Bank of England Has No Right to Withhold Venezuelan Gold

13/11/2018

12.11.2018

The Times has recently reported, citing anonymous sources, that the Bank of England is refusing to release Venezuela’s gold bars, worth about $550 million or £420 million, back to Caracas. Explaining the move, the British officials cited “standard” anti-money laundering measures.
Sputnik discussed the Western stance towards the Maduro government, as well as the Bank of England’s reported refusal to return Venezuela’s gold with Jorge Martin, a campaigner at Hands Off Venezuela.
Sputnik: According to the Times, the Bank of England is refusing to hand over 420 million pounds worth of Venezuelan gold to the Venezuelan government for fear of it being stolen by President Maduro. What are your thoughts on this story?
Jorge Martin: Well, I’d say this is a very scandalous situation because this gold doesn’t belong to the Bank of England or the British government — it belongs to Venezuela. So this is nothing short of buccaneering. They are basically withholding something which is not theirs.
Read more at https://sputniknews.com/analysis/201811121069736301-bank-of-england-/

November 7, 2018

Venezuela is looking to repatriate 14 tonnes of gold from the Bank of England as US-led sanctions target their international assets, Reuters has reported.
The move, which will bring around US $550 million of international reserves back under Caracas’ control, was initiated two months ago by the Central Bank of Venezuela (BCV), according to an unnamed official source. No official statements have been made by either the BCV or the Bank of England, who cite client privacy rules for their silence.
According to the sources, the gold is yet to make the journey back to Caracas as the BCV is still organising insurance for the trip. “The insurance is still being sought, it is very costly,” the news agency was told.
Read more at https://venezuelanalysis.com/news/14139