Billions In African Gold Being Smuggled Through UAE By Crime Syndicates: Report | WHAT REALLY HAPPENED

Billions In African Gold Being Smuggled Through UAE By Crime Syndicates: Report

A bombshell investigative report by Reuters has blown open a hitherto under-reported massive black market trade which has seen billions of dollars worth of gold smuggled out of Africa and sold to Europe via "middle man" countries like the United Arab Emirates and others in the Middle East.

The investigation found the Middle East to be the illicit gold "gateway to markets in Europe, the United States and beyond" based on new analysis of customs data, showing tons of off-the-books non-taxed gold pouring out of countries like Ghana, Ivory Coast, Tanzania, Nigeria, and war-torn Libya and Sudan, with no official oversight by the states in which the gold is mined.

The numbers are staggering in terms of the newly revealed whopping unaccounted for increase in Middle East imports for the past decade and more:

Customs data shows that the UAE imported $15.1 billion worth of gold from Africa in 2016, more than any other country and up from $1.3 billion in 2006. The total weight was 446 tonnes, in varying degrees of purity – up from 67 tonnes in 2006.

Much 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 leaving Africa with no taxes being paid to the states that produce them.

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