South Africa (refine) → Hong Kong (China SAR) → United Kingdom · Loco London OTC sale and settlement

Apply to SADPMR on Form PMC for a certificate naming the unwrought gold to be acquired or disposed of and its source (police and tax clearance, business plan, fee R1,000)

执行方

Precious-metals trader holding an SADPMR certificate

所需

SAPS police clearance certificate; SARS tax compliance status / tax clearance

出具

SADPMR certificate to acquire/dispose of unwrought precious metal

• Precious Metals Act; Precious Metals Regulations, s.4(1)(d); regs 15-17

Buy the gold from the certificate holder after confirming the certificate; take and keep the certificate

执行方

Authorised dealer in gold

所需

SADPMR certificate to acquire/dispose of unwrought precious metal

出具

Register kept by certificate holder (Form PMR 6) or authorised dealer (s.15(1))

• Precious Metals Act, s.14(1)-(2)

Keep the transaction in the register immediately (date, parties, nature and mass, price)

执行方

Authorised dealer in gold

出具

Register kept by certificate holder (Form PMR 6) or authorised dealer (s.15(1))

• Precious Metals Act, s.15(1)

  “immediately after the conclusion of each such transaction— (i) the date of the transaction; (ii) the names and addresses of the parties to the transaction; (iii) the nature and mass of the material ...”

Mine ore within the mining-right area after giving the landowner or lawful occupier at least 21 days' written notice (s.5A(c)) and, from 7 December 2014, holding an environmental authorisation (s.5A(a))

执行方

Mining-right holder (industrial gold mine)

所需

Mining right (MPRDA s.23)

[inferred] 7 December 2014 start of s.5A(a) calculated (see za.law-nemaa-2008).

• MPRDA as amended by Act 49 of 2008, s.5A

Process ore on the mine (milling, leaching, electrowinning) and smelt to dore bars

执行方

Mining-right holder (industrial gold mine)

形态

Ore (in situ / run-of-mine) → Doré bar - unstamped

Process description is general industry practice; Rand Refinery confirms it refines dore and concentrates.

Enter each production and disposal in the PMR1 producer register within 24 hours (date, parties, nature and mass, price)

执行方

Mining-right holder (industrial gold mine)

所需

SADPMR producer registration (PM REG1)

出具

PMR1 producer register entry / quarterly copy

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

  “immediately after the conclusion of each such transaction— (i) the date of the transaction; (ii) the names and addresses of the parties to the transaction; (iii) the nature and mass of the material ...”

Carry doré from the mine to the refinery with the prescribed waybill (sender, recipient, contact persons, owner, invoice numbers inside and outside the packaging)

执行方

Secure carrier of precious metal

出具

Waybill, mine to refinery

• Precious Metals Act; Precious Metals Regulations, s.13; reg 26

Receive the dore from the producer after confirming the producer's right to dispose of it; record in the PMR2 register

执行方

Refining-licence holder (refinery)

所需

SADPMR refining licence; Waybill, mine to refinery

出具

PMR2 refinery register entry / quarterly copy

• Precious Metals Act, s.7(1), s.15(1), s.20(1)

Weigh, sample and fire-assay the dore; issue the outturn to the producer

执行方

Refining-licence holder (refinery)

出具

Refiner outturn / assay report

Rand Refinery advertises 24-hour assaying; outturn format not seen.

Mine within the permit area (max 5 ha) after environmental authorisation; recover gold by gravity/other processing and smelt to a button or bar

执行方

Mining-permit holder (small-scale miner)

所需

Mining permit (MPRDA s.27)

形态

Ore (in situ / run-of-mine) → Smelted button/bar

• MPRDA as amended, s.5A, s.27

Record production in the PMR1 register

执行方

Mining-permit holder (small-scale miner)

所需

SADPMR producer registration (PM REG1)

出具

PMR1 producer register entry / quarterly copy

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

Before buying: check the seller's mining permit (its right to dispose of the gold) and, where the buyer is a high-value goods dealer receiving payment of R100,000 or more, carry out FICA customer due diligence

执行方

Precious-metals trader holding an SADPMR certificate

所需

SADPMR certificate to acquire/dispose of unwrought precious metal

出具

FICA customer due diligence record on seller

• Precious Metals Act; FICA Schedule 1, PMA s.20(1)(b); FICA Sch.1 item 20, ss.20A-21H

