refiner sale

[inferred] Conditional: the model reads the reverse charge as not applying where the refiner only toll-refines metal the importer keeps title to; the sources read do not address toll refining.

• Cabinet Decision 127/2024; VAT Executive Regulation, CD 127 Art. 2(1), 2(3) (two written declarations before supply; supplier keeps them and verifies registration), 2(4) (no declarations: no reverse charge); ER Art. 59(1)(l)

Deposit refined bars into DMCC Vault (operated by Brink's)

Who

DMCC Vault (operated by Brink's)

Needs

Manufacturer certificate accompanying UAEGD bars (states year of manufacture if not stamped)

Issues

DMCC Vault deposit/withdrawal receipt; DMCC Tradeflow warrant (optional; used for pledging and title transfer)

DMCC: the Vault is "Owned by DMCC and operated by Brink's Global Services" and "DMCC can assist with all customs processes". [not-read] Deposit/withdrawal documents and any bonded status of the Vault are not published; the receipt document is inferred.

Obtain a Certificate of Origin from Dubai Chambers: a non-preferential certificate for UAE-origin goods (goods produced in the UAE by a licensed exporter; copy of the industrial licence and the factory's invoice) or a certificate for foreign goods re-exported

Who

DMCC importer / trader

Needs

Refiner outturn/assay report

Issues

UAE Certificate of Origin / re-export documentation (Dubai Chambers)

Unresolved: whether refining doré into bars confers UAE origin - both can sit in HS 7108.12 and no gold-specific rule was found; CR 43/2022 Art. 4 also allows "specific manufacturing operations". India's Noida SEZ SOP treats gold bars sourced from the UAE as not UAE-originating (see ae-in). Fee AED 100, two hours (Dubai Chambers service page; the Resolution sets no amount). [summary][blocked] FL 11/2019 and CR 43/2022 read through WebFetch only (downloads Cloudflare-challenged).

• Federal Law 11/2019; Cabinet Resolution 43/2022; Dubai Chambers Resolution 7/2024, FL 11/2019 Art. 4 (minimal operations do not confer origin), Art. 6 (issue of certificates; the Chamber issues certificates for re-exported foreign commodities); CR 43/2022 Art. 4 (last major operation, incl. "a change in the customs item or ... specific manufacturing operations"); DC Res. 7/2024 Art. 2 (types), Art. 3(a) (conditions), Art. 3(b) (UAE-origin certificate only for goods produced in the UAE by an exporter licensed by the Competent Entity), Art. 4 (electronic application), Art. 6 (valid six months), Art. 7 (register kept 3 years)

File Dubai Customs export/re-export declaration; VAT zero-rated on export

Who

DMCC importer / trader

Needs

UAE Certificate of Origin / re-export documentation (Dubai Chambers)

Issues

Dubai Customs export/re-export declaration

• Federal Decree-Law 8/2017 on VAT; VAT Executive Regulation; Cabinet Decision 127/2024; Dubai Customs Customer Guide v3.03, DL 8/2017 Art. 45(1) (exports zero-rated); ER Art. 30 (export within 90 days, with customs declaration and commercial evidence); CD 127/2024 Art. 2(2) (no reverse charge on zero-rated supplies); Customer Guide s.15.12.3 (FZ Transit Out; penalty 10% of value without proof of export), s.16 (proof of export by air)

Book air cargo as valuable/secure freight (specialist carrier), security clearance, sealed/inspected shipment at DXB/DWC

Who

Secure logistics provider (UAE/air legs)

Needs

Dubai Customs export/re-export declaration

Issues

Air waybill, Dubai -> Zurich/Geneva

CAR VII has nothing gold-specific; booking as valuable/secure freight with a specialist carrier is practice. [inferred] Road leg to the airport in Dubai needs a SIRA Money and Valuables Transport licence.

• GCAA CAR Part VII Ed. 05; SIRA Resolution 1/2018, CAR VII 4.6.1 (security controls on cargo), 4.6.6 (operators accept cargo only with security controls confirmed), 4.6.7 (security status accompanies cargo); SIRA Res. Art. 3(a)(6)

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

[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.”

