Sebastiao De Oliveria Moura, a Brazilian and Director of Gago Gold Inc., was Monday charged with five counts of money laundering and subsequently granted $1.75 million bail.
A release from the Special Organised Crime Unit (SOCU) noted that he was previously charged with failing to keep and produce a book to an officer of the board or to another person authorised by the Board contrary to Section 9(4) of the Guyana Gold Board Act, Chapter 66:01.
He appeared at the Georgetown Magistrates Court I, before Acting Chief Magistrate Faith McGusty where he was not required to plead to five indictable charges of money laundering.
He was granted bail at a sum of $1.75 million for the five counts of money laundering, and the cases were adjourned to April 22, 2025 for disclosure.
According to Deputy Commissioner and head of SOCU, Fazil Karimbaksh, investigations commence on February 7, 2024, after a joint intelligence-led operation was conducted by officers of SOCU, the Ministry of Natural Resources, the Guyana Gold Board (GGB), and the Guyana Geology and Mines Commission (GGMC). A search was carried out on Moura’s business place situated at 19 Albert Street, Bourda, Georgetown, for local and foreign currencies, cheques, electronic devices, precious stones, gold and financial records.
During the search, large amounts of local and foreign currency bills were found. Authorities found G$81.1 million, US$6,057, and SR $240.00. Additionally, 4018.15 pennyweights of gold valued $112.5 million and diamonds weighing 3.5 grams were found on Mr. Moura’s business premises.
After intense investigation which lasted for over one year SOCU instituted charges on the basis that the monies, gold and diamonds are tainted properties relating to the offence of money laundering and gold smuggling and are the proceeds of crime in contravention of section 3(1)(c) of the Anti-Money Laundering and Countering the Financing of Terrorism Act, 2009, Cap. 10:11.
The SOCU release said a summary of all the money laundering charges revealed that Moura acquired or possessed the monies, gold, and diamonds knowing, or having reasonable grounds to believe, that the said monies, gold, and diamonds were derived, in whole or in part, directly or indirectly from proceeds of crime.
The post Brazilian charged with five counts of money laundering, on $1.7M bail appeared first on News Room Guyana.
