Mali to Dubai - Artery for West Africa's Booming Illegal Gold Trade: WestAfrica
couriers
transporting an average of 10 kg per trip. Flights between Mali and Dubai cost around US$500, the equivalent of about 10 g to 12 g of gold, making a single trip profitable. Some traffickers move up to 40 kg of gold to Dubai every week. This is facilitated by corrupt airport staff, such as customs officers and policeIn the UAE, legal loopholes, weak import procedures and questionable practices by UAE-based buyers and the Dubai Multi Commodities Centre facilitate illegal trade.
There are also problems with how the DMCC traces the origin and supply chain of gold brought into the country. UAE customs don't require information about the gold's origin. Most of the illegally traded gold is first in the Dubai Gold Souk and then onward to refineries and jewellers. The identity of foreign firms purchasing the metal from Dubai-based refineries is unknown.of 'unlawful, unprofessional and unethical' conduct over its relationship with the commodities centre. The accounting firm is believed to have helped an Emirati gold refiner rewrite its compliance report for the DMCC to modify the audit findings.
Because many West African artisanal miners struggle to finance their activities, they take loans from Emiratis that can only be paid back through exporting their gold to the UAE. This isn't necessarily illegal, but most of this gold is probably exported through illicit channels.Mali and the UAE must strengthen both domestic strategies and procedures, and bilateral and regional cooperation to close the gaps that enable the illegal gold trade.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
South Africa: Basic Water Services in South Africa Are in Decay After Years of ProgressAnalysis - Water is at the heart of health and well-being for people and nature. Access to it is a human rights issue recognised by international treaties and declarations, and national standards. It's vital for education and economic productivity. Ultimately, it connects the environment to society.
Read more »
Africa: As Online Hate Speech Hits Africa, Social Media Firms Told to ActSocial media used to be a source of light entertainment for Nora, a 47-year-old Zimbabwean domestic worker living in South Africa. But lately, it has become a source of fear.
Read more »
East Africa: Horn of Africa Faces Most 'Catastrophic' Food Insecurity in Decades, Warns WHOThe World Health Organization (WHO) warned on Tuesday that the Greater Horn of Africa is experiencing one of the worst hunger crises of the last 70 years.
Read more »
15 Farm attacks, 7 farm murders in South Africa – July 2022 - South Africa TodayDuring July 2022 there were 15 farm attacks and 7 farm murders. 1 January to 31 July 2022 there were 78 farm attacks and 21 farm murders.
Read more »
East Africa: Horn of Africa Facing Unprecedented Food and Health CrisisThe World Health Organization is urgently appealing for $123.7 million to provide emergency aid for millions of people facing an unprecedented food and health crisis in the Horn of Africa.
Read more »
DIGITAL NOMAD VISAS: It’s time for South Africa to cash in on the remote working trendSouth Africa’s economy will benefit from creating a more enabling environment for remote workers. So what’s stopping the government from doing so?
Read more »