Switzerland Urges Refiners to Tighten Audits of #UAE Gold - Bloomberg

Switzerland Urges Refiners to Tighten Audits of UAE Gold - Bloomberg

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.

Erwin Bollinger, head of the bilateral economic relations division, also told the refineries that Swiss President Guy Parmelin plans to visit the UAE later this month.

The state secretariat in Bern didn’t respond to requests for comment.

“We have long been cooperative with all international regulations and best practices including anti-money laundering efforts and unethical sourcing of gold,” Thani Al Zeyoudi, UAE minister of state for foreign trade, said in an emailed statement.