Leveraging Transparency to Reduce Corruption: Unpacking the status and challenges of illicit financial flows in the natural resource space

Gold flows are subject to significant risks regarding illicit finance, and Venezuela’s gold sector is no exception. Illicit financial flows—defined by Global Financial Integrity as “illegal movements of money or capital from one country to another”—drain public resources and compound public corruption, environmental degradation, and human rights abuses. Since the nationalization of Venezuela’s mining industry in 2011, gold mining as well as outflows of gold have increased, which has only heightened these risks.

However, resources such as the Organization for Economic Cooperation and Development (OECD)’s guidance for responsible supply chains of minerals from conflict-affected and high-risk areas highlight pathways for mitigating these challenges. To maximize the impact of these recommendations, engagement across government, intergovernmental entities, industry, financial regulators, and civil society organizations is vital.

 

 

Leveraging Transparency to Reduce Corruption (LTRC), a joint global initiative of The Brookings Institution and Results for Development, recently held a conversation to unpack the status and challenges of illicit financial flows. The event featured a moderated panel discussion on the state of illicit financial flows related to gold from Venezuela, which was intended to inform a subsequent workshop on the topic. The conversation included highlights from the OECD’s recent report, “Gold flows from Venezuela: supporting due diligence on the production and trade of gold.” A Spanish translation of the report was available during the event.

Following remarks from the LTRC team and a representative of the Foreign, Commonwealth and Development Office, a panel comprising experts from local and international civil society organizations, law enforcement, and industry discussed their perspectives.

Moderator: Angel Camacho, Federal Bureau of Investigation

Panelists:

  • Alan Martin, The London Bullion Market Association
  • Cristina Burelli, V5 Initiative and SOSOrinoco
  • Julia Yansura, Global Financial Integrity
  • Louis Maréchal, OECD
  • Nelson Bocaranda, RunRunes

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