Large inter-agency investigation still underway into gold smuggling – Minister

– assures action will be taken once enough evidence is gathered

A large inter-agency investigation is still underway to investigate gold smuggling, with subject Minister Vickram Bharrat assuring that a number of actions will be taken once the investigation has been wrapped up.
Reports of gold smuggling, costing the state millions in revenue, have reared their head throughout the year. At his end-of-year press conference, Bharrat addressed this and assured a multi-agency investigation is still underway.
“Yes, there are reports of alleged gold smuggling. We have received some of the information, which the Ministry of Home Affairs and a number of other agencies have been engaging in an investigation. But I want to assure you that the people who are caught, or we can provide enough evidence that they are actually doing that, will have to face the full force of the law,” he said.
“And as was mentioned before, if people who own properties are involved in this, then it means that GGMC will be in a position where it will have to take back those properties,” the Minister said.
Minister Bharrat noted that persons who were allocated claims by the Government cannot avoid declaring gold to the Government. He made it clear that once the agencies have concluded their investigations, actions will be taken.
“You can’t be given properties from the Government and you’re not declaring your gold through the rightful channel. So, once we have enough evidence when that investigation is concluded, then action will be taken in more than one forms,” he further explained.

Last month, the Government had announced that an investigation would be launched into reports of gold smuggling/illegal trade. This came about in light of diminishing gold declarations that were at odds with the investments being made in the sector.
This was announced in a statement from the Ministry of Natural Resources, also reminding miners that they are required to sell all the gold they find to licensed gold dealers/traders, or to the Guyana Gold Board.
The Ministry had 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.
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.
The probe was initiated after authorities discovered the involvement of an alleged Guyanese businessman who has ties to the gold mining industry in Guyana conducting business in Brazil under suspicious circumstances.
Reports are that Federal Police agents suspected that the Guyanese businessman has a Brazilian partner who aids in the movement of funds through the companies.
The Bank of Guyana (BoG), in its first quarter statistical report on the performance of the economy for the year, had said gold declarations decreased by 5.3 per cent when compared to the same period last year.
For 2022, the total gold declaration was 486,415 ounces; in 2021 it was 499,054 ounces; 2020 recorded 584,291 ounces, and 2019 some 634,905 ounces.(G-3)