UAE - Behind the glitter of Dubai’s gold souks lies the plunder of Muslim nations. At least 591 tonnes of illicit gold — worth $74 billion at current prices — were funnelled into the United Arab Emirates in 2024 alone, according to a study published on 12 November by the Swiss development organisation SWISSAID.
The report, tellingly titled Laundered in the Emirates: Why the UAE Remains a Problematic Gold-Trading Hub, found that 453 tonnes, valued at $56.7 billion, were smuggled out of African gold-producing countries. It also traced at least 174.5 tonnes of conflict gold from Russia, Yemen and Sudan — all states under international sanctions whose wealth Dubai absorbs without hesitation. Yemen, still bleeding after a decade of Saudi-Emirati aggression and blockade, is among the nations whose gold ends up in Emirati vaults.
“The findings of this study are deeply concerning,” said Marc Ummel, head of SWISSAID’s Raw Materials Unit and the study’s co-author. “They show that the United Arab Emirates remains a hub for smuggled and conflict gold.”
A facade of regulation
Abu Dhabi introduced Responsible Gold Sourcing Due Diligence Regulations in January 2023, promising traceability and control. The promise was hollow. Of 52 refinery review reports covering 2023–2025, only two earned a rating of “fully compliant.” Despite the new rules, the torrent of smuggled African gold never slowed.
SWISSAID is now urging the Financial Action Task Force to return the UAE to its “grey list” of jurisdictions with strategic deficiencies in combating money laundering and terror financing. The Emirates sat on that list from 2022 to 2024 before being let off — and a new FATF mutual evaluation is currently underway.
Financing genocide in Sudan
Nearly 37 tonnes of gold passed through Emirati hands after being smuggled out of Sudan. Much of it is mined in Darfur, under the control of the UAE-sponsored Rapid Support Forces (RSF). According to The Cradle, a network of Emirati-based companies converts the bullion into hard currency for the paramilitary — the same force a UN fact-finding mission found in January 2026 had committed atrocities bearing the “hallmarks of genocide.”
Khartoum severed ties with Abu Dhabi in May 2025 over its arming of the RSF and has pressed the UN Security Council to blacklist the militia as a terrorist organisation. The UAE continues to deny any military role in Sudan — while its refineries cash in the proceeds.
The Swiss connection
The laundering pipeline does not end in the Gulf. Switzerland was the largest buyer of Emirati gold in 2025, importing 420 tonnes — 36 percent of UAE exports. Almost all of it passed through a single refinery, Valcambi, which declined to tell SWISSAID where the gold actually came from. Between January and September 2026, Switzerland imported another 400-plus tonnes worth $57 billion.
“Given the enormous quantities of illicit gold flowing through the UAE, Valcambi should stop importing gold from that country,” said study co-author Yvan Schulz. The same Western capitals that lecture the world about sanctions and human rights keep the wash cycle running.
A walkway of pure gold
In January 2026, Dubai announced plans for a “Gold District” featuring what authorities boast will be the world’s first 24-karat gold walkway.
A pavement of pure gold — laid, tonne by tonne, over the plundered earth of Sudan, Yemen and Africa.
Reference: The Cradle