Brazil [financial-asset gold (BCB-authorised institution)] → South Africa (refine) → United Kingdom · Loco London OTC sale and settlement

Send the gold from the PCO to head office or the refinery with an NF-e Ouro remittance note, by secure carrier

执行方

BCB-authorised financial institution buying gold (DTVM) and its purchase post (PCO)

所需

NF-e Ouro - first acquisition of gold from a PLG

出具

NF-e Ouro - remittance note (PCO to head office/refinery)

• IN RFB 2.138/2023; Lei 7.766/1989, IN art. 3 V b-c; Lei 7.766 art. 3 §1

Refine buttons or doré into 999.9 bars and issue a bar list; the refiner covers the return of the gold with an NF-e Ouro (IN RFB 2.138 art. 3 §2).

执行方

Domestic gold refinery

所需

NF-e Ouro - remittance note (PCO to head office/refinery)

出具

Domestic refiner's bar list / certificate

形态

Smelted button/bar → 999.9 kilobar

Refining to 999.9 is practice; only the return invoice (IN art. 3 §2) is law.

Sell gold to another institution or client and issue an NF-e Ouro (negotiation); no further IOF-ouro (it falls only on first acquisition)

执行方

BCB-authorised financial institution buying gold (DTVM) and its purchase post (PCO)

出具

NF-e Ouro - negotiation between institutions

• IN RFB 2.138/2023; Lei 7.766/1989, IN art. 3; Lei 7.766 art. 8

Contract the export sale and close the FX contract with an FX-authorised institution; the gold as exchange instrument is traded only with authorised institutions, supervised foreign institutions or the BCB; the FX contract is a required attachment of the e-DMOV. Proceeds may be received before or after shipment and may be kept abroad.

执行方

Authorised institution exporting gold as a financial asset / exchange instrument

出具

Contrato de câmbio (FX contract); Commercial invoice

• Lei 14.286/2021; Resolução BCB 277/2022; IN RFB 1.082/2010, Lei 14.286 art. 3; Res. 277 arts 46, 66 §2; IN 1.082 art. 4 II c

Issue the NF-e Ouro Ativo Financeiro for the export (DAO operation 5), recording the e-DMOV number and the domestic transporters.

执行方

Authorised institution exporting gold as a financial asset / exchange instrument

所需

NF-e Ouro - first acquisition of gold from a PLG

出具

NF-e Ouro - export of gold (financial asset / exchange instrument); Packing list

• IN RFB 2.138/2023, art. 3 III

Book the shipment with the airline, which issues the air waybill for the valuable cargo (the e-DMOV must attach the international transport document, IN RFB 1.082 art. 4 II a); after boarding, the carrier records the boarding data in the e-DMOV within 2 days (art. 23).

执行方

Valuables carrier (PF-authorised domestic transporter) and international air carrier

所需

Packing list

出具

Air waybill; Consignment Security Declaration

Acceptance as valuable cargo and the consignment security declaration are industry practice.

• IN RFB 1.082/2010, arts 4 II a, 23

File the e-DMOV de saída with a digital certificate, attaching the international transport document, packing list, FX contract and the sales invoice, with the sealed volumes at the declared verification place; on registration (active CNPJ, PF-authorised domestic transporter, authorised international carrier) the Receita Federal selects a channel and schedules physical verification; clearance follows an RVES or RVFV without blocking discrepancies; gold with irregular fiscal documents is seized.

执行方

Authorised institution exporting gold as a financial asset / exchange instrument

所需

Contrato de câmbio (FX contract); NF-e Ouro - export of gold (financial asset / exchange instrument); Air waybill; Packing list

出具

e-DMOV de saída (gold as financial asset); RVES / RVFV - customs security-element and physical verification reports in the e-DMOV

[conflict] br.div-edmov-invoice-conflict: IN 1.082 art. 4 II e and the RFB e-DMOV page still name the "Modelo VI" invoice of IN SRF 49/2001, which IN RFB 2.138 revoked (effective 1 Aug 2023); the model takes the NF-e Ouro (export) as the invoice attached.

