President Maduro of Venezuela is trying to repatriate at least 14 tonnes of gold held at the Bank of England, fearing that access could be frozen under US sanctions against his regime.
The Bank has refused to release the gold bars, worth about £420 million, according to sources. British officials are understood to have insisted that standard measures to prevent money-laundering be taken — including clarification of the Venezuelan government’s intentions for the gold.
There are concerns that Mr Maduro may seize the gold, which is owned by the state, and sell it for personal gain.
Venezuela is struggling under a calamitous recession that is widely blamed on Mr Maduro’s mismanagement of the economy and rampant corruption in his government He says his government is