OCCRP: Trafigura Bought Venezuelan Gold in ‘Historic’ US Deal in March. It’s Still in Storage.

• Experts suggest the delay may be due to difficulties in meeting U.S. ethical sourcing requirements for Venezuelan gold, which is mined in a lawless region.
• Despite government reforms and a new U.S. license, field reports indicate criminal syndicates still dominate gold mining in southern Venezuela.

Trafigura became the first international company to purchase Venezuelan gold after the U.S. relaxed sanctions in March, agreeing to buy up to 1 metric ton from state mining company Minerven. However, as of early September, all gold acquired remains in storage under Trafigura's control, with no sales yet in the U.S., and the company has not explained the delay.

Compliance challenges persist due to the origins of Venezuelan gold in the Orinoco belt, an area still controlled by criminal syndicates despite recent government reforms. Independent audits have not found violations at Minerven sites, but field reports and experts highlight ongoing difficulties in ensuring ethical sourcing and full supply chain visibility.

• 1 metric ton maximum gold Trafigura agreed to buy

• Review Trafigura's responsible sourcing programme and third-party audit findings for Minerven sites.
• Verify documentation demonstrating supply chain due diligence plans as required by the new U.S. Treasury Department license.
• Monitor ongoing field reports from SOS Orinoco and other sources for evidence of criminal syndicate activity in the Orinoco mining region.

This story highlights the ongoing compliance risks associated with sourcing gold from Venezuela, even under new U.S. licenses. Despite official reforms and third-party audits, the persistence of criminal syndicates and environmental abuses in the Orinoco region complicates efforts to ensure ethical sourcing and full supply chain transparency. Compliance officers must rigorously verify due diligence documentation and monitor evolving field conditions to avoid exposure to illicit actors and meet U.S. legal standards for gold imports.