• IN RFB 1.082/2010; Lei 7.766/1989, IN arts 1, 3 §2, 4 II, 9, 10, 11 §2, 19, 21 III; Lei 7.766 art. 3 §2

Send the pre-shipment notice (weights, fineness, AWB) to the foreign refiner or buyer

执行方

Authorised institution exporting gold as a financial asset / exchange instrument

所需

Air waybill

出具

Pre-shipment notification to refiner/buyer

Onboard the foreign depositor: KYC pack, mined-material questionnaire, refining agreement; apply LBMA Responsible Gold Guidance / OECD due diligence

执行方

Refining-licence holder (refinery)

出具

Refiner KYC pack on foreign depositor; KYC questionnaire for mined material; Refining agreement with depositor

Rand Refinery states KYC and conflict-free sourcing policies; its depositor requirements and the RGG text were not read in this pass.

Hold a current SADPMR permit to import unwrought precious metal (Form PMI: quantity, fineness, form, value, period, ports, countries of origin, purpose)

执行方

Refining-licence holder (refinery)

所需

SADPMR refining licence; SAPS police clearance certificate

出具

SADPMR permit to import precious metals

• Precious Metals Act; Precious Metals Regulations, s.10(1)-(2); regs 21-22

Ship dore by air to Johannesburg with the origin country's export authorisation, export declaration and assay

执行方

Foreign mine or exporter depositing doré

所需

Origin country's export authorisation for the gold (permit, licence or clearance issued by the mining or trade authority); Export customs declaration accepted by the dispatching country's customs; Assay certificate (fineness and fine weight); Air waybill

出具

Air waybill, origin to Johannesburg (OR Tambo)

[unconfirmed] PMA s.10(2)(b) requires the importer to declare and prove the origin of the metal in the permit application, and s.10(4) says the permit states the origin; which origin-country documents must accompany each shipment is not stated in any text read. The listed hand-off kinds are the model's route logic.

Enter the doré for customs with SARS on a bill of entry for import (the metal must be duly entered for customs under reg 21(4)(b)); entry may be refused if the Regulator considers it of dubious origin or incorrectly declared (reg 21(5))

执行方

Refining-licence holder (refinery)

所需

SADPMR permit to import precious metals; Air waybill, origin to Johannesburg (OR Tambo)

出具

SARS import declaration for dore

[not-read] Customs and Excise Act procedure, tariff heading 7108 and import VAT on doré not read (Act not held). Manual C(G): gold import applications are referred to SADPMR.

• Precious Metals Regulations; Customs and Excise Act 1964, reg 21(4)(b), 21(5)

  “A precious metal may be refused entry into the South Africa if - (a) that precious metal is in the opinion of the Regulator of dubious origin; or (b) that precious metal has been incorrectly described or declared.”

Carry the dore from the airport to the refinery with the reg 26 waybill; SADPMR or SAPS may inspect imported metal

执行方

Secure carrier of precious metal

出具

Waybill, port of entry to refinery

• Precious Metals Act, s.10(3), s.13; reg 26

Submit specimens of the imported metal to the SAPS Forensic Science Laboratory

执行方

Refining-licence holder (refinery)

出具

Specimen submission (importer)

• Precious Metals Act, s.22(1)

  “Any producer or any person who imports precious metal must submit to the Forensic Science Laboratory of the South African Police Service such specimens of any precious metals produced or imported by him or her as may be prescribed.”

Weigh, melt, sample and assay each lot on receipt; issue outturn (final assay and fine weight) to the depositor

执行方

Refining-licence holder (refinery)

所需

Refining agreement with depositor

出具

Refiner outturn / assay report

Refine at the licensed premises and cast 400 oz Good Delivery bars, kilobars (995-999.9), minted bars (10/50/100 g, 999.9) or grain

执行方

Refining-licence holder (refinery)

出具

Refiner bar list for bars produced

形态

Doré bar - unstamped → LBMA Good Delivery 400oz bar

• Precious Metals Act; Precious Metals Regulations, s.7(1), 7(5); reg 28 (minted bars)

Record receipts and outputs in the PMR2 register within 24 hours

执行方

Refining-licence holder (refinery)

出具

PMR2 refinery register entry / quarterly copy

• Precious Metals Act, s.15(1); reg 33

Publish annual responsible-gold / LBMA compliance report

执行方

Refining-licence holder (refinery)

出具

Refiner responsible gold / LBMA compliance report

Credit fine gold to the depositor's metal account and hold the bars in the refinery vault pending sale or export

执行方

Refining-licence holder (refinery)

所需

Refiner outturn / assay report; Refiner bar list for bars produced

出具

Metal account credit / settlement confirmation

Rand Refinery lists vault and logistics services; account terms not seen.

