Daijiworld Media Network – Cairo
Cairo, Nov 14: The United Arab Emirates (UAE) continues to be a major destination for gold smuggled from conflict-hit regions despite introducing stricter regulations to control the trade, according to a new report by Swiss aid and development organisation Swissaid.
The report alleged that several gold refiners and traders in the UAE were not complying with the regulations and that enforcement remained weak. It recommended that the country be placed again on the international watchlist for possible financial wrongdoing.
The UAE is a major centre for refining and processing gold before it is exported to markets such as Switzerland, India and China. It was the world's second-largest gold exporter after Switzerland in 2024, a year after introducing the new regulations.
According to the report, the UAE imported at least 591 tonnes of illicit gold, valued at around USD 74 billion. Gold smuggled from conflict zones, Russia and African countries accounted for 42 per cent of the country's total gold imports in 2024.
The report said gold mined and smuggled out of Africa accounted for nearly half of the gold imported into the UAE from the continent. Some of the gold entered the country through third countries and was officially recorded as imports.
“The UAE remains by far the main destination for gold linked to armed conflicts in Africa. And it continues to be a major destination for gold exports from countries subject to international sanctions,” the report said.
It also noted that an additional 137.7 tonnes of gold, valued at nearly USD 17 billion, were imported into the UAE from Russia and Yemen in 2024.
The UAE introduced stricter guidelines for responsible gold sourcing and supply-chain checks after the Financial Action Task Force (FATF), an international body combating money laundering and terrorist financing, raised concerns over the country's efforts to prevent criminals and militant groups from concealing their wealth.
However, Swissaid said the new measures had not adequately stopped the flow of illicit gold. The report also highlighted a sharp rise in Swiss gold imports from the UAE, from 155 tonnes in 2024 to 420 tonnes in 2025.
The report's authors recommended that the UAE be placed again on the FATF's “grey list”, which subjects countries to increased monitoring over deficiencies in their efforts to combat money laundering and terrorist financing.
The FATF placed the UAE on the grey list in 2022 but removed it in 2024 following improvements in its regulatory framework. The Swiss government did not immediately respond to a request for comment on the latest report.