As much as $35 billion worth of gold produced by artisanal and small-scale mining in Africa goes undeclared and then smuggled out, a report published on Thursday claims. According to Switzerland-based aid and advocacy organization SwissAid, a total of 435 tonnes of gold was illegally taken out of Africa in 2022, with the majority of it going to the United Arab Emirates (UAE). From Dubai, gold smuggled out of Africa makes its way to European countries including Switzerland, SwissAid says. Once it enters the international market and is declared as imported in a country like the UAE, it then can be legally exported to other countries.
According to SwissAid, the destination countries have poor regulations when it comes to discerning the actual origins of the metal.
MINING.COM
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