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

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

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

Not researched: United States → United Kingdom

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: United Kingdom

Where the goods arrive

  1. 23

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

    Who
    Bullion dealer / trader (importer of record, usually an LBMA member)
    Issues
    Supplier KYC pack received by the UK buyer; MLR customer due diligence file
    Primary law

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

    • Money Laundering Regulations 2017, reg 27

  2. 24

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

    Who
    Bullion dealer / trader (importer of record, usually an LBMA member)
    Needs
    Export customs declaration accepted by the dispatching country's customs
    Issues
    Importer's Russia-sanctions origin evidence file
    Primary law

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

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

  3. 25

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

    Who
    Secure valuables carrier
    Issues
    Air waybill, inbound valuables consignment
    Unverified

    UK valuables-cargo handling not researched in this pass.

  4. 26

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

    Who
    Customs agent / declarant using CDS software
    Needs
    EORI number of importer/exporter; Importer's Russia-sanctions origin evidence file; Air waybill, inbound valuables consignment; Air waybill; Commercial invoice; Bar list (serials, weights, fineness)
    Issues
    CDS full import declaration
    Official guidance

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

  5. 27

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

    Who
    Bullion dealer / trader (importer of record, usually an LBMA member)
    Needs
    CDS full import declaration
    Official guidance

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

  6. 28

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

    Who
    HMRC (customs and VAT authority)
    Needs
    CDS full import declaration
    Issues
    CDS clearance notification (goods released)
    Official guidance
  7. 29

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

    Who
    Bullion dealer / trader (importer of record, usually an LBMA member)
    Needs
    CDS clearance notification (goods released)
    Issues
    Deposit notice to London custodian
    Standard

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

  8. 30

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

    Who
    LBMA Approved Weigher
    Issues
    Machine-readable LBMA weight list accompanying the delivery (dated, approved-weigher status)
    Standard

    • LBMA Good Delivery Rules, Annex B

  9. 31

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

    Who
    London commercial vault / custodian (typically a clearing or custodian bank)
    Needs
    Deposit notice to London custodian; Machine-readable LBMA weight list accompanying the delivery (dated, approved-weigher status)
    Standard

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

  10. 32

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

    Who
    London commercial vault / custodian (typically a clearing or custodian bank)
    Needs
    Machine-readable LBMA weight list accompanying the delivery (dated, approved-weigher status)
    Standard

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

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

  11. 33

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

    Who
    London commercial vault / custodian (typically a clearing or custodian bank)
    Needs
    Machine-readable LBMA weight list accompanying the delivery (dated, approved-weigher status)
    Issues
    Allocated weight list (bar number, gross weight, fineness, fine weight, brand) or unallocated balance statement
    Standard

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

  12. 34

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

    Who
    Bank of England (gold custodian)
    Form
    LBMA Good Delivery 400oz bar → Monetary gold (central bank reserve)
    Official guidance

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

  13. 35

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

    Who
    London commercial vault / custodian (typically a clearing or custodian bank)
    Issues
    Custodian holdings return to LBMA (London vault data / GBI)
    Standard
  14. 36

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

    Who
    LPMCL clearing member bank
    Issues
    MLR customer due diligence file
    Primary law

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

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

  15. 37

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

    Who
    Bullion dealer / trader (importer of record, usually an LBMA member)
    Needs
    MLR customer due diligence file
    Issues
    OTC bullion trade confirmation (IBMA 1994 / ISDA Bullion Definitions 1997)
    Standard
  16. 38

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

    Who
    Bullion dealer / trader (importer of record, usually an LBMA member)
    Needs
    OTC bullion trade confirmation (IBMA 1994 / ISDA Bullion Definitions 1997)
    Official guidance

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

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

  17. 39

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

    Who
    LPMCL clearing member bank
    Needs
    OTC bullion trade confirmation (IBMA 1994 / ISDA Bullion Definitions 1997); Allocated weight list (bar number, gross weight, fineness, fine weight, brand) or unallocated balance statement
    Issues
    Loco London settlement: transfer between unallocated accounts via LPMCL members, or allocated bar transfer
    Standard

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

  18. 40

    Pay the cash leg against metal settlement

    Who
    LPMCL clearing member bank
    Needs
    Loco London settlement: transfer between unallocated accounts via LPMCL members, or allocated bar transfer
    Issues
    Cash-leg payment for the metal
    Unverified

