Cracking Down on Gold Smuggling
Referring to the Guyana customs’ alleged seizure of the $560,000 worth of gold on Tuesday from the trio, including two American citizens, shortly before they were due to depart for New York, Jagdeo said authorities “knew that they were coating the gold with silver and taking it out of the country.” “What you saw at the airport was just a tiny manifestation of it,” he said.
It is evident that the Guyana government is taking a strong stance against gold smuggling, with the recent seizure being just one example of their crackdown on this illegal activity. By uncovering such attempts at smuggling, the authorities are sending a clear message to would-be offenders that they will face serious consequences.
Warning and Potential Legal Changes
He warned gold smugglers to desist from that practice because “the full force of the law” would be taken against them, and there was a likelihood that the laws could be amended to provide for tougher penalties.
It is crucial for those involved in gold smuggling to heed this warning and reconsider their actions. With the possibility of stronger legal penalties on the horizon, engaging in this illegal activity is not worth the risk. The government’s determination to curb gold smuggling highlights the seriousness of the issue and the lengths they are willing to go to combat it.
Previous Incidents and Ongoing Smuggling
Several years ago, a regional airline pilot was caught smuggling gold out of Guyana. In 2012, 70 gold bars worth US$11.5 million were stolen from a Guyanese fishing boat, Summer Bliss, in Curacao.
These past incidents serve as a reminder of the ongoing problem of gold smuggling in Guyana. While law enforcement efforts have successfully exposed some cases, the fact that there is no official estimate of the amount of gold being smuggled out of the country annually underscores the challenges that authorities face in addressing this issue comprehensively.
Concerns Over Declining Gold Declarations
Official declaration to the state-owned gold regulator, Guyana Gold Board, during 2023 totaled 432,113.2 ounces. There is no official estimate of how much gold is being smuggled out of Guyana annually.
Referring to a slump in gold declarations, Mr Jagdeo said the government was “very concerned” about people refusing to sell gold to the gold board to evade taxes. He also said the government was aware that buyers were paying higher than market prices to “externalise” their wealth from ill-gotten proceeds.
The decline in gold declarations and the related concerns about tax evasion and illegal wealth externalization highlight the need for stricter enforcement measures and greater transparency in the gold trade. By addressing these underlying issues, the government can work towards reducing the incentives for gold smuggling and promoting greater compliance with regulations in the industry.
Cracking Down on Gold Smuggling
Referring to the Guyana customs’ alleged seizure of the $560,000 worth of gold on Tuesday from the trio, including two American citizens, shortly before they were due to depart for New York, Jagdeo said authorities “knew that they were coating the gold with silver and taking it out of the country.” “What you saw at the airport was just a tiny manifestation of it,” he said.
It is evident that the Guyana government is taking a strong stance against gold smuggling, with the recent seizure being just one example of their crackdown on this illegal activity. By uncovering such attempts at smuggling, the authorities are sending a clear message to would-be offenders that they will face serious consequences.
Warning and Potential Legal Changes
He warned gold smugglers to desist from that practice because “the full force of the law” would be taken against them, and there was a likelihood that the laws could be amended to provide for tougher penalties.
It is crucial for those involved in gold smuggling to heed this warning and reconsider their actions. With the possibility of stronger legal penalties on the horizon, engaging in this illegal activity is not worth the risk. The government’s determination to curb gold smuggling highlights the seriousness of the issue and the lengths they are willing to go to combat it.
Previous Incidents and Ongoing Smuggling
Several years ago, a regional airline pilot was caught smuggling gold out of Guyana. In 2012, 70 gold bars worth US$11.5 million were stolen from a Guyanese fishing boat, Summer Bliss, in Curacao.
These past incidents serve as a reminder of the ongoing problem of gold smuggling in Guyana. While law enforcement efforts have successfully exposed some cases, the fact that there is no official estimate of the amount of gold being smuggled out of the country annually underscores the challenges that authorities face in addressing this issue comprehensively.
Concerns Over Declining Gold Declarations
Official declaration to the state-owned gold regulator, Guyana Gold Board, during 2023 totaled 432,113.2 ounces. There is no official estimate of how much gold is being smuggled out of Guyana annually.
Referring to a slump in gold declarations, Mr Jagdeo said the government was “very concerned” about people refusing to sell gold to the gold board to evade taxes. He also said the government was aware that buyers were paying higher than market prices to “externalise” their wealth from ill-gotten proceeds.
The decline in gold declarations and the related concerns about tax evasion and illegal wealth externalization highlight the need for stricter enforcement measures and greater transparency in the gold trade. By addressing these underlying issues, the government can work towards reducing the incentives for gold smuggling and promoting greater compliance with regulations in the industry.
