Gold smuggled from war zones entered UAE despite new rules
Summarised from 2 outlets · Updated 13 Nov, 18:32 · Archive
The United Arab Emirates remains a major destination for gold smuggled from conflict zones despite new regulations introduced after facing international pressure, according to a report by Swissaid, a Switzerland-based aid and development group.
The report found that many gold refiners and traders in the UAE are not following the rules and enforcement is lax. Smuggled gold from Russia, Yemen and Sudan continues to flow into the country. The report recommended that the UAE be added to an international watchlist for possible financial wrongdoing.
The UAE was the world's second-biggest gold exporter after Switzerland in 2024, a year after the new rules took effect. The report says the country imported at least 591 tons of illicit gold valued at $74 billion. Gold smuggled from conflict zones, Russia or African countries accounted for 42% of the UAE's total precious metal imports in 2024. The UAE introduced the new guidelines, including responsible sourcing and vetting supply chains, after a global anti-money laundering body raised concerns that the country was not doing enough to stop criminals and militants from hiding wealth there.
How it is being reported
- Gold smuggled from war zones entered the UAE despite new regulations, report saysA new report says that the United Arab Emirates remains a key destination for gold smuggled from conflict zones despite new regulations on the trade.News4Jax · 13 Nov, 17:59
- Gold smuggled from war zones entered the UAE despite new regulations, report saysA new report says that the United Arab Emirates remains a key destination for gold smuggled from conflict zones despite new regulations on the trade.Clickorlando · 13 Nov, 17:59
In this story: United Arab Emirates · Swissaid · Switzerland · Russia · Yemen · Sudan · Africa
This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem · Corrections log
Comments (0)