Billions of dollars of smuggled gold in Switzerland

Friday, 31 May 2024 06:30

Switzerland is a major recipient of smuggled gold from Africa.

A study by the organisation Swissaid says it amounts to USD 31bn worth.

The organization says smuggled gold comes mainly from illegal and unofficial mines that have ‘disastrous working conditions.’

The main countries which cause the most concerns are Mali, Ghana and Zimbabwe.

The NGO is calling for a change in Swiss law which currently states that the last place the gold was processed is its origin.

This allows the metal to be channelled through the United Arab Emirates easily.

Switzerland is under pressure to conform to standards set by the OECD which demands better traceability.

More from Bitesize News

Parcel bomb explodes in Grange-Canal

A parcel bomb exploded in a letter box in Grange-Canal yesterday afternoon. Geneva police sealed off a large section of the area.
After autoroute rejection- what now?

A major debate is raging on what to do with the money that would have used to expand the autoroute network.
Passerelle simply too expensive

It seems it was the cost which sank the idea of the pedestrian bridge running next to the Pont du Mont Blanc.
Stolen cello recovered

A valuable cello stolen in Geneva a couple of months ago has been recovered, undamaged.
Kebab shop owner fined for bad meat

A kebab shop owner in canton Sankt Gallen has been fined after customers fell ill due to infected meat.
Move to make winter tyres compulsory

A national parliamentarian is preparing a motion that would make all car owners fit winter tyres.