Bank of England refuses Venezuela’s request to return $550 million in gold – report

RAEL’S COMMENT:

It’s time for all small countries and ex-colonies to stop trusting Western superpowers and repatriate all their wealth.

Earlier, Caracas indicated that it was looking to repatriate some 14 tons of gold bars back from the UK out of concern that the bullion may be affected by harsh US sanctions against the Latin American country.

The Bank of England is refusing to release Venezuela’s gold bars, worth about $550 million or £420 million, back to Caracas, with British officials understood to have referred to “standard” anti-money laundering measures, The Times reports, citing unnamed sources.

“There are concerns that Mr. [Nicolas] Maduro may seize the gold, which is owned by the state, and sell it for personal gain,” the newspaper explains.

On Tuesday, two informed sources told Reuters that the Venezuelan government has been trying to move its gold from Bank of England vaults back to Venezuela for nearly two months, with the shipment thought to be held up over difficulties in obtaining insurance.

Bank of England Refuses Venezuela’s Request to Return $550 Million In Gold – Report