Majority of African Gold Smuggled to UAE, Reveals Report

Wednesday, 29 May 2024, 22:01
The latest report reveals that a significant portion of gold produced in Africa is being illicitly traded, with about 40% of the continent's production being smuggled to the UAE. This illicit activity raises concerns about transparency and regulations in the gold trade industry, impacting economies in both Africa and the Middle East. The report sheds light on the challenges faced in curbing illegal gold trafficking and emphasizes the need for stricter enforcement measures to address this issue.
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Majority of African Gold Smuggled to UAE, Reveals Report

Summary:

The latest report reveals that a significant portion of gold produced in Africa is being illicitly traded, with about 40% of the continent's production being smuggled to the UAE.

Concerns Raised:

  • Transparency: Lack of transparency in the gold trade industry.
  • Regulations: Challenges in enforcing regulations.

The report sheds light on the challenges faced in curbing illegal gold trafficking and emphasizes the need for stricter enforcement measures to address this issue.

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