Gold smuggled from war zones entered the UAE despite new regulations, report says

Detailed summary

A new report says that the United Arab Emirates remains a key destination for gold smuggled from conflict zones despite new regulations on the trade

A new report says that the United Arab Emirates remains a key destination for gold smuggled from conflict zones despite new regulations on the trade

CAIRO -- The United Arab Emirates remains a key destination for gold smuggled from war zones despite new regulations on the trade imposed by the government after facing international pressure, a new report says.

Many gold refiners and traders in the UAE are not following the rules and enforcement is lax, according to the report by Swissaid, a Switzerland-based aid and development group. The report recommended that the UAE be added to an international watchlist for possible financial wrongdoing.

The Emirates, which refines and processes the precious metal to send to major markets like Switzerland, India and China, was the second-biggest gold exporter in the world after Switzerland in 2024, a year after the new rules took effect. Smuggled gold from Russia, Yemen and Sudan continues to flow into the UAE, the report says.

The UAE introduced the new guidelines to regulate the gold trade, including responsible sourcing and vetting supply chains, after a global anti-money laundering body raised concerns that the UAE was not doing enough to stop criminals and militants from hiding wealth there.

Despite the new rules, the UAE imported at least 591 tons of illicit gold, valued at $74 billion, the report says. Gold smuggled out of conflict zones, Russia or African countries accounted for 42% of the UAE's total imports of the precious metal in 2024, the report says.

Imports of the precious metal mined and smuggled out of Africa made up nearly half the gold coming into the UAE from the continent, the report said. Some of that gold entered the UAE officially, through third countries. That trade showed a slight increase in 2024, according to the report.

“The UAE remains by far the main destination for gold linked to armed conflicts in Africa. And it continues to be a major destination for gold exports from countries subject to international…

Opening of the article, excerpted from ABC News. To read the rest, open the article on the publisher's site.