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.

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