Sell and deliver the gold to the buyer, carried with the reg 26 waybill; buyer records the purchase in its register

执行方

Mining-permit holder (small-scale miner)

出具

Waybill, mine to refinery; Register kept by certificate holder (Form PMR 6) or authorised dealer (s.15(1)); Seller's sale record naming buyer's licence/permit/certificate

• Precious Metals Act, s.4(1), s.13, s.15(1)

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

Apply to SADPMR on Form PEA for export approval (contract extract, monthly production vs sales projections showing contribution to local demand, police clearance, proof of premises, fee)

执行方

Holder of an SADPMR export approval

所需

SAPS police clearance certificate

出具

SADPMR export approval for gold (PMA s.12)

[conflict] see za.div-pea-form-wording

• Precious Metals Act; Precious Metals Regulations, s.12(1); reg 23

National Treasury approval to export the gold (PMA s.12(1), Exchange Control Reg 3). Manual C(B) sends all applications to export gold in any form to SADPMR; producers exempted by FinSurv from Reg 5 may sell their total output to approved counterparties, with full proceeds received in South Africa (C(F))

执行方

National Treasury (as approving authority)

出具

National Treasury approval to export gold (Exchange Control Reg 3; PMA s.12(1))

[unconfirmed] Whether Treasury issues a separate approval per consignment, or its approval is given through the SADPMR process and the FinSurv exemption, is not stated in any text read.

• Exchange Control Regulations 1961; Precious Metals Act, Reg 3; PMA s.12(1)

Sign the sale contract and fix the price against the LBMA Gold Price; issue commercial invoice

执行方

Holder of an SADPMR export approval

出具

LBMA Gold Price reference; Commercial invoice

Rand Refinery says it acts as agent for producers and sells through LBMA members; contract terms not seen.

File the SARS customs export declaration / bill of entry for export

执行方

Holder of an SADPMR export approval

所需

SADPMR export approval for gold (PMA s.12); National Treasury approval to export gold (Exchange Control Reg 3; PMA s.12(1)); Commercial invoice

出具

SARS customs declaration / bill of entry for export

[not-read] Customs and Excise Act procedure not held.

• Customs and Excise Act 1964; Precious Metals Regulations, reg 24(2) (as substituted by GN R387)

Carry the gold to OR Tambo with the reg 26 waybill; airline accepts as valuable cargo

执行方

Secure carrier of precious metal

所需

SARS customs declaration / bill of entry for export

出具

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

• Precious Metals Act, s.13; reg 26

Keep a copy of the bill of entry for export with all supporting documents for each consignment for three years after export

执行方

Holder of an SADPMR export approval

所需

SARS customs declaration / bill of entry for export

[conflict] Form PEA (2025) reprints reg 24(2) as 'The application must contain a copy of the Bill of Entry'; GN R387 (2008) substituted reg 24(2) with this three-year retention duty (za.div-pea-form-wording).

• Precious Metals Regulations, reg 24(2) as substituted by GN R387

  “The applicant must retain a copy of the Bill of Entry for Export issued in terms of the Customs and Excise Act, 1964 (Act 91 of 1964), together with all supporting documents in respect of each consignment of the precious metal exported in terms of the approval granted by the Minister for a period of three years after the date of export”

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

执行方

Registered bullion dealer / trader (DPMS registrant)

所需

DPMS Category A registration certificate; Commercial invoice

出具

Supplier KYC pack held by the Hong Kong importer; Customer due diligence file (Category B, specified cash transaction); Supplier's commercial invoice

[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”

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

执行方

Secure logistics carrier / forwarder

所需

Supplier's commercial invoice; Air waybill; Export customs declaration accepted by the dispatching country's customs

出具

Inbound air waybill

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

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

执行方

Precious-metals vault operator

所需

Inbound air waybill

出具

Weight and quality verification record; Bar list (serials, weights, fineness); Allocated account weight list

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

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

执行方

Registered bullion dealer / trader (DPMS registrant)

所需

Inbound air waybill; Supplier's commercial invoice

出具

Hong Kong import declaration (Cap. 60E, lodged electronically within 14 days)

