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Dubai can't shake off the stain of smuggled African gold
By Simon Marks, Michael Kavanagh, and Verity Ratcliffe
Bloomberg News
via Yahoo News, Sunnyvale, California
In the moon-like landscape of northern Sudan, informal gold miners toil with spades and pickaxes to extract their prize from shallow pits that pockmark the terrain.
Mining ore in the sweltering heat of the Nubian desert is the first stage of an illicit network that has exploded in the past 18 months following a pandemic-induced spike in the gold price. African governments desperate to recoup lost revenue are looking to Dubai to help stop the trade.
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Interviews with government officials across Africa reveal smuggling operations that span at least nine countries and involve tons of gold spirited over borders.
That's a cause for international concern because the funds from contraband minerals dealing in Africa fuel conflict, finance criminal and terrorist networks, undermine democracy and facilitate money laundering, according to the Organisation for Economic Cooperation and Development.
While it's impossible to say precisely how much is lost to smugglers each year, United Nations trade data for 2020 show a discrepancy of at least $4 billion between the United Arab Emirates' declared gold imports from Africa and what African countries say they exported to the UAE. ...
... For the remainder of the report:
https://www.yahoo.com/now/dubai-t-shake-off-stain-050114473.html
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