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Switzerland (refine) → United States → Hong Kong (China SAR) · Sale on HKGX or OTC, with payment and AML duties

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

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Switzerland (Doré bar - unstamped → LBMA Good Delivery 400oz bar) ⟶ United States (LBMA Good Delivery 400oz bar) ⟶ Hong Kong SAR China (LBMA Good Delivery 400oz bar)

Not researched: United States → Hong Kong SAR China

Leg 1: Switzerland

Where the goods start

Doré bar - unstamped → LBMA Good Delivery 400oz bar

  1. 1

    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
    Standard

    [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

  2. 2

    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
    Secondary

    • Refining/sale contract; SWIFT MT103

  3. 3

    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
    Standard

    [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)

  4. 4

    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)
    Primary law

    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

  5. 5

    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
    Standard

    [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

  6. 6

    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

  7. 7

    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)

  8. 8

    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)

  9. 9

    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)

  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
    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

  11. 11

    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.

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 2: United States

On the way

  1. 12

    Screen the supplier and the gold: KYC, OFAC sanctions lists, and confirm the gold is not of Russian Federation origin (unless it was outside Russia before 28 June 2022); apply CAHRA red flags from the 2023 Africa Gold Advisory

    Who
    Importer of record (bullion bank, trader, refiner or dealer)
    Needs
    Commercial invoice; Bar list (serials, weights, fineness)
    Issues
    Importer's supplier KYC and OFAC / Russian-origin screening file
    Primary law

    • E.O. 14068; OFAC Determination (effective 28 Jun 2022, amended 22 Dec 2023), E.O. 14068 s.1(a)(i); determination under s.1(a)(i)(A), 1(b) and 5; delegation 31 CFR 587.802

  2. 13

    File entry (CBP Form 3461 or electronic equivalent) with evidence of the right to make entry, commercial invoice and packing list, and the entry summary (CBP Form 7501) classifying the gold under HTSUS 7108 with country of origin; deposit any duty (heading 7108 free except 4.1% on 7108.12.50 and 7108.13.70 for non-preference origins) and the 0.3464% merchandise processing fee; shipments of $2,500 or less may use informal entry

    Who
    Licensed customs broker
    Needs
    Importer's supplier KYC and OFAC / Russian-origin screening file; Commercial invoice; Packing list; Air waybill
    Issues
    CBP Form 3461 entry / immediate delivery (or ACE electronic equivalent); CBP Form 7501 entry summary (HTSUS classification, origin, duties and fees)
    Primary law

    • 19 CFR 142.3; 19 CFR 143.21; 19 CFR 24.23; HTSUS 7108

  3. 14

    Review, examine if selected, and release the goods; CBP enforces the Russian-origin gold ban and any withhold release order on gold made with forced labour

    Who
    US Customs and Border Protection
    Needs
    CBP Form 3461 entry / immediate delivery (or ACE electronic equivalent)
    Issues
    CBP release of entered goods (ACE cargo release)
    Primary law

    • 19 CFR 142.3; E.O. 14068 gold determination; 19 U.S.C. 1307 and 19 CFR 12.42

  4. 15

    Deliver released gold directly to the refinery or to a COMEX-approved depository (for COMEX, bars must come directly from an approved producer or assayer with certificates, or from another depository)

    Who
    Secure logistics carrier (armoured / valuables; COMEX-approved carrier where relevant)
    Needs
    CBP release of entered goods (ACE cargo release)
    Issues
    Delivery record airport to refinery or depository
    Standard
  5. 16

    Deliver bars into a COMEX-approved depository directly from the approved producer with refiner certificates, from an approved assayer with assay certificates, or from another approved depository

    Who
    Secure logistics carrier (armoured / valuables; COMEX-approved carrier where relevant)
    Needs
    Refiner certificate for bars produced (brand, serial, weight, fineness)
    Issues
    Chain-of-integrity receipt at depository
    Standard
  6. 17

    Inspect and weigh the bars and record them as eligible stock

    Who
    COMEX-approved depository / bullion vault
    Needs
    Chain-of-integrity receipt at depository; Bar list (serials, weights, fineness)
    Issues
    Depository inspection, weight record and eligible-stock entry
    Standard
  7. 18

    Issue an electronic warrant in the name of the clearing member, referencing bar serials and the approved producer; the metal becomes registered (deliverable) stock

    Who
    COMEX-approved depository / bullion vault
    Needs
    Depository inspection, weight record and eligible-stock entry
    Issues
    COMEX gold warrant (electronic UCC Article 7 document of title)
    Standard

    • COMEX Rulebook; UCC Article 7, Rule 705.A; 113108

  8. 19

    Report eligible, pledged and registered stocks to the exchange registrar daily by 2:00 p.m.

