Billions in African gold smuggled to UAE yearly, SwissAid says
Billions of dollars of gold is smuggled out of Africa every year, with the vast majority exported to the United Arab Emirates for processing, according to a report by SwissAid. Using data on declared and undeclared gold imports over a 10-year period ending in 2022, the Bern-based non-governmental organization estimates that the illicit trade amounts to between $23.7 billion and $35 billion annually based on current market prices. More than 435 tons of bullion was smuggled out of Africa in 2022 alone, it said. The revenue fuels conflict, finances criminal and terrorist networks, undermines democracy and facilitates money laundering, according...
