The Financial Intelligence Unit (FIU) says that a figure published in yesterday’s edition of Stabroek News in the article headlined `Financial Intelligence Unit had urged ‘high level’ probe in 2019 into gold trading -in light of concerns over Venezuelan ore, exchange rate pressure’ was not correct as there had been a subsequent amendment.
Head of the Financial Intelligence Unit (FIU), Matthew Langevine yesterday explained to Stabroek News that the figure contained in the article was sourced from one of several drafts which were presented by the FIU before the final copy.
As such, he said the figure in yesterday’s report on El Dorado Trading was “significantly” understated. He did not provide the figure contained in the final copy of the report.
In the article, Stabroek News reported as it relates to El Dorado Trading, the FIU said that based on reports from the GGB, the Gold Purchased/ Exported by this entity for 2019, had shown steady increases over 2018.
“This is an indicator of positive business activity. It is noted however, that incoming USD transfers received by this entity via the local banking system has reduced from over US$48M in 2018 to less than US$8M as at July 2019”. The latter figure was understated in the draft FIU report which had been utilized by Stabroek News. There was no indication on the report seen by Stabroek News indicating that it was a draft.