    Who
    COMEX-approved depository / bullion vault
    Standard
  9. 20

    Optionally pledge the warrant to CME as collateral (title to CME, first-priority security interest, 15% haircut)

    Who
    Futures clearing member / bullion bank
    Needs
    COMEX gold warrant (electronic UCC Article 7 document of title)
    Standard
  10. 21

    Release the bars from the depository (load-out after warrant cancellation if on COMEX warrant) to the carrier

    Who
    COMEX-approved depository / bullion vault
    Needs
    Depository inspection, weight record and eligible-stock entry
    Standard
  11. 22

    File EEI in AES for the foreign-origin gold and give the ITN to the carrier (same rules as export; BIS licence for Russia/Belarus)

    Who
    US principal party in interest (USPPI) / exporter
    Issues
    EEI/ITN for re-export of foreign-origin gold
    Primary law

    • Foreign Trade Regulations, 15 CFR 30.2, 30.4

Taxes and fees

  • Customs duty on gold (HTSUS 7108)

    Column 1 general: Free on 7108.11.00 (powder), 7108.12.10 (bullion and dore), 7108.13.10 (gold leaf), 7108.13.55 (rectangular or near-rectangular shapes of 99.5%+ gold marked only with weight, purity or other identifying information), 7108.20.00 (monetary); 4.1% on 7108.12.50 (other unwrought) and 7108.13.70 (other semi-manufactured), Free for special programmes A, AU, BH, CL, CO, D, E, IL, JO, KR, MA, OM, P, PA, PE, S, SG (General Note 3(c)(i): e.g. S = USMCA, PE = Peru TPA, CO = Colombia TPA, AU = Australia FTA, CL = Chile FTA, SG = Singapore FTA, A = GSP, D = AGOA). Column 2: 65% on 7108.12.50 and 7108.13.70, 8% on gold leaf, Free on the others (7108.13.55 footnoted "See 9903.90.08") All imports of gold

    Primary lawAmount not confirmed

    • HTSUS (Revision 19, 2026), heading 7108

  • Nevada gold and silver excise tax

    0.75% of Nevada gross revenue above $20,000,000 up to $150,000,000 (i.e. $975,000 at $150m) plus 1.1% of the excess over $150,000,000; nothing due if $20,000,000 or less

    Official guidanceAmount not confirmed

    • NRS 363D (per Department of Taxation form EXC-F029), NRS 363D.160 (as cited by the Department)

  • IEEPA reciprocal tariff (E.O. 14257) - ended February 2026; gold bullion exempt throughout, other 7108 lines exempt from 8 Sep 2025

    10% on all imports from 12:01 a.m. EDT 5 Apr 2025 (E.O. 14257 s.3(a)) plus country-specific rates from 9 Apr 2025 as modified; goods in Annex II excepted 7108.12.10 (bullion and dore) was already in Annex II; E.O. 14346 Annex II (FR 43788-43789) marks 7108.11.00, 7108.12.50, 7108.13.10, 7108.13.55, 7108.13.70 and 7108.20.00 as "Addition" for goods entered from 12:01 a.m. EDT 8 Sep 2025. Before that, cast kilobars and 100 oz bars classified in 7108.13.5500 paid the additional duty (CBP ruling N351466: "subject to an additional 10 percent ad valorem rate of duty").

