WILLEMSTAD – Findings from a major journalistic inquiry into the international gold trade have put renewed focus on Curacao’s involvement as a conduit for Venezuelan gold, underscoring long-standing concerns about oversight and regulatory rigor in the island’s free trade and export infrastructure.
The report shows that large volumes of metal left Venezuelan territory disguised as recycled “scrap gold” and were funneled through Curacao to European refineries, particularly in Switzerland. In many cases, gold was melted and re-certified in Curacao before departure, creating paperwork that obscured its true origin.
Curacao’s geographic proximity to Venezuela and its role as a logistics and commerce hub made the island attractive to intermediaries who profited from re-labeling high-purity Venezuelan gold as legitimate recycled material. Between 2010 and 2018, more than 110 tonnes of gold, worth billions of dollars, were recorded as exiting Curacao — a striking figure given that the island does not produce gold.
The investigation’s revelations have drawn attention from international watchdogs who argue that loopholes in classification and due-diligence standards can allow illicit materials to slip into global supply chains. According to analysts, the categorization of metal as “scrap” rather than newly mined made controls less stringent, opening a regulatory gap that was exploited.
The authorities in Curacao banned Venezuelan gold imports in 2019 amid concerns about narcotics trafficking, money laundering and links to criminal groups. However, the investigation shows that by that point the flow of precious metal through the island had already been substantial, raising questions about whether more robust earlier oversight could have mitigated the movement.
As global markets increasingly demand transparent and ethical sourcing, the case underscores the challenge for small financial and trade centers like Curacao to strengthen compliance frameworks that prevent the misuse of their economic gateways.