A recent Swiss report revealed that the United Arab Emirates is the top destination for illicit gold smuggled out of Africa, receiving over 2,500 tonnes valued at $115bn between 2012 and 2022. This illegal trade is facilitated by loopholes in the international gold market, with the UAE accounting for 47% of total gold imports from Africa in 2022.
In spite of legislation claiming to crack down on money laundering, the UAE’s role in this illicit trade persists. The country’s lax regulatory system allows for the exploitation of illegal pathways in the gold trade, with Dubai emerging as a key hub. The report also highlights how countries like Sudan, Mali, and Zimbabwe are losing millions monthly to smuggling networks, with UAE-backed figures like Hemeti in Sudan benefitting from the trade.
As gold prices soar in 2024, the significance of these smuggling networks is expected to grow, intensifying conflict in vulnerable regions. Despite international efforts to curb the illegal trade, the UAE remains the primary recipient of undeclared African gold exports, raising concerns about the country’s involvement in the illicit gold market.
\
[ad_2]
Source link