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

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

执行方

Registered bullion dealer / trader (DPMS registrant)

出具

CBNI advance electronic declaration (CDS) for cash moved as cargo

• Cap. 629, ss. 2, 4, 9, 11; Sch. 4

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

执行方

Precious-metals vault operator

出具

Allocated account weight list

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

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

执行方

Authorised institution (bank) dealing in bullion

所需

Bar list (serials, weights, fineness)

出具

Central clearing ledger entry (unallocated gold balance)

• Clearing Rulebook

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

执行方

Precious metals central clearing company (government-owned)

所需

Central clearing ledger entry (unallocated gold balance)

出具

SGE International Board vault account record (Delivery Connect)

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

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

执行方

Authorised institution (bank) dealing in bullion

所需

Central clearing ledger entry (unallocated gold balance)

出具

Bar list (serials, weights, fineness)

• Clearing Rulebook

Mainland buyer (holder of a PBOC gold import qualification) obtains a PBOC Gold and Gold Products Import/Export Permit for the consignment: one shipment, one permit, used within 40 working days

执行方

Mainland importer holding a PBOC gold import qualification

出具

PBOC Gold and Gold Products Import/Export Permit (中国人民银行黄金及黄金制品进出口准许证)

• PBOC/GACC gold import-export measures, Arts. 3, 8, 17

Agree the sale with the Mainland importer and release bars (typically 999.9 kilobars or bank-refined bars) to the cross-boundary carrier

执行方

Registered bullion dealer / trader (DPMS registrant)

所需

PBOC Gold and Gold Products Import/Export Permit (中国人民银行黄金及黄金制品进出口准许证); Allocated account weight list

出具

Hong Kong exporter's commercial invoice; Packing list; Outbound air waybill / cross-boundary transport document

[unconfirmed] Bar form preferred by the Mainland market not confirmed from an opened source.

Lodge the Hong Kong export declaration within 14 days; C&SD records the flow as an export to the Mainland

执行方

Registered bullion dealer / trader (DPMS registrant)

所需

Hong Kong exporter's commercial invoice

出具

Hong Kong export / re-export declaration (Cap. 60E, lodged within 14 days)

C&SD FAQ Q1: Hong Kong is a separate customs territory, so a declaration is required for goods exported to the Mainland.

• Import and Export (Registration) Regulations (Cap. 60E), reg. 5(1)-(2)

Clear Mainland customs by presenting the PBOC permit, then register the gold on the State Council-approved gold spot exchange and complete its first trade there

执行方

Mainland importer holding a PBOC gold import qualification

所需

PBOC Gold and Gold Products Import/Export Permit (中国人民银行黄金及黄金制品进出口准许证); Hong Kong export / re-export declaration (Cap. 60E, lodged within 14 days); Export customs declaration accepted by the dispatching country's customs

This step happens under Mainland law and belongs to the China module; kept here to show the hand-off.

• PBOC/GACC gold import-export measures, Arts. 6, 17

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.

Domestic sale: supply bars to a registered bank, the SARB or the SA Mint on a tax invoice, zero-rated only if the gold has not undergone a prior manufacturing process other than refining; otherwise 15% VAT

执行方

Refining-licence holder (refinery)

出具

Tax invoice to bank/SARB/Mint (zero-rated s.11(1)(f) or standard-rated)

[transcription] s.11(1)(f) wording from Lueven para [1]; VAT Act not held.

• Value-Added Tax Act 1991, s.11(1)(f)

Export sale: the Authorised Dealer reports the export proceeds with the SARS customs declaration details (customs client number, unique consignment reference); FinSurv monitors receipt electronically

执行方

Authorised dealer in foreign exchange (commercial bank)

• Currency and Exchanges Manual, B.18(D)

Receive the full export proceeds not later than six months from the date of shipment (an Authorised Dealer may allow credit of up to 12 months), in foreign currency or rand from a non-resident account; offer the proceeds for sale to an Authorised Dealer within 30 days or deal with them under the CFC account rules

执行方

Authorised dealer in foreign exchange (commercial bank)

出具

Inbound payment of export proceeds

• Exchange Control Regulations; Currency and Exchanges Manual, Regs 6, 10, 11; B.18(B); C(F)(ii)