Loading prices...

Register/Sign in
ScrapMonster
Gold May 30, 2024 12:10:56 PM

Gold Worth Tens of Billions Smuggled to the UAE Each Year, Report Says

Paul Ploumis
ScrapMonster Author
Swissaid said the UAE was the main destination for Africa’s smuggled gold and took in 405 tonnes in 2022.

Gold Worth Tens of Billions Smuggled to the UAE Each Year, Report Says

SEATTLE (Scrap Monster): Gold smuggling out of Africa, mainly to the United Arab Emirates, has surged over the last decade, with hundreds of tonnes of gold worth tens of billions of dollars illegally leaving the continent every year, according to a report published on Thursday.

Analysis by Swissaid, an organisation that focuses on development aid and advocacy, found that a total of 435 tonnes of gold, mostly mined by small-scale miners and worth more than $30 billion, was smuggled out of Africa in 2022.

Swissaid said the UAE was the main destination for Africa’s smuggled gold and took in 405 tonnes in 2022. Over the previous decade, UAE accepted more than 2,500 tonnes of smuggled gold with a total value of over $115 billion, the organisation said.

Asked to comment on the findings, a UAE official said that the country had taken significant steps to address concerns about gold smuggling and implemented new regulations on gold and other precious metals.

The scale of the flow underscores how small scale, or artisanal, mining has mushroomed into an industry involving millions of people producing volumes of gold on a par with or even bigger than industrial mining.

In 2019, a Reuters investigation found that billions of dollars’ worth of gold was being smuggled out of Africa every year through the UAE, which served a gateway to markets in Europe, the United States and beyond.

Aside from the loss in tax revenues, experts and governments have warned that smuggling on this scale indicates a vast parallel illicit economy vulnerable to potential money laundering, terrorist finance and sanctions evasion.

Marc Ummel, the commodities lead at Swissaid and one of the authors of the report, said the UAE contributes to gold laundering because large quantities of smuggled gold acquire a legal existence by transiting through the UAE.

"If we keep on seeing more than 400 tonnes of illegal gold entering the UAE every year, this is a clear sign that the implementation of the regulations in the UAE is seriously lacking."

Courtesy: www.reuters.com

How to Recycle

Responsible Ways to Get Rid of Your Old Grill

Responsible Ways to Get Rid of Your Old Grill

Check out this post to learn about some effective approaches to safely dispose of a grill. Let's explore the various options available.
How to Dispose of Carpet

How to Dispose of Carpet

How to dispose of old carpets? Proper disposal is crucial for several reasons, mainly health and environmental concerns.
How to Dispose of Lithium Batteries

How to Dispose of Lithium Batteries

Proper care should be taken regarding the battery disposal. Read this post to get an idea on how to dispose of lithium batteries.
powered by RecyclingMonster
×

Quick Search

Advanced Search