    Primary lawAmount not confirmed

    • E.O. 14257 as modified by E.O. 14346 (IEEPA); ended by E.O. 14389

  • Additional duty on Russian products (9903.90.08)

    35% ad valorem in lieu of column 2 rates Products of Russia in U.S. note 30(b); of heading 7108 only 7108.13.55 is listed. Moot for gold: its import is prohibited (us.ctl-russia-gold-ban)

    Primary lawAmount not confirmed

    • HTSUS chapter 99, 9903.90.08

  • Section 122 temporary import surcharge (Proclamation 11012) - gold excepted

    10% ad valorem on articles of any country (heading 9903.03.01), in addition to other duties; not applied to the goods listed in U.S. note 2(aa)(ii) (heading 9903.03.03), which include every 7108 subheading: 7108.11.00, 7108.12.10, 7108.12.50, 7108.13.10, 7108.13.55, 7108.13.70, 7108.20.00 Gold of HTSUS 7108 excepted ("metals used in currency and bullion", Proc. 11012 para. 14(b); Annex I para. 2; Annex II)

    Primary lawAmount not confirmed

    • Trade Act of 1974 s.122 (19 U.S.C. 2132); Proclamation 11012; HTSUS U.S. note 2(aa), subchapter III, chapter 99, 9903.03.01; 9903.03.03; note 2(aa)(ii)

  • Section 301 forced-labor tariffs on 60 economies (USTR, from 24 Jul 2026) - gold excluded

    Additional 10% or 12.5% ad valorem depending on the economy (headings 9903.05.20-9903.05.84), e.g. Canada 10% (9903.05.29), Mexico 10% (9903.05.55), United Kingdom 10% (9903.05.81), Peru 12.5% (9903.05.63), Colombia 12.5% (9903.05.32), United Arab Emirates 12.5% (9903.05.80), Switzerland: for goods whose column-1 rate is under 12.5%, column-1 rate plus additional duty totalling 12.5% (9903.05.74; note 52(k)); the same top-up method applies to the EU, Japan, South Korea and Taiwan headings; not applied to articles in U.S. note 52(b) (heading 9903.05.86), which lists 7108.11.00, 7108.12.10, 7108.12.50, 7108.13.10, 7108.13.55, 7108.13.70 and 7108.20.00 All HTSUS 7108 gold excluded; applies to other products of the listed economies

    Primary lawAmount not confirmed

    • Trade Act of 1974 s.301 (19 U.S.C. 2411); USTR notice FR Doc. 2026-15181; HTSUS U.S. note 52, subchapter III, chapter 99, 9903.05.20-9903.05.84; 9903.05.86; note 52(b)

  • VAT / sales tax on gold

    No federal VAT or import VAT; state sales taxes vary - about 33 states exempt investment bullion or have no sales tax (Mar 2026) Bullion sales to end buyers

    Secondary

  • BLM mining claim fees

    $49 location fee and $200 initial maintenance fee per new lode claim, mill site or tunnel site; $200 annual maintenance fee (placer: per 20 acres or portion) due on or before 1 September; processing fees per 43 CFR 3000.12 ($25 per new claim on the BLM page)

    Primary lawAmount not confirmed

    • 30 U.S.C. 28f; 43 CFR 3830.21, 43 CFR 3830.21(a), (d)

  • Merchandise processing fee

    0.3464% ad valorem on formal entries (19 CFR 24.23(b)(1)(i)(A)); minimum/maximum per entry $33.58/$651.50 for fiscal year 2026 (1 Oct 2025-30 Sep 2026, CBP Dec. 25-10) and $34.58/$670.86 from 1 Oct 2026 (FY2027 notice); base amounts $25/$485 CPI-adjusted; informal entries a flat fee (base $2-$9)

    Primary lawAmount not confirmed

    • 19 CFR 24.23, 24.23(b)(1)(i), (b)(2)

Controls

  • Beneficial ownership reporting under the Corporate Transparency Act applies only to a "reporting company" defined as an entity "(A) A corporation, limited liability company, or other entity; (B) Formed under the law of a foreign country; and (C) Registered to do business in any State or tribal juris…

    Primary law

    • 31 CFR 1010.380, 1010.380(a)(1), (c)(1)(ii)

  • Any trade or business receiving more than $10,000 in currency in one or related transactions must file Form 8300 within 15 days. There is no cash ceiling, only reporting.

