ADVERTISEMENT
  • Africa
  • World
  • Our Shows
    • Entrepreneurship
    • Destination Business
    • 101business TV Show
Business 360 News
  • Home
  • News
  • Markets
    • Stocks
  • Finance
  • Economy
    • Political Economy
    • Energy
    • Maritime
    • Agribusiness
    • Insurance
    • Real Estate
  • Tech
    • ICT
    • Solar Energy
    • Electric Vehicles
    • Blockchain
    • IoT
    • AI
  • Sports
  • SMEs
    • Success Stories
    • Start-Ups
    • Entrepreneurship
  • Business Travels
    • Aviation
    • Tourism
    • Hospitality
  • Lifestyle
    • Art
    • Entertainment
    • Fashion
    • Luxury
  • NGOs
  • Business 360 Weekly
No Result
View All Result
  • Home
  • News
  • Markets
    • Stocks
  • Finance
  • Economy
    • Political Economy
    • Energy
    • Maritime
    • Agribusiness
    • Insurance
    • Real Estate
  • Tech
    • ICT
    • Solar Energy
    • Electric Vehicles
    • Blockchain
    • IoT
    • AI
  • Sports
  • SMEs
    • Success Stories
    • Start-Ups
    • Entrepreneurship
  • Business Travels
    • Aviation
    • Tourism
    • Hospitality
  • Lifestyle
    • Art
    • Entertainment
    • Fashion
    • Luxury
  • NGOs
  • Business 360 Weekly
No Result
View All Result
Business 360 News
No Result
View All Result
Home Finance

GOLD: UN Experts show smuggling Networks from Congo to Dubai

Business 360 News by Business 360 News
June 13, 2020
in Finance
0
GOLD: UN Experts show smuggling Networks from Congo to Dubai

A report by the United Nations Group of Experts say gold smuggling from eastern Democratic Republic of Congo is costing the impoverished country millions of dollars in tax revenue and funding conflict and criminal networks that stretch across Africa and beyond.

The group said Friday that Congo’s official exports of hand-dug gold bear almost no relation to reality, with “significant smuggled volumes” of gold ending up in Uganda, Burundi, Rwanda, the United Arab Emirates and Tanzania.

Congo is one of the “region’s largest artisanal gold producers, and yet one of its smallest official exporters,” the group said in its annual report on Congo’s ongoing conflicts published on the website of the UN Security Council.

Official production of artisanal gold in Congo was 333.4 kilograms (735 pounds) last year, while the country only exported 39.4 kilograms worth about $1.3 million, according to Mines Ministry statistics.

The UN report estimates that a minimum of 1,100 kilograms of gold was shipped in 2019 from Congo’s northeastern Ituri province alone, which would have generated $1.9 million in taxes if it had been legally exported.

Some profits from the smuggled gold continue to fund militia in eastern Congo, the report said. Dozens of armed groups have proliferated in the region since the end of Congo’s civil wars nearly two decades ago, often fueled by revenue from natural resources.

Congo’s Mines Minister Willy Kitobo Samsoni didn’t immediately respond to requests for comment.

Last month, the UN warned that an armed movement in Ituri that has been attacking artisanal gold mines could be guilty of war crimes and risked igniting a new regional conflict.

Friday’s report painted a picture of a vast and opaque network of gold trafficking and money laundering that encompassed all parts of the supply chain, from the mines to the refineries to the gold buyers.

“Some refineries acted as brokers, used cash payments that evaded tracing, undertook refiner-to-refiner trading that concealed the origin of smuggled gold and used corporate networks, making it difficult to establish beneficial ownership,” the group said. “Most gold trading evaded the formal banking network.”

In 2015, a report from the Organisation for Economic Cooperation and Development estimated that between 10 and 15 tons of artisanal gold was produced in Congo each year. At current prices, that amount of gold would be worth up to $836 million.

In September, the U.S. Customs and Border Protection began requiring companies that import products into the U.S. made in whole or in part from Congolese artisanal gold to prove that their goods weren’t the product of forced labor in the country’s mines.

The group urged all companies involved in the mining, processing and purchase of Congolese mineral products to audit their supply chains and make their due diligence findings public to comply with a 2010 resolution by the UN Security Council.

