from D. Michael Fox
Trouble with receiving wire transfers from a Canadian client has resulted in the client being told yesterday by their Canadian bank that new procedures now in effect to prevent terrorist funding and money laundering are causing wires to now pass through at least 3 U.S. checkpoints and will take at least 4 weeks to clear.
It is not clear if this is just wires to Belize, or to anywhere out of Canada. But in respond to my question of whether wires from Canada to a U.S. account would have the same delay, she learned that the delay would be only slightly shorter, maybe 3 weeks instead of 4 weeks. So this suggests that these new banking procedures might apply to any wire transfer, regardless of where originated or where directed.
If this is something brand new that is widespread, I know this is going to impact several of my clients who routinely wire money to their accounts here for my payment of their local expenditures, and I'm sure they're not alone. So anyone affected should start to make inquiries through their lending institutions and consider alternative procedures for more expeditiously transferring funds to Belize - or to alternatively wire the funds at least a month before they're expected to be needed locally, so as to allow time for the wire to be processed and cleared into the Belize account.
D. Michael Fox