| – mining advocateProminent Mining advocate Sherwyn Downer has called for the re-establishment of the Bartica Gold Board as one measure that can see the Government of Guyana recovering revenue in at least one district as gold declarations are still at their lowest in years.The Bartica Gold Board,Air Max 97 Buy Online, a sub-office of the Guyana Gold Board, has been closed since April of last year, after allegations surfaced that several employees were tampering with the gold that was being brought in for declaration.Downer pointed out that since then miners have been taking their gold to private buyers.Noting the reason for the office’s closure in the first place, Downer also emphasized the need for more levels of checks and balances from the relevant authorities, including the Ministry of Natural Resources and Guyana Geology and Mines Commission (GGMC).It was widely believed that scores of miners,Air Max 97 Wholesale, disheartened by the price drop on the world market, pulled out, causing production to fall. However, there is emerging evidence that the huge drop is a direct result of a well organized smuggling racket that involved not only ordinary business persons but also licensed gold exporters. The racket also involves senior officials and key personnel at the country’s airports.Mining Advocate Sherwyn DownerFor this year alone,Air Max 90 Black And White Mens, gold declarations have fallen behind 30 percent, when compared to the same period of 2014.It was one of the major contributory factors that caused the economy to reflect a lower growth rate last year as gold was the biggest foreign currency earner, ahead of rice and sugar. It has fallen behind now.According to a senior Government official involved in the investigation of the smuggling racket, the coalition administration was alerted to the situation by the US authorities, since the issue goes way beyond mere smuggling. It also involves money laundering.This newspaper has since learnt that the US Embassy here in Georgetown has revoked the visas of a number of persons,Air Max 97, including businessmen, licensed gold exporters,Cheap Adidas Shoes, their workers and even members of their families.As a matter of fact, it is reported that the prevalence of gold smuggling has been likened to that of the lucrative drug trade in Guyana.Both licensed and illegal gold traders are battling each other to take control of the trade.The situation has gotten quite worse over the last two years. It is estimated that between 10,000-15,000 ounces of gold per week is being smuggled out via the Ogle and Cheddi Jagan International Airports. Some more ounces are also being taken overland to the border at Corentyne to Suriname and via Lethem to Brazil.At the very least,Jerseys From China, it means that Guyana is losing out from revenues that can be earned from at least US$500M in gold sales.It also means that the amount being smuggled annually is more than what is declared to official buyers like the Guyana Gold Board and the licensed traders.With Guyana charging up to 7 percent of the value in royalties and taxes, places like Suriname and Brazil have become attractive markets because of the lucrative profits due to the lower taxes in those countries.The gold racket has reportedly spread its tentacles as far as Belgium in Europe and the Middle East. |
