Bank of England refuses to hand over Venezuela's gold

The Bank of England (BoE) is refusing to release around $550 million in gold owned by Venezuela back to the country over the UK regulator’s claim of growing uncertainty about Caracas’s intentions for the 14 tons of gold bars.

British officials are insisting that measures aimed at preventing money-laundering are taken, The Times reports. The Venezuelan government is reportedly expected to provide a clarification about its plans 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,” the media reports citing unnamed sources.

Reports emerged earlier this week [READ MORE HERE]

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