Illegal Gold Smuggling in Africa

SOURCE www.foxnews.com
Billions of dollars worth of gold is smuggled out of Africa each year, with most of it ending up in the United Arab Emirates for refining and global distribution. A report by Swissaid aims to increase transparency and responsibility in the gold supply chain.

Key Points

  • Over $30 billion worth of gold smuggled out of Africa in 2022
  • Main destinations for African gold: UAE, Turkey, Switzerland
  • Calls for increased transparency and responsibility in the gold supply chain

Pros

  • Increased awareness of illegal gold smuggling practices
  • Potential for improved living conditions for local populations and working conditions for miners in Africa

Cons

  • Loss of revenue for African countries due to undeclared gold exports
  • Difficulty in tracking the origins of smuggled gold once it is refined