The government has established a new task force to tighten systems for monitoring the gold industry, while also focusing on verifying the accuracy of data provided by exporters against domestic declarations.
This initiative is part of a broader strategy to combat gold smuggling and enhance the regulation of gold exportation.
President Dr. Mohamed Irfaan Ali announced the formation of the task force during a press conference at the State House on Thursday.
“We are proactively seeking additional information on all exporters to ensure that the information matches what is declared here in Guyana,” President Ali told reporters.
The task force includes key figures such as Attorney General Mohabir Anil Nandlall, Senior Minister in the Office of the President with responsibility for Finance and the Public Service Dr. Ashni Singh, and the Commissioner General of the Guyana Revenue Authority (GRA) Godfrey Statia. Additionally, the head of the Financial Intelligence Unit (FIU), the Governor of the Central Bank, and the Commissioner of the Guyana Gold Board are also members.
President Ali explained that the task force’s primary objectives are to identify weaknesses in the existing system, enhance enforcement mechanisms, increase surveillance, and improve interagency cooperation and international support.
The task force will also strengthen cooperation with bilateral partners involved in gold exportation.
“There will be a new treaty that has to be examined, new partnership agreements, new MOUs, and we’ll have to improve the coordination among stakeholders,” President Ali stated.
The task force will develop data analytics to track gold exports using technology such as GPS tracking, radio frequency identification, and other monitoring mechanisms.
“We are also considering whether we should have a quota on exporters and how to align our national regulations with AML-CFT standards, treating the offence of smuggling as a predicate offence, which is tax evasion,” President Ali added.
This initiative comes as the government awaits further information on recent sanctions from the United States Department of Treasury on the Mohameds family and Permanent Secretary Mae Thomas. (Modified from DPI).