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

  19. 41

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

    Who
    Bullion dealer / trader (importer of record, usually an LBMA member)
    Needs
    Loco London settlement: transfer between unallocated accounts via LPMCL members, or allocated bar transfer
    Issues
    Investment gold invoice (VAT tertiary legislation s.3 / VAT Regs reg 31A); Investment gold customer records and identity evidence; Notification to HMRC of exempt investment gold dealing (within 28 days)
    Primary law

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

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

  20. 42

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

    Who
    LPMCL clearing member bank
    Needs
    MLR customer due diligence file
    Issues
    Suspicious activity report to the National Crime Agency
    Official guidance

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

Taxes and fees

  • Customs duty on gold (UK Global Tariff)

    0.00% (third-country duty on 7108 12 00 00; preferential rates also 0.00%) HS 7108 12 00 00 non-monetary gold, other unwrought forms (read); 7108 13 and 7112 91 not held

    Official guidanceAmount not confirmed

    • Customs Tariff (Establishment) (EU Exit) Regulations 2020 (S.I. 2020/1430), as shown on the tariff

  • Import VAT on investment gold

    Exempt Bars/wafers 995+ of a weight accepted by the bullion markets; qualifying coins

    Official guidanceAmount not confirmed

    • VAT Act 1994 Sch 9 Group 15; VAT Notice 701/21 s.8.1; UK tariff additional code VATE

  • Import VAT on non-investment gold

    20% (standard rate; tariff code 03020) Doré, grain, scrap, bars below 995, non-qualifying coins

    Official guidanceAmount not confirmed

    • VAT Notice 701/21, s10.7

  • VAT exemption for supplies of investment gold (with option to tax)

    Exempt Supplies of investment gold (incl. rights to it, unallocated gold, loans, swaps, forwards and futures; not options) and agents' services for them; not between an LBMA member and a taxable non-member (standard-rated, SAS)

    Official guidanceAmount not confirmed

    • VAT Act 1994 Sch 9 Group 15; VAT (Investment Gold) Order 1999

  • Special accounting scheme (reverse charge) for gold

    20%, accounted for by the buyer Standard-rated B2B supplies between VAT-registered (or liable) persons: fine gold, gold grain, gold coins (not margin-scheme), gold-containing goods priced at no more than a negligible amount above the gold value, investment gold on which the option to tax is exercised or supplied between an LBMA member and a non-member, and treatment/processing services producing such gold (Notice 701/21 s.11.2)

    Official guidanceAmount not confirmed

    • VAT Act 1994 s.55 (named in VGOLD1700; statute not held)

  • Zero rate for London Bullion Market and central-bank gold transactions

    0% Investment gold (incl. futures and options) between taxable LBMA members (TMO; Notice 701/9 s.3.2.4); gold, rights to or part interests in gold held in the UK between central banks or between a central bank and an LBM member (VATA Sch 8 Group 10; Notice 701/21 s.10.4). Not zero-rated: investment gold between an LBMA member and a taxable non-member (standard-rated, special accounting scheme); a futures contract between a member and a non-member that leads to physical delivery (Notice 701/9 s.3.3.2).

    Official guidanceAmount not confirmed

    • VAT (Terminal Markets) Order 1973 art. 2(2), (4) and arts 4-7; VATA 1994 s.50, Sch 8 Group 10

  • HMRC MLR registration and annual supervision fee

    Not read

    Official guidance

Controls

  • The UK tariff attaches to 7108 12 00 00 a "Restriction on entry into free circulation for Belarus" (from 30 Sep 2023; legal base SI 2023/616) and a "Restriction on export for Belarus" (legal base SI 2022/748): allowed with document code 9011 (DBT licence, GBSAN reference) or 9022 (not subject to / e…

    Official guidance

    • Republic of Belarus (Sanctions) (EU Exit) Regulations 2019 as amended

  • A trader accepting or making a cash payment of GBP 10,000 or more for goods (single or linked) is a high value dealer: must register with HMRC first and apply CDD. Threshold changed from EUR 10,000 to GBP 10,000 with effect from 30 Jun 2026.

    GBP 10,000 cash (EUR 10,000 before 30 Jun 2026)

    Primary lawAmount not confirmed

    • MLR 2017 as amended by SI 2026/621, regs 14, 27(3); SI 2026/621 reg 9

  • Regulated firms apply CDD on a business relationship, a transfer of funds over GBP 800, an occasional transaction of GBP 12,000+ (HVDs: cash GBP 10,000+), suspicion or doubt; EDD for PEPs, non-face-to-face and FATF call-for-action countries (reg 33 as amended 30 Jun 2026); keep records 5 years; nomi…

    Occasional transactions GBP 12,000 (general); GBP 10,000 cash (HVD); transfer of funds GBP 800 (from 30 Jun 2026; previously 15,000 / 10,000 / 1,000 euros)

    Primary lawAmount not confirmed

    • MLR 2017, reg 27

  • The import into the United Kingdom of gold originating from Russia is prohibited where it was exported from Russia on or after the relevant day. The ban goes by origin, so it applies whichever country the gold is shipped from.

