The Government of Guyana has stepped up measures to block the illicit smuggling of Venezuelan gold into its territory, aiming to prevent funds from flowing to the administration of Venezuela’s President Nicolás Maduro.
President Dr. Irfaan Ali, speaking at a reception hosted by the U.S. Embassy to commemorate America’s 249th Independence Day, said Guyana has alerted all its partners about the serious threat posed by Venezuelan gold smuggling.
“We’ve received that advisory today and we want you to know that we’re putting enormous resources into ensuring that the threat of illicit gold smuggling that can help to empower or safeguard undemocratic forces are uprooted with our partnership,” he declared.
Reports indicate that MINERVEN, a subsidiary of Venezuela’s state-owned Corporación Venezolana de Guayana, is responsible for mining gold that is subsequently smuggled into neighboring countries, including Guyana, to generate much-needed foreign exchange for Venezuela’s struggling economy.
Authorities in Guyana have long suspected that Venezuelan gold is being smuggled across the porous border and sold to local miners at prices lower than the global market rate in US dollars. There are also concerns that some gold is either being declared to the Guyana Gold Board by local miners or smuggled out to other countries.
Gold is a vital export for Guyana, second only to oil, producing nearly $1 billion last year. However, it is estimated that up to 50% of the country’s gold output is smuggled out, undermining the official economy.
U.S. Ambassador to Guyana Nicole Theriot praised the military and security cooperation between the two countries as “powerful” and “the strongest it’s ever been,” highlighting the importance of joint efforts to curb illicit trade.
This crackdown reflects Guyana’s commitment to safeguarding its resources and supporting regional stability by cutting off financial support to undemocratic regimes through illegal mining activities.
