According to Colombia's tax and customs agency, the country is investigating the extent of the involvement of gold trading firms and a Miami refinery in a cocaine money laundering scheme. The scheme allegedly distorted the country's trade data, DIAN claimed.
DIAN head Ricardo Ortega, who has been assisting the US Attorney General's office since 2011 about the money laundering scheme, said as much as $3.3 billion worth of gold was smuggled into the country in the last two years from countries including Chile, Mexico, Panama and Venezuela. Ortega said that the smuggling was done via trading firms, which include CI Goldex SA, to the US and Switzerland, and were purchased at intentionally bloated prices with tainted money.
In a May 19 interview at a Bogota restaurant, Ortega, who was flanked with bodyguards at that time, told the news agency that the scheme was a form of money laundering. He confirmed to Bloomberg that the DIAN and the US Drug Enforcement Administration are assisting in the probe.
Ortega also revealed that investigators are also looking into a potential involvement of Republic Metals Corp, a Miami-based refinery. When the news agency contact the Attorney General's office to the alleged gold purchases of RMC, the office has yet to provide a response. However, in an emailed response, the Attorney General's office told Bloomberg that the investigation is focusing on Goldex, despite the fact that there might be other companies involved. It said that the agency is close to deciding whether it should file charges against the Medellin-based firm.
Goldex has since denied the charges, and said in an emailed response to Bloomberg to questions that its commercial ties with RMC are currently on hold. RMC, on the other hand, said it had closed all of its accounts with Goldex and related entities last year after raising concerns "in accordance with its stringent and proactive compliance program."