    > $10,000 cash

    Primary lawAmount not confirmed

    • 31 CFR 1010.330; 26 USC 6050I, 1010.330(a)(1)(i)

  • Gold bullion is not a 'monetary instrument' under the BSA, so the cross-border currency report (CMIR) does not apply to gold carried or shipped across the border; customs entry and EEI are the only declarations.

    Primary law

    • 31 CFR 1010.340; 31 CFR 1010.100(dd), 1010.340(a); 1010.100(dd)

  • COMEX gold delivery: one 100 oz bar or three 1 kg bars, weight tolerance 5%, minimum 995 fineness, approved brand from an approved producer complying with LBMA RGG, held in an approved depository reached through the chain of integrity.

    Standard

    • COMEX Rulebook, 113101; Rules 703.A, 705.A

  • SEC-reporting issuers that manufacture or contract to manufacture products in which gold is necessary must "conduct in good faith a reasonable country of origin inquiry" (Form SD Item 1.01(a)); if they know or have reason to believe the gold may come from the DRC or an adjoining country and may not …

    Primary law

    • Dodd-Frank s.1502; Exchange Act Rule 13p-1; Form SD (as adopted 2012), 17 CFR 240.13p-1; Form SD Items 1.01-1.02

  • Dealers in precious metals (gold of 500+ fineness among covered goods) must keep a written risk-based AML program with compliance officer, training and independent testing; retailers are covered only if they buy over $50,000 from non-dealers.

    Purchased > $50,000 and sold > $50,000 of covered goods in the prior year

    Primary lawAmount not confirmed

    • 31 CFR 1027, 1027.100, 1027.210

  • HS 710812 and 710813 (non-monetary gold, unwrought other than powder, and semi-manufactured) are listed EAR 'luxury goods': "A license is required to export, reexport, or transfer (in-country) any item subject to the EAR listed in supplement no. 5 to this part to or within Russia or Belarus" (746.8(…

    Primary law

    • EAR 15 CFR 746.8(a)(7), (b)(3); Supplement No. 5 to Part 746, 746.8(a)(7)

  • Goods "mined, produced, or manufactured wholly or in part in any foreign country by convict labor or/and forced labor or/and indentured labor under penal sanctions shall not be entitled to entry" (19 U.S.C. 1307). Where information "reasonably but not conclusively indicates" such merchandise is bein…

    Primary law

    • Tariff Act of 1930 s.307 (19 U.S.C. 1307); 19 CFR 12.42, 19 U.S.C. 1307; 19 CFR 12.42(e)-(h)

  • US persons may not deal with SDN-listed parties; the 2023 multi-agency Africa Gold Advisory flags Wagner-linked gold from CAR and Sudan and conflict gold from Mali and Burkina Faso, warning of designation and penalties.

    Official guidance

    • IEEPA-based OFAC programs

  • Historical (2025 - Feb 2026): E.O. 14257 imposed an additional 10% on all imports from 5 Apr 2025 and country rates from 9 Apr 2025, with Annex II exceptions that from the start included 7108.12.10 (bullion and dore). CBP ruling N351466 (31 Jul 2025) classified cast 1 kg and 100 oz bars from Switzer…

    Primary law

    • E.O. 14257; E.O. 14346; E.O. 14389; Proclamation 11012; HTSUS U.S. notes 2(aa) and 52

  • Import into the US of gold of Russian Federation origin is prohibited unless licensed by OFAC; gold of Russian origin located outside Russia before 28 June 2022 is excluded.

    Primary law

    • E.O. 14068 as amended by E.O. 14114; OFAC Determination (effective 28 Jun 2022, amended 22 Dec 2023), E.O. 14068 s.1(a)(i)(A) (as amended by E.O. 14114 s.3(a)); delegation 31 CFR 587.802

Leg 3: Hong Kong SAR China

Where the goods arrive

  1. 23

    Onboard the supplier: KYC and source-of-supply review. Hong Kong law makes CDD mandatory for a Category B registrant only for specified cash transactions (AMLO s.5A(5A)); for bank-paid purchases the pack is the importer's own risk choice, with LBMA/OECD guidance applying where the buyer or refiner is bound by it

    Who
    Registered bullion dealer / trader (DPMS registrant)
    Needs
    DPMS Category A registration certificate; Commercial invoice
    Issues
    Supplier KYC pack held by the Hong Kong importer; Customer due diligence file (Category B, specified cash transaction); Supplier's commercial invoice
    Official guidance

    [inferred] No Hong Kong rule found that requires origin documents for imported gold; the KYC pack is commercial practice outside cash transactions. The legal scope of CDD is read in the Ordinance.

