Swissaid Report: UAE Imported 591 Tons of Illicit Gold in 2024

The United Arab Emirates imported 591 tons of illicit gold worth $74 billion in 2024, according to a new report by the Swissaid development group.

The report states that many refiners and traders in the country are not following new government rules designed to regulate the trade. Enforcement of these regulations remains lax, allowing smuggled metal from Russia, Yemen, and Sudan to continue flowing into the Emirates.

The UAE introduced the guidelines after the Financial Action Task Force, an international anti-money laundering body, raised concerns about the country's ability to stop criminals and militants from hiding wealth there. The rules require responsible sourcing and vetting of supply chains.

Despite the new framework, gold from conflict zones and sanctioned nations made up 42% of the UAE's total precious metal imports in 2024. The Emirates served as the second-biggest gold exporter globally that year, behind only Switzerland. It processed the metal for markets in Switzerland, India, and China.

Swissaid found that 453 tons of the illicit gold, valued at more than $56 billion, reached Dubai refineries from African countries. Guinea, Mali, and Sudan were primary sources. Sudan faces international sanctions, and the report noted that nearly 29 tons of its gold entered the UAE. Some of this metal arrived officially through third countries.

Marc Ummel of Swissaid told the Associated Press that the organization hoped the new regulations would stop conflict gold from sanctioned countries. He stated that from the group's perspective, all gold from Sudan since April 2023 should be considered conflict gold. The illicit trade has helped finance the war between Sudan's military and the paramilitary Rapid Support Forces. U.N. experts say the RSF control gold-producing areas in Darfur and Kordofan.

The report also identified 137.7 tons of gold, valued at nearly $17 billion, imported from Russia and Yemen in 2024. Both countries are under international sanctions. Switzerland was the top importer of gold from the UAE. Imports from the Emirates to Switzerland rose from 155 tons in 2024 to 420 tons in 2025.

The UAE and the Swiss government did not immediately respond to requests for comment. The report recommends that the UAE be added back to the Financial Action Task Force's gray list, which calls for increased monitoring. The UAE was placed on that list in 2022 and removed in 2024 following the new gold supply chain regulations.