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 The Growing Concern of Federal Debt in a Shifting Economy READ MORE Home Price Growth Decelerates as High Rates Dampen Buyer Enthusiasm READ MORE Labor Market Cooling Sparks Recession Fears in U.S. Economy READ MORE US Job Cuts Rise Sharply in January READ MORE Powell Signals Rate Cuts Possible to Bolster Employment Amid Inflation READ MORE Add a Comment Cancel replyYour email address will not be published.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