    • AMLO s. 5A and Sch. 2 (only for specified cash transactions), s. 5A(5A)-(5B)

      “An AML/CTF requirement that applies to a DNFBP who is a Category B PMS registrant only applies when, by way of business, the registrant carries out, in Hong Kong with a customer, a specified cash transaction that is not an excluded transaction”

  2. 24

    Fly the consignment into HKIA and deliver it to the importer's vault. If it is transhipment cargo (consigned on a through bill of lading or through air waybill to a place outside Hong Kong) or transit cargo, no Hong Kong declaration is required and the gold never enters the Hong Kong market

    Who
    Secure logistics carrier / forwarder
    Needs
    Supplier's commercial invoice; Air waybill; Export customs declaration accepted by the dispatching country's customs
    Issues
    Inbound air waybill
    Primary law

    • Import and Export (Registration) Regulations (Cap. 60E), reg. 3(a)-(b); Cap. 60 s. 2 (transhipment cargo, article in transit)

  3. 25

    Receive the bars, weigh them and check serials against the bar list; credit the importer's allocated account

    Who
    Precious-metals vault operator
    Needs
    Inbound air waybill
    Issues
    Weight and quality verification record; Bar list (serials, weights, fineness); Allocated account weight list
    Industry practice

    [inferred] Vault intake practice is not documented in an official source; the clearing press release confirms designated vaults record deposits.

  4. 26

    Lodge the import declaration within 14 days after the day of importation using the specified system (Trade Single Window, or during the transition a government-appointed service provider). Gold bars of fineness 995.0 or above (HKHS 7108 1210, 7108 2010) go on Form 1B with no declaration charge; other gold pays the charge. No customs duty or VAT; gold is not an exempted article

    Who
    Registered bullion dealer / trader (DPMS registrant)
    Needs
    Inbound air waybill; Supplier's commercial invoice
    Issues
    Hong Kong import declaration (Cap. 60E, lodged electronically within 14 days)
    Primary law

    • Import and Export (Registration) Regulations (Cap. 60E), regs 3, 4(1)-(2), 7, 8(1), (1AA), (4), 18

  5. 27

    If the gold is paid for with physical currency or BNIs above HK$120,000 carried across the boundary, declare the cash (not the gold) to C&ED: advance CDS declaration for cargo, red channel for arriving travellers

    Who
    Registered bullion dealer / trader (DPMS registrant)
    Issues
    CBNI advance electronic declaration (CDS) for cash moved as cargo
    Primary law

    • Cap. 629, ss. 2, 4, 9, 11; Sch. 4

  6. 28

    Hold bars in allocated storage and issue periodic weight lists to the owner

    Who
    Precious-metals vault operator
    Issues
    Allocated account weight list
    Industry practice

    [not-read] Private vault terms not researched; no statute governing private bullion vaults was found in the texts held.

  7. 29

    Deposit eligible about-400-oz bars that meet international standards into a designated vault of the central clearing system; the central ledger credits the participant with unallocated, commingled gold

    Who
    Authorised institution (bank) dealing in bullion
    Needs
    Bar list (serials, weights, fineness)
    Issues
    Central clearing ledger entry (unallocated gold balance)
    Official guidance

    • Clearing Rulebook

  8. 30

    Transfer gold under Delivery Connect into the SGE International Board designated vault in Hong Kong through the physical gold account the clearing company opened with the SGE, so that it can be traded on the SGE, and back again

    Who
    Precious metals central clearing company (government-owned)
    Needs
    Central clearing ledger entry (unallocated gold balance)
    Issues
    SGE International Board vault account record (Delivery Connect)
    Official guidance

    The press release says the HKPMCC "has applied to become an international member of the Shanghai Gold Exchange and opened a physical gold account"; r1 said it was already a member.

