Tighter regulation not enough to stop importing illicit gold to UAE: report

AI desk brief

SWISSAID estimates the UAE imported at least 591 tonnes of illicit gold in 2024, representing 42% of total gold imports, despite tighter sourcing rules introduced in 2023. Only two of 52 Emirati refineries reviewed for 2023–2025 fully adopted the regulations, the report found. Switzerland, the leading importer of UAE gold, imported 420 tonnes in 2024 and over 400 tonnes in 2026. SWISSAID urged stronger enforcement and renewed FATF listing, but opposed blanket exclusion of conflict-affected producers. Stronger enforcement could affect sourcing and compliance requirements; the report establishes no near-term bullion-price direction.