Tens of billions of dollars ' worth of gold illegally imported to UAE – Swissaid report
Kyiv • UNN
The United Arab Emirates is the main destination for African gold, much of which is smuggled illegally.
Gold smuggling from Africa has increased rapidly over the past decade, with most of the illegally exported precious metal exported to the UAE. About it writes FT, reports inNN.
Most of the gold smuggled out of Africa is exported to the UAE
Swissair conducted a study and found that 435 tons of gold were smuggled out of Africa in 2022 - mostly a precious metal mined by small miners worth more than 3 30 billion.
The United Arab Emirates has been identified as the main destination for smuggled gold from Africa. In 2022, 405 tons were imported to the UAE, and over the past 10 years, the Emirates have accepted more than 2,500 tons of contraband gold with a total value of more than понад 115 billion.
The UAE, or Dubai's dominant regional trade center known for its gold market, accounts for 93% of undeclared African exports, according to a report by the non-governmental organization. The next two largest importers were Switzerland and India
Among African countries in Mali, Zimbabwe and Ivory Coast, as well as Mali, had the largest volumes of undeclared gold production, the report said. It is also planned to increase attention to illegal mining in conflict zones on the African continent. - this is primarily the eastern part of the Democratic Republic of the Congo, as well as Sudan. Finally, it is planned to investigate the role of the UAE in the precious metals industry.
This large amount of money leaving Africa is linked to money laundering, conflict and human rights issues, which does not benefit people who mine gold and try to support their families
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A UAE official acknowledged that there were "concerns about gold smuggling to Dubai," but said the country "has introduced detailed new regulations on gold and precious metals to effectively reduce these risks.
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Gold mining by" artisanal " prospectors is a long-standing problem for the gold mining sector, but it has become even more acute after the sharp rise in metal prices. The price of gold hit a record тро 2,400 a troy ounce in April as emerging market central banks led by China bought bullion to diversify their reserves, moving away from the US dollar.
