Africa loses billions due to gold smuggling

2019-05-06T09:41:28+00:00 May 6th, 2019|News|

An investigation by Reuters reports that African countries are losing billions due to gold being smuggled out of Africa.

According to the report by news agency Reuters, billions of dollars’ worth of gold is being smuggled out of Africa every year through the United Arab Emirates (UAE) in the Middle East. The UAE is seen as a gateway to markets in Europe, the US and beyond.

According to the Reuters’ analysis, customs data indicate that the UAE imported about USD15.1-billion worth of gold from Africa in 2016, more than any other country and up from USD1.3-billion in 2006.

The total weight was 446t, in varying degrees of purity – up from 67t in 2006.

Reuters reports that most of the gold was not recorded in the exports of African states. Five trade economists interviewed by Reuters said this indicates large amounts of gold are being smuggled out of Africa without taxes being paid to the states that produce them.