UAE Remains Key Destination for Smuggled Gold Despite New Regulations
A report by Swissaid indicates that the United Arab Emirates continues to be a major destination for gold smuggled from war zones, despite the implementation of new regulations.
The United Arab Emirates remains a key destination for gold smuggled from war zones despite new regulations on the trade imposed by the government after facing international pressure, according to a report by Swissaid, a Switzerland-based aid and development group. The report highlights that many gold refiners and traders in the UAE are not following the rules, and enforcement is lax. The Emirates, which refines and processes the precious metal to send to major markets like Switzerland, India, and China, was the second-biggest gold exporter in the world after Switzerland in 2024, a year after the new rules took effect (Source ID: 1). [1]
Smuggled gold from Russia, Yemen, and Sudan continues to flow into the UAE, the report says. The UAE introduced the new guidelines to regulate the gold trade, including responsible sourcing and vetting supply chains, after a global anti-money laundering body raised concerns that the UAE was not doing enough to stop criminals and militants from hiding wealth there. Despite the new rules, the UAE imported at least 591 tons of illicit gold, valued at $74 billion, the report says (Source ID: 1). [1]
Gold smuggled out of conflict zones, Russia, or African countries accounted for 42% of the UAE's total imports of the precious metal in 2024, the report says. Imports of the precious metal mined and smuggled out of Africa made up nearly half the gold coming into the UAE from the continent, the report said. Some of that gold entered the UAE officially, through third countries. That trade showed a slight increase in 2024, according to the report (Source ID: 1). [1]
The United Arab Emirates remains a key destination for gold smuggled from war zones despite new regulations on the trade imposed by the government after facing international pressure, according to a report by Swissaid, a Switzerland-based aid and development group (1). The report indicates that many gold refiners and traders in the UAE are not following the rules, with enforcement being lax. The report recommended that the UAE be added to an international watchlist for possible financial wrongdoing. The Emirates, which refines and processes the precious metal to send to major markets like Switzerland, India, and China, was the second-biggest gold exporter in the world after Switzerland in 2024, a year after the new rules took effect (1). [1]
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Despite the new rules, the UAE imported at least 591 tons of illicit gold, valued at $74 billion, the report says (1). Gold smuggled out of conflict zones, Russia, or African countries accounted for 42% of the UAE's total imports of the precious metal in 2024, the report says. Imports of the precious metal mined and smuggled out of Africa made up nearly half the gold coming into the UAE from the continent, the report said. Some of that gold entered the UAE officially, through third countries. That trade showed a slight increase in 2024, according to the report (1). [1]
Swissaid said most of the smuggled gold in 2024 — some 453 tons valued at over $56 billion — reached Dubai refineries from African gold-producing countries, including Guinea, Mali, and Sudan, a country that faces international sanctions (1). Nearly 29 tons of gold originated in Sudan, according to Swissaid, whose findings were based on data from the U.N., official trade statistics, and civil and international organizations (1). [1]
The United Arab Emirates remains a key destination for gold smuggled from war zones despite new regulations on the trade imposed by the government after facing international pressure, according to a report by Swissaid, a Switzerland-based aid and development group (1). The report highlights that many gold refiners and traders in the UAE are not following the rules and enforcement is lax, which has allowed illicit gold to continue flowing into the country. The UAE introduced the new guidelines to regulate the gold trade, including responsible sourcing and vetting supply chains, after a global anti-money laundering body raised concerns that the UAE was not doing enough to stop criminals and militants from hiding wealth there (1). [1]
Despite the new rules, the UAE imported at least 591 tons of illicit gold, valued at $74 billion, the report says (1). Gold smuggled out of conflict zones, Russia, or African countries accounted for 42% of the UAE's total imports of the precious metal in 2024, the report says. Imports of the precious metal mined and smuggled out of Africa made up nearly half the gold coming into the UAE from the continent, the report said. That trade showed a slight increase in 2024, according to the report (1). [1]
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Swissaid said most of the smuggled gold in 2024 — some 453 tons valued at over $56 billion — reached Dubai refineries from African gold-producing countries, including Guinea, Mali, and Sudan, a country that faces international sanctions (1). Nearly 29 tons of gold originated in Sudan, according to Swissaid, whose findings were based on data from the U.N., official trade statistics and civil and international organizations (1). [1]
Sources
Prepared with AI assistance from the cited sources.
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