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)

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

Weigh-in, seal-check, drill/dip-sample, fire-assay (ASTM E1335/ISO 11426) the incoming 995 bar

Who

Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)

Needs

Refining/re-refining agreement, Swiss refiner; 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)

Issues

Refiner outturn/assay report (Switzerland); Purchase book: customer, ID proof, acceptance date, description and marking, weight on acceptance, weight after melting, completion

[unconfirmed] Weigh-in, seal check and ISO 11426 are not in the sources read; ASTM E1335-24 covers fire assay of bullion, and Valcambi describes fire assay of drillings from samples taken from the melt of the received material.

• Fire assay standard practice

Pay the Dubai counterparty for the imported bar once the Swiss refiner's own assay confirms fine content

Who

Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)

Needs

Refiner outturn/assay report (Switzerland)

Issues

Final invoice from the Dubai seller (against Swiss outturn assay); Settlement wire, Swiss refiner -> Dubai counterparty

• Refining/sale contract; SWIFT MT103

Wohlwill electrolytic re-refine to 999.9, or cast directly to LBMA Good Delivery 400oz spec (995 min) if already qualifying

Who

Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)

Needs

Refiner outturn/assay report (Switzerland)

Form

Pre-refined 995 bar (e.g. 'Dubai 995') → LBMA Good Delivery 400oz bar

[unconfirmed] Wohlwill electrolytic refining to 999.9 is industry practice not described in the Good Delivery Rules, which set only the bar specification (350-430 fine troy ounces, minimum fineness 995.0).

• LBMA Good Delivery Rules (bar spec, marking)

Stamp each bar with the melting-licence holder's stamp (Stempelzeichen); bars for resale are assayed by a control office or sworn trade assayer and marked with fineness and the assayer's mark; for LBMA Good Delivery bars also serial number, fineness to four figures and year

Who

Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)

Issues

Bar list (serials, weights, fineness)

Serial number and year are LBMA requirements, not Swiss law. The earlier wording "registered responsibility mark" was wrong for bars (that mark, EMKG Art. 9, applies to finished wares). EMKV marking articles (Arts. 169, 173) were read only as restated by the BAZG (Vorschriften Dec 2023, held); the EMKV text is not yet held.

• PMCA (EMKG, SR 941.31); BAZG R-247; LBMA Good Delivery Rules, EMKG Art. 31(1); R-247 s.3.4.1; LBMA GD Rules s.2.1.7

File annual LBMA RGG independent assurance report; and (if volume threshold met) CO 964j-l conflict-minerals public report

Who

Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)

Issues

LBMA Responsible Gold Guidance annual assurance report; CO 964j-l conflict-minerals due-diligence public report

[time-limited] RGG v9 applies until RGG v10 takes effect: implementation 1 Jan-31 Dec 2027, first v10 audits for the reporting year ending 31 Dec 2027 (consultation closed 10 Jul 2026).

• LBMA RGG v9; CO Art. 964j-964l

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)

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:”

Identify contracting party and beneficial owner; assess source of wealth/funds for the specific bullion; sanctions/PEP screening

Who

Swiss bank (bullion buyer)

Issues

Bank KYC file (CDB 20): name, date of birth, nationality, domicile and ID for natural persons; company name, registered office and proof for entities; Form A - declaration of the beneficial owner of the assets; Form K - controlling persons with 25%+ of an operating entity (CDB 20 Art. 20-21)

Downgraded 2026-09-28 from primary-law: the provisions cited are CDB 20 (a self-regulatory agreement of the SBA, held and read for Arts. 4, 7, 20-21, 27-28); the AMLA itself was not read for this step. The SBA says the revised CDB will not be available until 1 Jan 2027 at the earliest. [unconfirmed] Source-of-wealth assessment and sanctions/PEP screening were not found in the CDB 20 text read. [time-limited] The GwG consolidation of 1 Oct 2026 amends the AMLA widely; effects not assessed.

