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…