Govt launches investigation into illegal gold trade – Guyana Times
In light of dropping gold declarations that are at odds with the investments being made in the sector, the Natural Resources Ministry has announced that an investigation will be launched into whether gold smuggling/illegal trade is responsible for this disparity.
The Ministry further reminded them that it is illegal to purchase gold without the requisite licence. According to the Ministry, the relevant agencies are tasked with ensuring the laws surrounding the selling of gold are upheld and further, an investigation has been launched into the disparity in gold declarations and investments.
“This is evident from the reduction in gold declaration to date when compared to current mining activities and concomitant investment within the sector. In this regard, an investigation has been launched aimed at having those involved in such action face the full force of the law.”
In July, there had been reports that Brazilian federal authorities had launched an investigation into a Guyanese businessman suspected of laundering millions worth of illegally mined gold into that country.
At the time, Vice President Bharrat Jagdeo had warned of tough measures and consequences for any miner found engaged in such illegal activities. In fact, Jagdeo had admitted that Government has been monitoring the decline in gold declarations, with at least one foreign company on its radar for declaring lower than usual figures.
“We had, at one stage, thought that Venezuela gold was coming into Guyana to bypass the sanctions and go out…now we’re realising that it’s actually our gold going into Brazil and obviously to bypass the five per cent royalty and the two per cent final tax.”
The content of this article may have been taken from one or multiple sources. See article title for content credit.