    • Clearing Rulebook

  9. 31

    Withdraw physical bars from a designated vault against the participant's ledger balance for delivery or export

    Who
    Authorised institution (bank) dealing in bullion
    Needs
    Central clearing ledger entry (unallocated gold balance)
    Issues
    Bar list (serials, weights, fineness)
    Official guidance

    • Clearing Rulebook

  10. 32

    Agree price and terms: loco-London or loco-Hong Kong OTC off the LBMA Gold Price or dealer quotes (the HAU ticker, launched on Bloomberg on 7 July 2026, gives indicative loco-HK bid/offer); or trade on HKGX by open outcry or electronically

    Who
    Registered bullion dealer / trader (DPMS registrant)
    Issues
    Sale and Purchase Agreement (price clause); Price reference (LBMA Gold Price, or HAU ticker quotes for loco Hong Kong); HKGX trade record / transaction code
    Official guidance
  11. 33

    Before any specified cash transaction (cash of HK$120,000 or more, single or linked) with a customer, a Category B registrant identifies and verifies the customer and beneficial owner, verifies anyone acting for the customer, applies PEP and high-risk measures and keeps records at least 5 years. Only a Category B registrant may carry out such a transaction; cash paid only between two Category B registrants is excluded from CDD

    Who
    Registered bullion dealer / trader (DPMS registrant)
    Needs
    DPMS Category B registration certificate
    Issues
    Customer due diligence file (Category B, specified cash transaction)
    Primary law

    • AMLO s. 5A and Sch. 2; C&ED Guideline for Category B registrants, s. 5A(5A)-(5B); s. 53ZUE(2); Sch. 2 ss. 2, 3(1)(b), 10, 15, 20

      “for a period of at least 5 years beginning on the date on which the transaction is completed”

  12. 34

    A visiting non-Hong Kong dealer that completes a cash transaction of HK$120,000 or more files a cash transaction report (Form CED418) with C&ED within one day or before leaving, whichever is earlier

    Who
    Non-Hong Kong dealer (visiting)
    Issues
    Cash transaction report by a non-Hong Kong dealer (Form CED418)
    Primary law

    • AMLO (Cap. 615) Part 5C, s. 53ZVK; Sch. 3J

  13. 35

    Buyer pays by bank transfer (or ledger transfer through central clearing); seller issues the final invoice; title passes by vault transfer or clearing-ledger entry

    Who
    Authorised institution (bank) dealing in bullion
    Needs
    Sale and Purchase Agreement (price clause)
    Issues
    SWIFT MT103 payment confirmation (bank-to-bank, authenticated); Final invoice (against outturn assay); Settlement confirmation / custody account entry; Central clearing ledger entry (unallocated gold balance)
    Official guidance

    [inferred] Settlement mechanics for bilateral OTC outside central clearing are market practice.

  14. 36

    Report any knowledge or suspicion that property is crime proceeds to JFIU through STREAMS 2 (applies to everyone, not only registrants); do not tip off

    Who
    Registered bullion dealer / trader (DPMS registrant)
    Issues
    Suspicious transaction report to JFIU (STREAMS 2)
    Primary law

    • OSCO (Cap. 455), DTROP (Cap. 405), UNATMO (Cap. 575), Cap. 455 s. 25A(1), (5), (7); Cap. 405 s. 25A(1); Cap. 575 s. 12(1), (5)

      “Where a person knows or suspects that any property— (a) in whole or in part directly or indirectly represents any person’s proceeds of; (b) was used in connection with; or (c) is intended to be used in connection with, an indictable offence, he shall as soon as it is reasonable for him to do so disclose that knowledge or suspicion … to an authorized officer”

Taxes and fees

  • Customs duty on gold

    Nil All gold imports and exports; the Ordinance applies only to alcoholic liquors, tobacco, aircraft spirit, light diesel oil, motor spirit, kerosene and methyl alcohol (s.3(1))

    Primary lawAmount not confirmed

    • Dutiable Commodities Ordinance (Cap. 109), ss. 3(1), 4(1)

  • Profits tax on gold trading profits

    Corporations: 8.25% on the first HK$2,000,000 of assessable profits and 16.5% above (Sch. 8B s.2(a)); unincorporated businesses: 7.5% and 15% (Sch. 8A s.2); years of assessment from 1 April 2018 Trading profits of Hong Kong gold dealers; not a transaction tax