Source: Bloomberg

Previous Post

FMDQ Exchange Admits Flour Mills of Nigeria’s ₦30.00bn Commercial Paper Notes

Next Post

Insurance: FBN records N37.63bn Premium in 2019

Business 360 News

Business 360 News

Next Post
Insurance: FBN records N37.63bn Premium in 2019

Insurance: FBN records N37.63bn Premium in 2019

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
NCAC inaugurates Creative Industry Sub-Committees

NCAC inaugurates Creative Industry Sub-Committees

September 20, 2020
#EndSARS: Protesters receive heavy gun fire at Lekki toll gate

#EndSARS: Protesters receive heavy gun fire at Lekki toll gate

October 21, 2020
COVID-19: Churches comply with strict measures as worship centres reopen in Lagos

COVID-19: Churches comply with strict measures as worship centres reopen in Lagos

August 10, 2020
COVID-19: Maize Farmers cut down production by 30%

COVID-19: Maize Farmers cut down production by 30%

July 15, 2020
‘The existence of a production hub in Nigeria will go a long way for the Fashion Industry’. FUNMI RUFAI LADIPO, President Fashion Designers Association of Nigeria.(FADAN)

‘The existence of a production hub in Nigeria will go a long way for the Fashion Industry’. FUNMI RUFAI LADIPO, President Fashion Designers Association of Nigeria.(FADAN)

25
Goldlink’s restructures board

Goldlink’s restructures board

10
Airtel Africa Plc gets admitted to the NSE Main Board

Airtel Africa Plc gets admitted to the NSE Main Board

6
Stallion Tank Farm resumes operations

Stallion Tank Farm resumes operations

3
Ethiopian Airlines appoints new Cargo Manager for Nigeria as its Cargo Strategy sees growth amidst Pandemic

Ethiopian to start passenger service to Copenhagen, Denmark

January 24, 2023
FG borrowed N1.3tn in four years to subsidise power consumers, firms – World Bank

Economic crisis: FG records N14.28tn revenue shortfall, plans to cut borrowing

January 19, 2023
How I started my Tomato Puree manufacturing company.- Adaora Akojuru

How I started my Tomato Puree manufacturing company.- Adaora Akojuru

January 19, 2023
Asia Stocks Mixed as Commodites Drop; Yields Dip

Oil prices extend gains on optimism over China’s recovery as Asia Stocks Slide, Yen Drops on BOJ

January 18, 2023
Business 360 News

Business 360 News is a Business and Financial News Platform with an SMEs drive. Published by 360 Network Limited, and created with the aim of disseminating unbiased business stories to readers within and outside Nigeria, providing in-depth analysis of our stories from a critical perspective against the backdrop of realities, actualities, objectivity and balance.

Follow Us

Browse by Category

  • Africa
  • Agribusiness
  • AI
  • Art
  • Arts
  • Aviation
  • Blockchain
  • Business 360 Weekly
  • Business Travels
  • Capital Market
  • Corporate
  • Destination Business
  • Economy
  • Education
  • Electric Vehicles
  • Energy
  • Entertainment
  • Entertainment
  • Entrepreneurship
  • Fashion
  • Fashion
  • Finance
  • Health
  • Hospitality
  • ICT
  • Insurance
  • IoT
  • Lifestyle
  • Luxury
  • Maritime
  • Meetings
  • News
  • NGOs
  • Political Economy
  • Real Estate
  • SMEs
  • Society
  • Solar Energy
  • Sports
  • Start-Ups
  • Stocks
  • Success Stories
  • Tech
  • Tourism
  • Transportation
  • Uncategorized
  • World

Recent News

Ethiopian Airlines appoints new Cargo Manager for Nigeria as its Cargo Strategy sees growth amidst Pandemic

Ethiopian to start passenger service to Copenhagen, Denmark

January 24, 2023
FG borrowed N1.3tn in four years to subsidise power consumers, firms – World Bank

Economic crisis: FG records N14.28tn revenue shortfall, plans to cut borrowing

January 19, 2023
  • Africa
  • World
  • Our Shows

© 2022 Business 360 News - Business, Finance And SMEs News | Design by Manifest!

No Result
View All Result
  • Home
  • News
  • Markets
    • Stocks
  • Finance
  • Economy
    • Political Economy
    • Energy
    • Maritime
    • Agribusiness
    • Insurance
    • Real Estate
  • Tech
    • ICT
    • Solar Energy
    • Electric Vehicles
    • Blockchain
    • IoT
    • AI
  • Sports
  • SMEs
    • Success Stories
    • Start-Ups
    • Entrepreneurship
  • Business Travels
    • Aviation
    • Tourism
    • Hospitality
  • Lifestyle
    • Art
    • Entertainment
    • Fashion
    • Luxury
  • NGOs
  • Business 360 Weekly

© 2022 Business 360 News - Business, Finance And SMEs News | Design by Manifest!