SOUTH AFRICA TO DUBAI – A LOOK INTO ILLICIT GOLD NETWORKS

On 17 January, the Daily Maverick carried a report saying that South Africa has surfaced as a key transit point for bullion smugglers wanting to channel the precious metal to and from one of the world’s most prolific players in the gold industry – Dubai; and an investigation sparked at the start of this year may also reveal whether a smuggling syndicate possibly operating from Madagascar has been using the country as a conduit.  It is said that most of Zimbabwe’s gold is still thought to go through South Africa, and its local scrap metal-to-refinery route leading to Dubai is undoubtedly the preferred route for most syndicates.  Dubai’s location and industry verticals, which include financing and logistics, have positioned it to be a far more convenient trading centre, positioned between Africa’s extensive resources and heavy consumer nations such as India. 

https://www.dailymaverick.co.za/article/2021-01-17-all-that-glitters-a-look-into-illicit-gold-networks/

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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