    Primary lawAmount not confirmed

    • Inland Revenue Ordinance (Cap. 112), s. 14; Schs. 8A, 8B

      “Subject to the provisions of this Ordinance, profits tax shall be charged for each year of assessment on every person carrying on a trade, profession or business in Hong Kong in respect of his assessable profits arising in or derived from Hong Kong for that year from such trade, profession or business (excluding profits arising from the sale of capital assets)”

  • VAT / GST on gold

    None (Hong Kong has no VAT or GST) Import and sale of gold

    UnverifiedAmount not confirmed

  • Import/export declaration charge

    Nil on declarations relating to gold bars (reg. 8(4)); C&SD defines these as gold bars of fineness 995.0 or above, HKHS codes 7108 1210 and 7108 2010, declared on Forms 1B/2B. Other gold (e.g. dore below 995.0): HK$0.20 for value up to HK$46,000, then 12.5 cents per additional HK$1,000 or part, rounded up to 10 cents, capped at HK$200 per declaration (reg. 8(1)(b)-(d), (1AA)) Each import and export declaration

    Primary lawAmount not confirmed

    • Import and Export (Registration) Regulations (Cap. 60E), reg. 8(1), (1AA), (4); reg. 7

      “No charge shall be payable under paragraph (1)(b), (c) or (d) in respect of a declaration relating to gold bars within the meaning of the Imports and Exports Classification List”

Controls

  • A Category B registrant must, before a specified cash transaction (cash of HK$120,000 or more) with a customer, identify and verify the customer and any beneficial owner, obtain the purpose of a business relationship and verify anyone acting for the customer (Sch. 2 ss.2, 3(1)(b)); obtain senior-man…

    Cash payment of HK$120,000 or more

    Primary law

    • AMLO (Cap. 615) s. 5A and Sch. 2; C&ED Guideline for Category B registrants, s. 5A(5A)-(5B); Sch. 2 ss. 2, 3, 5, 10, 15, 19, 20; s. 53ZVF

      “for a period of at least 5 years beginning on the date on which the transaction is completed”

  • A non-Hong Kong dealer (an individual not ordinarily resident, or a foreign legal person that is neither a registered non-Hong Kong company nor a re-domiciled company; no place of business in Hong Kong; business in Hong Kong on no more than 60 days a year) is outside registration but must report eac…

    HK$120,000 cash

    Primary lawAmount not confirmed

    • AMLO (Cap. 615) Part 5C, ss. 53ZTZ, 53ZUA(2), 53ZVK; Sch. 3J

  • Any person who knows or suspects that property represents proceeds of, or was or is intended to be used in connection with, an indictable offence (OSCO s.25A(1)) or drug trafficking (DTROP s.25A(1)), or that property is terrorist property (UNATMO s.12(1)), must disclose it to an authorized officer (…

    Primary law

    • OSCO (Cap. 455), DTROP (Cap. 405), UNATMO (Cap. 575), Cap. 455 s. 25A; Cap. 405 s. 25A; Cap. 575 s. 12

      “Where a person knows or suspects that any property— (a) in whole or in part directly or indirectly represents any person’s proceeds of; (b) was used in connection with; or (c) is intended to be used in connection with, an indictable offence, he shall as soon as it is reasonable for him to do so disclose that knowledge or suspicion … to an authorized officer”

  • Hong Kong applies only UN Security Council sanctions, through regulations the Chief Executive makes under Cap. 537 on instructions from the Ministry of Foreign Affairs (ss.2-3); dealing with funds or economic resources of designated persons without a licence is an offence under those regulations (C&…

    Primary law

    • United Nations Sanctions Ordinance (Cap. 537), ss. 2-3

      “the Ministry of Foreign Affairs of the People’s Republic of China”

  • Currency and bearer negotiable instruments above HK$120,000 (Sch. 4) must be declared by arriving travellers (s.4), disclosed on request by other arrivals and by departing travellers (ss.5-6), and declared in advance electronically when moved as cargo in one batch (ss.9-11). "CBNI" means notes or co…

    HK$120,000 of CBNIs

    Primary lawAmount not confirmed

    • Cap. 629, ss. 2, 4-6, 9-11; Sch. 4

  • The central clearing system accepts only about-400-oz bars meeting international standards (in effect LBMA Good Delivery) into designated vaults, held unallocated and commingled.

