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Illegal Fishing Lands Belize on a Banking Blacklist

Article Summary:

The European Union has blacklisted Belize for not combating illegal fishing; now that has spilled over into the banking sector with Caribbean Financial Action Task Force, which describes Belize as a top offender in money laundering.

Photo Credit: Travellers Point

Original Article Text From Channel 5 Belize:

Caribbean Financial Action Task Force blacklists Belize; is banking sector in jeopardy

As you know by now, the European Union has blacklisted Belize for not doing enough to curb illegal fishing. That is bad, but even worse is the news of the blacklisting by the Caribbean Financial Action Task Force, which describes Belize as one of the countries that have not complied with addressing deficiencies in the laws on money laundering and offshore banking.

That decision is giving Belize an even bigger black eye because it has serious ramifications for banking. According to C.F.A.T.F., even though Belize has taken some steps, it has not gone far enough to improve the Anti-money Laundering and Combating the Financing of Terrorism recommendations.

The C.F.A.T.F. decision is bad news because it threatens the commercial banking sector. While the Prime Minister admits that sector can collapse, he lashed out at Wednesday’s press conference.

Link to Original Article:

From Channel 5 Belize

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