Obtain Treasury permission and, for any unwrought or semi-fabricated output, SADPMR export approval; file the customs export declaration for the refined bars

执行方

Refining-licence holder (refinery)

所需

Refiner bar list for bars produced; SADPMR export approval for gold (PMA s.12); National Treasury approval to export gold (Exchange Control Reg 3; PMA s.12(1))

出具

SARS customs declaration / bill of entry for export

[unconfirmed] No SADPMR or SARB text specific to re-export of refined foreign-origin gold was found; Reg 3, Manual C(B) and PMA s.12 are applied as written.

• Exchange Control Regulations; Precious Metals Act, Reg 3; s.12(1)

Ship the bars to the depositor's buyer or vault abroad

执行方

Secure carrier of precious metal

出具

Waybill, refinery/exporter to port of export; Air waybill, Johannesburg to destination

• Precious Metals Act, s.13; reg 26

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

执行方

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

出具

Supplier KYC pack received by the UK buyer; MLR customer due diligence file

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

• Money Laundering Regulations 2017, reg 27

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

执行方

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

所需

Export customs declaration accepted by the dispatching country's customs

出具

Importer's Russia-sanctions origin evidence file

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

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

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

执行方

Secure valuables carrier

出具

Air waybill, inbound valuables consignment

UK valuables-cargo handling not researched in this pass.

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

执行方

Customs agent / declarant using CDS software

所需

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)

出具

CDS full import declaration

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

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

执行方

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

所需

CDS full import declaration

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

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

执行方

HMRC (customs and VAT authority)

所需

CDS full import declaration

出具

CDS clearance notification (goods released)

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

执行方

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

所需

CDS clearance notification (goods released)

出具

Deposit notice to London custodian

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

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

执行方

LBMA Approved Weigher

出具

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

• LBMA Good Delivery Rules, Annex B

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

执行方

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

所需

Deposit notice to London custodian; Machine-readable LBMA weight list accompanying the delivery (dated, approved-weigher status)

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

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

执行方

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

所需

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

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

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

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

执行方

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

所需

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

出具

Allocated weight list (bar number, gross weight, fineness, fine weight, brand) or unallocated balance statement

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

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

执行方

Bank of England (gold custodian)

形态

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

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

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

执行方

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

出具

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

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

执行方

LPMCL clearing member bank

出具

MLR customer due diligence file

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

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

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

执行方

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

所需

MLR customer due diligence file

出具

OTC bullion trade confirmation (IBMA 1994 / ISDA Bullion Definitions 1997)

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

执行方

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

所需

OTC bullion trade confirmation (IBMA 1994 / ISDA Bullion Definitions 1997)

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

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

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

执行方

LPMCL clearing member bank

所需

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

出具

Loco London settlement: transfer between unallocated accounts via LPMCL members, or allocated bar transfer

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

Pay the cash leg against metal settlement

执行方

LPMCL clearing member bank

所需

Loco London settlement: transfer between unallocated accounts via LPMCL members, or allocated bar transfer

出具

Cash-leg payment for the metal

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

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

执行方

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

所需

Loco London settlement: transfer between unallocated accounts via LPMCL members, or allocated bar transfer

出具

Investment gold invoice (VAT tertiary legislation s.3 / VAT Regs reg 31A); Investment gold customer records and identity evidence; Notification to HMRC of exempt investment gold dealing (within 28 days)

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

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

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

执行方

LPMCL clearing member bank

所需

MLR customer due diligence file

出具

Suspicious activity report to the National Crime Agency

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

Receive the foreign buyer's payment; the exporter may keep the foreign currency abroad or convert it through an FX contract

执行方

Authorised institution exporting gold as a financial asset / exchange instrument

出具

Foreign buyer's payment of export proceeds

• Lei 11.371/2006 art. 1 as reworded by Lei 14.286/2021 art. 26; Resolução BCB 277/2022, Lei 14.286 art. 26; Res. 277 art. 46