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SOCU seizes more than GYD$16 M, two arrested

Posted by: Denis Chabrol in Crime, News February 5, 2016 0

Guyana’s anti-money laundering agents seized more than GYD$16 million from a house in East Coast Demerara and two persons have been arrested, according to police and well-placed sources.

The cash seized includes almost US$80,000, GYD$1 million and Trinidad and Tobago dollars.

Sources said operations were carried out at East Bank Demerara and East Coast Demerara, but the cash was seized at locations on the East Coast Demerara.

The Guyana Police Force, in a statement, said agents of its Special Organised Crime Unit (SOCU) Friday morning, 5^th February, 2016 conducted operations at four locations.

“During the operation a significant sum of foreign and local currencies was found at two of the locations and detained pending further investigations into money laundering,” the Guyana Police Force said in a statement.

Those arrested, sources said, say they are business persons.

Guyana’s Anti-Money Laundering and Countering of Financing Terrorism Act criminalizes the possession of US$10,000 or more without good reason.

Police or customs officials have been empowered to seize currencies at any location within Guyana, in addition to ports of entry and exit.

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MitwahSenior Member

I doff my hat to the Minister of Security, the Police and other Law enforcement agencies.

2/5/1612:33 PM

Former Member

As I told you guys, I expect the crime wave to decline in 2 years. It is clear they are addressing it. The PPP promoted it.

2/5/161:02 PM

Former Member

TK posted:
As I told you guys, I expect the crime wave to decline in 2 years. It is clear they are addressing it. The PPP promoted it.

Are there indications that the parallel underground economy is also shrinking?

2/5/161:23 PM

Former Member

Stormborn posted:
TK posted:
As I told you guys, I expect the crime wave to decline in 2 years. It is clear they are addressing it. The PPP promoted it.
Are there indications that the parallel underground economy is also shrinking?

I think they are putting a big dent on the underground economy. But hard to eradicate gold smuggling. And when your most popular newspaper columinist, Freddie, said he will buy smuggled tyres know you have a problem.

2/5/161:31 PM

Former Member

Gold smuggling can be stopped considerably if they exert more control of claims and demand that each claim declare their productive output. If one gets nothing from a claim it has to be not worked or the person is a cheat. Statistically a pattern develops and one can see who are the cheats.

2/5/161:45 PM

Former Member

Stormborn posted:
Gold smuggling can be stopped considerably if they exert more control of claims and demand that each claim declare their productive output. If one gets nothing from a claim it has to be not worked or the person is a cheat. Statistically a pattern develops and one can see who are the cheats.

That is true. They have to watch the illegal mining.

2/5/161:48 PM

MitwahSenior Member

TK posted:
Stormborn posted:
TK posted:
As I told you guys, I expect the crime wave to decline in 2 years. It is clear they are addressing it. The PPP promoted it.
Are there indications that the parallel underground economy is also shrinking?
I think they are putting a big dent on the underground economy. But hard to eradicate gold smuggling. And when your most popular newspaper columinist, Freddie, said he will buy smuggled tyres know you have a problem.

Smuggled tyres should be confiscated with the vehicle detained or impounded.

2/5/161:49 PM

Former Member

raise the price of used tires by 10% and drop the price of new tires by 10% and leave the people to buy whichever they want.

new tire $15 000 becomes $13 500

used tire $ 5 000 becomes $5 500

new tire lasts one year, used tire lasts three months

used tires will cost 4 times or $22 000 in a year compared to $13 500.

it will pay off in the long run to buy a new tire Freddie.

2/6/1612:48 PM

Former Member

TK posted:
Stormborn posted:
Gold smuggling can be stopped considerably if they exert more control of claims and demand that each claim declare their productive output. If one gets nothing from a claim it has to be not worked or the person is a cheat. Statistically a pattern develops and one can see who are the cheats.
That is true. They have to watch the illegal mining.

There is nothing money or a little gold can't fix.

2/6/163:35 PM

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SOCU seizes more than GYD$16 M, two arrested

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