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. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Insider Alert: Mike’s Made a Change in His Portfolio READ MORE Major Milestone for Crypto Markets — SEC Greenlights Bitcoin ETF READ MORE Gold Prices Expected to Rebound as Central Banks Maintain Demand READ MORE Treasury Secretary Yellen: Debt Burden Sustainable at Current Levels READ MORE India Ranks Third in Gold Purchases as Global ETFs Recover READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment