Tighter regulation not enough to stop importing illicit gold to UAE: report
Even with new regulation implemented in 2023, the UAE has not been able to better trace its gold imports, a new report shows.
The United Arab Emirates (UAE) continues to import significant quantities of illicit gold despite recent regulatory measures, according to a new SWISSAID report. The report, which analyzed data from 2021 to 2025 and consulted over 150 stakeholders, found that the UAE imported at least 591 tonnes of illicit gold in 2024 alone. This illicit gold originated from countries involved in conflicts, such as Russia, Yemen, and Sudan, as well as African nations.
Despite the introduction of stricter due diligence requirements in 2023, only two out of 52 Emirati refineries were fully compliant with the new regulations, according to the report. The UAE remains a major hub for gold imports, with illicit gold accounting for 42% of total gold imports into the country in 2024, valued at $74 billion at current prices.
SWISSAID has called on the UAE to enhance its regulatory framework and enforcement of due diligence practices, including increasing penalties for non-compliance and improving traceability systems.
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