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

Geneva could foot the G7 bill

Geneva fears it will be left with the security bill from a G7 summit just across the border in Évian, according to 24 heures.
US NGO discovers Swiss child abuse cases

Switzerland relies too heavily on an American NGO to detect child sexual abuse online, raising questions about the country's ability to protect children on its own.
French singer banned by Paleo

The Paléo Festival in Nyon says it will no longer invite French singer Patrick Bruel, after a former volunteer accused him of inappropriate behaviour.
Cars going uninspected

The cantons are struggling to keep up with mandatory vehicle inspections, leaving more than 550,000 checks overdue nationwide.
War may lead to rent rises

Rents may rise again, says the bank Raiffeisen.
Not a heatwave, yet

Summer has arrived, with temperatures climbing past 30 over the long weekend. Basel reached 31 and Sion hit 32.4, but MeteoSwiss, says this does not yet count as an official heatwave.