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

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

Who

Individual entrepreneur or company trading precious metals domestically

Issues

Report to the AFM on an operation subject to financial monitoring

• Law 191-IV, art. 4

Extract gold ore within the licensed plot under a mining licence

Who

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

Needs

Mining licence for solid minerals

Form

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

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

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

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

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

  “добыча твердых полезных ископаемых (извлечение)”

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

Who

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

Form

Concentrate / black sand → Doré bar - unstamped

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

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

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

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

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

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

  “химическому и бактериальному выщелачиванию”

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

Who

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

Issues

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

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

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

Who

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

Issues

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

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

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

Move doré under secure escort from the mine to the refinery

Who

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

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

Who

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

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

Who

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

Issues

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

Form

Doré bar - unstamped → 999.9 kilobar

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

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

Who

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

Issues

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

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

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

Who

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

Needs

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

Issues

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

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

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

Who

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

Issues

Accredited testing laboratory document on precious-metal content

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

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

Who

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

Needs

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

Issues

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

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

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

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

Who

Kazakh commercial bank servicing the currency contract

Issues

Registration (accounting) number of a currency contract

Threshold is set in NBK rules, not read.

• Law 167-VI, arts 13-14

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

Who

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

Needs

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

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

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

Who

National Bank of Kazakhstan (state buyer, priority right)

Issues

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

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

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

Who

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

Issues

Act of state control of precious metals, issued per shipment

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

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

Who

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

Issues

Certificate of origin (general form) for exported goods

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

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

Who

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

Needs

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

Issues

EAEU goods declaration for export (ДТ)

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

Ship the bars to the foreign buyer

Who

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

Needs

EAEU goods declaration for export (ДТ)

Issues

Air waybill for export shipment

Order 375 governs release; carriage arrangements are industry practice.

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:”

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)

[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

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

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)

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)

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)

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

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)

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

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

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)

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.

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

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

• Money Laundering Regulations 2017, reg 27

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

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

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

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

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

Who

Secure valuables carrier

Issues

Air waybill, inbound valuables consignment

UK valuables-cargo handling not researched in this pass.

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

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

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

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

Who

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

Needs

CDS full import declaration

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

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

Who

HMRC (customs and VAT authority)

Needs

CDS full import declaration

Issues

CDS clearance notification (goods released)

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

Who

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

Needs

CDS clearance notification (goods released)

Issues

Deposit notice to London custodian

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

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

Who

LBMA Approved Weigher

Issues

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

• LBMA Good Delivery Rules, Annex B

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

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)

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

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

Who

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

Needs

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

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

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

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

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

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

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

Who

Bank of England (gold custodian)

Form

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

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

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

Who

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

Issues

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

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

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

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

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

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)

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)

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

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

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

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

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

Pay the cash leg against metal settlement

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

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

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

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)

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

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

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

Who

LPMCL clearing member bank

Needs

MLR customer due diligence file

Issues

Suspicious activity report to the National Crime Agency

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

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

Who

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

Issues

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

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

• Law 167-VI, art. 9