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Switzerland Tells Refiners to Get Strict on UAE Gold

  • Letter points to high volume of imports from the country
  • Concerns have been raised about Dubai’s role in African trade
Bullion At Gold Investments Ltd. As Gold Holds Ground Near Record
Photographer: Chris Ratcliffe/Bloomberg
Updated on

Switzerland has told its gold refineries to tighten up audits on imports arriving from the United Arab Emirates to make sure illicit African bullion isn’t involved. 

In a letter dated Oct. 11 seen by Bloomberg, the State Secretariat for Economic Affairs said refineries should ensure sufficient steps are taken to identify the true country of origin for all gold coming from the UAE. He pointed to the high volume of imports coming from the state, which is set to account for 10% of Switzerland’s total in 2021.