• AMLA; SBA Agreement on due diligence (CDB 20), CDB 20 Art. 4 (identification; precious-metals trading and cash transactions over CHF 15,000 are separate cases), Art. 7 (data recorded), Art. 20-21 (controlling persons 25%+, Form K), Art. 27-28 (beneficial owner, Form A)

Seller presents bar list, refiner's assay certificate, chain-of-custody documentation, commercial invoice, proof of title

Who

Swiss bank (bullion buyer)

Needs

Bar list (serials, weights, fineness); Refiner outturn/assay report (Switzerland); Bank KYC file (CDB 20): name, date of birth, nationality, domicile and ID for natural persons; company name, registered office and proof for entities

Issues

Commercial invoice from the seller to the bank (VAT law requires one only if the buyer asks for it: MWSTG Art. 26(1); contents Art. 26(2); the sale of investment gold is VAT-exempt: Art. 23(2) Ziff. 12)

A bar not from an LBMA Good-Delivery-listed refiner generally cannot be sold to a major bank without re-refining - this is market practice, not itself a statute Commercial invoice and delivery receipt are practice (no primary source); "proof of title" for allocated bars is the weight list plus the custody contract - no statutory title document found.

Verify bars against the bank's accepted-refiner list / Good Delivery List; settle loco Zurich or loco London, allocated or unallocated

Who

Swiss bank (bullion buyer)

Needs

Bar list (serials, weights, fineness)

Issues

Settlement confirmation / custody account entry; Allocated account weight list (specific bars = ownership) or unallocated account statement (contractual claim only)

Record the transaction and the clarifications made; retain the records for at least ten years after the end of the business relationship or completion of the transaction

Who

Swiss bank (bullion buyer)

Needs

Settlement confirmation / custody account entry

The official fedlex consolidation of the GwG is now held on the server and the article was read there; this replaces the earlier reading on droit-bilingue.ch and fedlex by WebFetch. The ten-year retention is written in words in the law (zehn Jahren), so it is kept in words here and not as an amount: the verifier reads number words in English only.

• Anti-Money Laundering Act (AMLA/GwG) (articles in refs), GwG Art. 7 Abs. 1 (records of transactions and clarifications)

  “Der Finanzintermediär muss über die getätigten Transaktionen und über die nach diesem Gesetz erforderlichen Abklärungen Belege so erstellen, dass fachkundige Dritte sich ein zuverlässiges Urteil über die Transaktionen und Geschäftsbeziehungen sowie über die Einhaltung der Bestimmungen dieses Gesetzes bilden können.”

• Anti-Money Laundering Act (AMLA/GwG) (articles in refs), Art. 7 Abs. 3 (kept at least ten years)

  “Nach Beendigung der Geschäftsbeziehung oder nach Abschluss der Transaktion be- wahrt er die Belege mindestens während zehn Jahren auf.”

• Anti-Money Laundering Act (AMLA/GwG) (articles in refs), Art. 2 Abs. 2 Bst. a (banks are financial intermediaries)

  “Finanzintermediäre sind: a.10 die Banken nach Artikel 1a des Bankengesetzes”

Sell FX from gold exports to commercial banks (spot and funded forwards) and supply the rest to the Bank of Ghana for reserves under GANRAP (from 3 Aug 2026; Aug 2026: US$668.21m to banks, US$646.59m to BoG)

Who

Ghana Gold Board (state buyer and exporter)

Issues

FX sale confirmation (spot or funded forward)

Repatriate export proceeds through sales of FX and bullion to the Bank of Ghana and transfers through Ghanaian commercial banks, keeping any retention account the Minister for Finance allows

Who

Large-scale mining company (mining lease holder)

Act 703 s.30(2) read: the Minister for Finance may permit a lease holder with foreign-exchange earnings to keep "not less than twenty five percent" in a retention account. [summary] A BoG notice of 30 Oct 2025 (reported by GhanaWeb) requires exporters to repatriate proceeds through their nominated bank within 120 days of shipment (one 60-day extension); the notice and the Foreign Exchange Act 2006 (Act 723) are not held. Share repatriated is disputed: Chamber of Mines ~70% (70.8% in 2024) vs GoldBod 20%.

• Minerals and Mining Act, 2006 (Act 703), s.30(2)