At least 651 tonnes of gold worth $74 billion was laundered through the UAE in 2024 after being smuggled out of Africa or exported in countries affected by conflict and sanctions, according to a SWISSAID study published on 12 November. Nearly 500 tons, worth $56.7 billion, originated in Africa, while at least 192 tons came from Russia, Yemen and Sudan. SWISSAID author Mark Ummel said the findings show the UAE remains a major hub for smuggled and conflict-related gold.
Despite the introduction of responsible gold sourcing due diligence regulations in January 2023 to improve monitoring and supervision, the emirate's refineries were rated as "fully compliant" in only two of 52 audits conducted between 2023 and 2025. SWISSAID attributed the continued illegal trade to major enforcement failures, noting that the flow of smuggled African gold into the UAE had not decreased following the regulations and had instead increased slightly. The UAE remains the leading destination for gold linked to conflicts in Africa and a major source of gold from countries with international sanctions.