    Official guidance

    • Clearing Rulebook

  • No new commodity exchange may be established or operated for gold, silver or the other listed commodities (Cap. 82 s.4 and Schedule items 6, 13; fine HK$500,000 plus HK$50,000 a day), except an exchange "which was in operation on 20 June 1973" (s.3(d)) or a recognized futures market under the Securi…

    Primary law

    • Commodity Exchanges (Prohibition) Ordinance (Cap. 82), ss. 3(d)-(e), 4; Schedule

      “(e) a recognized futures market”

  • Anyone who by way of business trades in, imports, exports, manufactures, refines or carries out value-adding work on precious metals (gold "in a manufactured or unmanufactured state"), issues or trades precious-asset-backed instruments, or acts as intermediary (s.53ZU(1)) must be registered before c…

    HK$120,000 per transaction or linked transactions

    Primary lawAmount not confirmed

    • AMLO (Cap. 615) Part 5C, ss. 53ZTZ, 53ZU, 53ZUA, 53ZUE; Schs. 3H, 3I

  • Only bars from HKGX authorised minters (13 members) are good delivery on the exchange, by type: 99 gold 5-tael, 999.9 gold kilo, 999.9 gold 5-tael and 999.9 silver 15 kg.

    Industry practice

    • HKGX rules

  • A Legislative Council question of May 2026 refers to "the current 50-gram limit" on gold products for personal use carried by Mainland visitors, and asks about "simplifying the tax collection process for amounts exceeding the limit"; the limit is a Mainland rule. The Government replied only that Hon…

    50 g (per LegCo question; Mainland rule not read)

    SecondaryAmount not confirmed

  • Gold entering the Mainland from Hong Kong under general trade needs a PBOC Gold and Gold Products Import/Export Permit presented to customs (Art. 3), issued only to qualified importers (Art. 8, e.g. financial-institution members or market makers of the State Council-approved gold exchange); "one bat…

    Primary law

    • PBOC/GACC gold import-export measures (Order [2015] No. 1, amended 2020), Arts. 3, 4, 6, 8, 17, 20

  • No import or export licence, permit or duty applies to gold. Licences are needed only for articles listed in the regulations under Cap. 60 (s.6C: Cap. 60A Sch. 1; s.6D: Cap. 60A Sch. 2; s.6A: strategic commodities), and gold is not listed in Cap. 60A Schedules 1-2. The only customs formality is the …

    Primary law

    • Import and Export Ordinance (Cap. 60) and regulations, Cap. 60 ss. 6A, 6C, 6D; Cap. 60A Schs. 1-2; Cap. 60E regs 3-5

Leg 4: Switzerland

Back in the origin country: the proceeds of the export

  1. 37

    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)
    Standard

    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)

  2. 38

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

    Who
    Swiss bank (bullion buyer)
    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)
    Secondary

    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.

  3. 39

    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)
    Issues
    Settlement confirmation / custody account entry; Allocated account weight list (specific bars = ownership) or unallocated account statement (contractual claim only)
    Secondary
  4. 40

    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)
    Primary law

    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”

Crossings between countries

  • Switzerland → United States Researched

    Papers that cross: Refiner outturn/assay report (Switzerland); Purchase book: customer, ID proof, acceptance date, description and marking, weight on acceptance, weight after melting, completion; Bar list (serials, weights, fineness); Passar export declaration (HS 7108); Veranlagungsverfuegung Ausfuhr; Air waybill (outbound)

  • United States → Hong Kong SAR China Not researched

    Papers that cross: CBP Form 3461 entry / immediate delivery (or ACE electronic equivalent); CBP Form 7501 entry summary (HTSUS classification, origin, duties and fees); CBP release of entered goods (ACE cargo release); Delivery record airport to refinery or depository; Chain-of-integrity receipt at depository; Depository inspection, weight record and eligible-stock entry; EEI/ITN for re-export of foreign-origin gold