Tens of billions of dollars in gold flows illegally out of Africa each year, a new report says
Associated PressDAKAR, Senegal — Billons of dollars in gold is smuggled out of Africa each year and most of it ends up in the United Arab Emirates, where it is refined and sold to customers around the world, according to a report published Thursday. Over $30 billion worth of gold, or more than 435 metric tons, was smuggled out of the continent in 2022, according to the report published by Swissaid, an aid and development group based in Switzerland. The UAE was by far the main destination for smuggled gold, the report said, with some 405 metric tons of undeclared output from Africa ending up there. Switzerland, another main buyer of African gold, imported some 21 metric tons of undeclared gold from Africa in 2022, the report said. A official within the UAE government’s media office said the country has taken significant steps to address concerns around gold smuggling and the risks it poses.
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