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#512191 - 03/06/16 05:09 AM Belize named as major money laundering country  
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US names fourteen major money laundering countries in the region in latest report

Fourteen nations in the wider Caribbean have been named by the US as “major money laundering” countries in the 2016 International Narcotics Control Strategy Report (INCSR) released by the US State Department on Wednesday.

A major money laundering country is defined as one “whose financial institutions engage in currency transactions involving significant amounts of proceeds from international narcotics trafficking".

Belize is not a major regional financial centre; however, it has a substantial offshore financial sector. Belize is a transshipment point for marijuana and cocaine, and human trafficking is a concern. There are strong indications that laundered proceeds are increasingly related to organized criminal groups involved in the trafficking of illegal narcotics, psychotropic substances, and chemical precursors. The government of Belize continues to encourage offshore financial activities that are vulnerable to money laundering and terrorist financing, including offshore banks, insurance companies, trust service providers, mutual fund companies, and international business companies.

The full report may be downloaded here:

#512288 - 03/10/16 04:01 AM Re: Belize named as major money laundering country [Re: Marty]  
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Barrow Bristles At US Money Laundering Report

And the US rang the alarm on Belize and a whole bunch of Central American and Caribbean countries last week when they released the International Narcotics Control Strategy Report. Belize and 10 other countries in the region were listed as countries of primary concern on the major money-laundering list. Yesterday, the Prime Minister bristled at the report’s conclusions:…

Rt. Hon. Dean Barrow, Prime Minister

"They say that, look as though this a demerit, this is a fault, government is encouraging the offshore sector, government in encouraging offshore banking; well they pretty much killed off the offshore banking with their withdrawal of correspondence services but what the hell is wrong with encouraging the offshore sector? You know these people after they do all sort of things to us, control commodity prices, and they tell you, you need to diversify. When you try to diversify in terms of services in terms of something like the offshore jurisdictions with trust, no matter how much you attempt to be squeaky clean, no matter legislatively try to set up all sort of; they just don't want you do to it. You go to the states and they tell you about bear shares but you can set up companies in Wilmington, I'm afraid there is a level of hypocrisy that is very upsetting but they're the big boys, they control and we just have to try our best. Ultimately they may well succeed in killing off the offshore sector as well but we are certainly not going to say uncle and certainly not Uncle Sam."

The latest report was released last Wednesday.

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