UAE finally decides to tackle dirty gold problem

Posted on Dec. 2021 at 8:10Updated 21 Dec. 2021 at 14:27

The UAE is starting to take the fight against dirty gold trafficking seriously. Authorities will ask all gold refineries in the territory to conduct an audit to ensure they are sourcing responsible gold, according to Reuters. The audit will be based on OECD standards and will be mandatory from February 2022, the UAE Ministry of Economy said in a statement confirming the agency’s information.

This decision comes after multiple challenges, accusing Dubai in particular of serving as a hub for dirty gold produced in Africa and a gateway to Europe and the United States. A 2019 Reuters investigation showed that $ 15 billion in gold entered the UAE through smuggling networks. The informal and illegal extraction of the yellow metal is extremely dangerous for the environment and people who are exposed to toxic products.

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