    Primary law

    • The Russia (Sanctions) (EU Exit) (Amendment) (No. 14) Regulations 2022, inserting reg 46Z11 into SI 2019/855, reg 46Z11(1)

      “The import of gold originating from Russia is prohibited, where that gold has been exported from Russia on or after the relevant day.”

  • No Great Britain statute imposing CAHRA/OECD due diligence on gold importers was found. Responsible-sourcing duties in London come from the LBMA (RGG mandatory for Good Delivery refiners since 2012; annual audit; Incident Review Process) and the GBI country-of-origin reporting (monthly, mandatory fr…

    Standard

    • LBMA Responsible Gold Guidance / Good Delivery Rules

  • UK persons may not provide financial services for foreign exchange reserve and asset management to the Central Bank of Russia, the National Wealth Fund or the Russian Ministry of Finance (or persons owned, controlled or acting for them); the reserves include bullion such as gold - "it is prohibited …

    Official guidance

    • Russia (Sanctions) (EU Exit) Regulations 2019, reg 18A (as named in the statutory guidance)

  • Only Good Delivery bars settle loco London: 350-430 fine troy oz, minimum 995.0 fineness, marks = refiner stamp, assay mark, fineness, serial number (max 11 digits or characters), month and year of manufacture (MMYY, since Jan 2019); no laser engraving. Vault managers have complete discretion and an…

    Standard

    • LBMA Good Delivery Rules 2026; LPMCL account agreements, GD Rules 2.1.5, 2.1.7, 2.4

  • The Hallmarking Act 1973 regulates describing articles as gold; Schedule 1 Part II exempts "Any raw material (including any bar, plate, sheet, foil, rod, wire, strip or tube) or bullion" (para 7) and coins that are or were current coin of the UK or any other territory (para 3). Bullion bars and lega…

    Primary law

    • Hallmarking Act 1973

  • Dealers in exempt investment gold must identify customers (one List 1 and one List 2 document), issue invoices with prescribed details, keep records at least 6 years and notify HMRC within 28 days when an exempt supply first exceeds GBP 5,000 or supplies to one customer exceed GBP 10,000 in 12 month…

    GBP 5,000 per supply / GBP 10,000 per customer per 12 months

    Primary lawAmount not confirmed

    • VAT Regulations 1995; VAT tertiary legislation, reg 31A

  • LBMA suspended six Russian refiners (Krastsvetmet, Novosibirsk, Uralelectromed, Moscow Special Alloys, Prioksky, Shyolkovsky) from the Good Delivery List on 7 Mar 2022; their bars made from that date are not Good Delivery; stocks already in loco London/Swiss before then remain Good Delivery.

    Standard

    • LBMA Good Delivery List

  • Import of gold originating in Russia that was exported from Russia on or after 21 Jul 2022 is prohibited (reg 46Z11); so are acquiring gold that originated in and is located in Russia with the intention that it enter the UK (46Z12), supplying or delivering gold that originated in Russia on or after …

    none

    Primary law

    • Russia (Sanctions) (EU Exit) Regulations 2019 as amended by SI 2022/850, regs 46Z11-46Z16; Sch 3G

  • Import of relevant processed gold - gold processed (altered, transformed or otherwise operated on) in a third country that incorporates gold which on or after 21 Jul 2022 originated in and was exported from Russia - is prohibited (46Z16C), as is import of gold jewellery (Sch 3G Part 3) originating i…

    Primary law

    • SI 2022/1110 (Chapter 4JA), regs 46Z16B, 46Z16C, 46Z16D-46Z16I

  • All smuggled gold may be liable to forfeiture under the Customs and Excise Management Act 1979, even in the hands of an innocent buyer; HMRC advises buyers to check where the gold came from, whether it was declared at import with import VAT paid, and warning signs (below-market price, quick settleme…

    Official guidance

    • Customs and Excise Management Act 1979; VAT Notice 701/21 s.14

Leg 4: Switzerland

Back in the origin country: the proceeds of the export

  1. 43

    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. 44

    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. 45

    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. 46

    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 → United Kingdom 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