Gold smuggling case expands to US, Panama

(CNS): The ongoing gold smuggling investigation, which began in the Cayman Islands in May after officials found cash hidden in the floor panelling of a private aircraft, has expanded to include law enforcement authorities in the United States and Panama. The RCIPS and the Cayman Customs and Border Control (CBC) Agency was already working with officials in the UK in the case, which police say covers multiple jurisdictions and is “expected to be complex and lengthy”.

The story expanded at the weekend after the UK’s National Crime Agency revealed more details about the gold and its connection to South American drug cartels.

Four men — two passengers and the two pilots — have already been charged with a variety of offences relating to the investigation, including smuggling and money laundering. But the probe, which is already stretching from Venezuela via the Dominican Republic to London and Zürich, is expanding, according to the RCIPS, which released a statement confirming the involvement of law enforcement in the US and Panama.

The case began here after police and the CBC began looking into the possible smuggling of doré gold by crime networks through the Cayman Islands and other jurisdictions to Europe. They intercepted a private jet that had arrived from Venezuela via the Domincan Republic and found US$135,000 stashed under the plane panelling while it was still at Owen Roberts International Airport.

By that time the gold, which had been handled and packaged by local broker, Byzantium, was on its way to London. After checks with the paperwork raised red flags, the Cayman authorities alerted the UK National Crime Agency to intercept the shipments.

“Both shipments were subsequently confiscated by UK authorities and have now been formally seized by court order under the UK Proceeds of Crime Act,” the RCIPS stated.

Speaking about the case, Commissioner of Police Derek Byrne said that the disruption of criminal asset flows and international money laundering activity is a powerful way to fight organised crime networks.

“We are committed to preventing such asset flows through our jurisdiction. Close and mutual cooperation with international law enforcement, as demonstrated in this case, is absolutely essential to the reach and effectiveness of our collective efforts,” he added.