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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

UAE comments on reports about its accusation of involvement in smuggling gold from Africa


Sun 02 Jun 2024 | 04:48 PM
Gold bars and gold coin
Gold bars and gold coin
Basant Ahmed - Walid Farouk

The UAE commented on reports about its accusation of involvement in smuggling gold from Africa, after it acquired the largest share of the outcome of the artisanal extraction operations.

A report by a Swiss non-governmental organization accused the UAE of receiving 405 tons of the precious metal sold in the black market in 2022. The organization says that over the past decade, the country has accepted more than 2,500 tons of smuggled gold, with a value of more than $115 billion.

SwissAid revealed in a report that about 435 tons of gold worth $31 billion were exported from Africa in 2022, which doubles the illicit quantities within a decade to about 40% of the continent’s production, or 12% of global production.

The UAE Ministry of Economy informed SwissAid that the government cannot be responsible for the export records of other countries, but rather is only responsible for its own records, and the authorities stated that it possesses advanced technologies and systems to track and verify its own data.

The ministry also confirmed that the UAE has implemented measures to prevent money laundering in the gold sector, according to the report.

An Emirati official told Reuters that his country has taken important steps to address concerns about gold smuggling, and has adopted new regulations related to gold and other precious metals, Reuters reported.