Illicit Gold Trade from Africa to UAE Exceeds $23 Billion Annually

Billions of dollars worth of gold is smuggled out of Africa each year, primarily to the UAE for processing, according to a SwissAid report. The Bern-based NGO analyzed gold import data over a decade, estimating the illicit trade at $23.7 to $35 billion annually. In 2022 alone, over 435 tons of gold were smuggled out, fueling conflicts and financing criminal and terrorist networks. The UAE has acknowledged the issue and reported a significant increase in suspicious activity reports related to the gold sector.