Previous Thread
Next Thread
Print Thread
US slams CARICOM as money launderers #523492
05/11/17 05:59 AM
05/11/17 05:59 AM
Joined: Oct 1999
Posts: 74,127
oregon, spr
Marty Offline OP

Marty  Offline OP
In one fell swoop the United States government has condemned 14 of the 15 CARICOM states as major money laundering countries, and Barbados government minister, Donville Inniss, is calling for joint regional reaction.

In its March 2017 International Narcotics Control Strategy Report of the US Department of State omitted only Montserrat in its broad brush across the region that hit every CARICOM member along with other Caribbean states, and Inniss noted that such charges carry severe consequences for financial operations of these countries.

“This is an issue that affects the survival of each economy in the region,” he said recently in a comment on the issue.

“Our health-care systems in the region are at risk of not being adequately financed if we do not get it right in international finance and business. Our agricultural sector would be under immense pressure if we don’t get it right in these areas,” he told the Barbados Advocate newspaper.

The State Department stated that as of 2016 major money laundering countries included

Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname, Trinidad and Tobago.

Though a full CARICOM member, the nation omitted from that list, Montserrat, remains a British Overseas Territory.

Among the consequences of such labeling for the 14 states, is further unwillingness of international banks to act as corresponding financial houses for worldwide transactions coming out of and entering these CARICOM countries.

The inability to conduct, or limiting of, such transactions will affect not only macro economics considerations like international trade, but could also hurt CARICOM citizens on the individual level by hindering remittances, on which many in the region depend.

Prior to the State Department’s broad brush labeling of CARICOM countries, many international financial houses had been dropping correspondent banking services to regional countries in what is termed ‘de-risking’ because of fears of huge financial penalties from US authorities if they are found doing business with suspected money laundering entities in the Caribbean.

The US State Department’s announcement has the potential of heightening the fear of international banks that they are likely to process financial transactions for the region that could involve laundered money.

Inniss, a Barbados Commerce and Industry minister, is concerned that in reacting to this latest accusation, and others, against the Caribbean grouping, these small countries are going forward as individuals, which makes it easier for them to be picked off.

“We are still 15 nations going into the international fora, grappling with an understanding of the issues and then perhaps 15 divergent positions on the matter, and I have been saying publicly and privately in regional meetings that we really need to come together.”

For this absence of a united approach, he blames officials of the Guyana based CARICOM Secretariat and heads of government of the respective states.

“It is like pulling teeth to get the folks in Georgetown, Guyana to understand the issues and I would go as far as to suggest that I do not think the leaders in the region appreciate the gravity of the situation,” he said.

Inniss’ call for coordinated CARICOM action matched that made by Eastern Caribbean Central Bank Governor, Timothy Antoine, during a Barbados visit earlier this month.

Pointing out that the world views the Caribbean as a brand or single entity, he said, “it means that notwithstanding our heroic domestic efforts, larger countries, correspondent banks, regulators and even international institutions regard us as a homogenous region. Consequently, the weaknesses of one often impact the reputation of all.”

He added, “these international operators do not know and frankly spoken, often do not care, about our country-specific circumstances including our detailed implementation plans for certain reforms and standards”.

He said that international banks “deem it too costly and inefficient” to deal with the small states individually.

Re: US slams CARICOM as money launderers [Re: Marty] #523594
05/17/17 06:06 AM
05/17/17 06:06 AM
Joined: Oct 1999
Posts: 74,127
oregon, spr
Marty Offline OP

Marty  Offline OP

PM Not Worried About US Report on Money Laundering

In its March 2017 International Narcotics Control Strategy Report, the US State Department classified 14 of the 15 CARICOM states as major money laundering countries, Belize included.

A Caribbean news report states that one of the consequences of this blacklisting, is further fallout from correspondent banks, who will be increasingly unwilling to partner with indigenous banks.

For Belize, which has been hard hit by the correspondent bank crisis, it's more bad news. But on Friday, the Prime Minister said that the local banks are getting by through relations with smaller correspondent banks.

Rt. Hon. Dean Barrow- Prime Minister
"It is still a little precarious in the sense that you would want 3 or 4 or 5; but what a huge advance from the days when the biggest bank in the country- the Belize Bank- was scrambling without even so much as one correspondent bank abroad. So we are making progress, we have made progress, and I don't see any chance, realistically, of any slippage any time soon. My sense is that, while they will never be completely satisfied, there is no chance of financial action task force, Caribbean Financial Action Task Force, the EU, any of those persons or any of those agencies doing anything to Belize."

Channel 7

Portofino Resort- Now with a new BEACH BAR!!
Click for excellent scuba lessons with Elbert Greer!
Chaa Creek is an award-winning luxury Belize Resort, rated as one of the worlds best Eco Lodges. We are a pioneer in adventure travel to Belize since 1981!
Maruba Beach Klub and Spa is the premiere Secret Beach spa and restaurant located on the crystal blue waters of the Caribbean Sea at the center of Secret Beach, Belize
First Class Accommodations for the Budget Traveler
First Class Accommodations for the Budget Traveler

Things to do

Daily News
Daily Weather

Classified Ads
San Pedro Sun
Ambergris Today
SP Town Council
Channel 7
Channel 5
Love FM
The Reporter
TV Newscasts
Radio Stations

Click for our
Search thousands of Belizean-only websites

Event Guides
Event Calendar
Specials & Events
Things to Do
iTravel Belize
Paradise Theater
San Pedro Fun Finder
Paradise Guy Event Calendar
Cayo Event Calendar

San Pedro Scoop!
Tia Chocolate
My Beautiful Belize
I-Travel Belize
Belize Adventure
Belize Hub
Romantic Travel
Belize Happy Adventures
Conch Creative
Caribbean Culture & Lifestyle
More Blogs...
Search thousands of Belizean-only websites
White Sands Dive Shop - 5 Star PADI Dive Facility - Daily diving, SCUBA instruction and Snorkeling
Caribbean Inspired All Natural Condiments & Spice Blends, Over 100 are Gluten Free!
We manage a variety of homes, apartments, condos and commercial properties here on Ambergris Caye. Our minimum lease on ALL properties is six months.
Click for Ian Anderson's Caves Branch, Welcome to a World of Adventure
Lil Alphonse has snorkel equipment to fit anyone as well as Marine Park Tickets and flotation devices to assist those not as experienced.
Coastal Xpress offers a daily scheduled ferry run to most resorts, restaurants and private piers on the island of Anbergris Caye. We also offer  private and charter water taxi service.
1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30
Cayo Espanto
Click for Cayo Espanto, and have your own private island
More Links
Click for exciting and adventurous tours of Belize with Katie Valk!
ShoutChat Box
Who's Online Now
0 registered members (), 142 guests, and 0 spiders.
Key: Admin, Global Mod, Mod
Forum Statistics
Most Online5,530
Jun 13th, 2021 HELP! Visitor Center Goods & Services San Pedro Town Message Board Lodging Diving Fishing Things to Do History Maps Phonebook Belize Business Directory Picture of the Day

The opinions and views expressed on this board are the subjective opinions of Ambergris Caye Message Board members
and not of the Ambergris Caye Message Board its affiliates, or its employees.

Powered by UBB.threads™ PHP Forum Software 7.7.1