Opposition: Banking in Belize is Risky Business

And while on the topic of buying out of FCIB assets in Belize, the Leader of the Opposition accused the government of creating an atmosphere that is not conducive for foreign investment. He made reference to the nationalization of BTL and BEL. Here is what he had to say.

Hon. Fracis Fonseca: Belize under this UDP government Mr. Speaker, has become a risky place to do banking, risky place to do business period, but to do banking, an unprofitable place, an unprofitable place. Belize is growing reputation and it’s vlcsnap-2015-09-15-23h19m30s112critically important. This is why we losing these correspondent banking relations. Belize is growing reputation as a violent drug trafficking, money laundering country, human trafficking country, that’s our reputation, international reputation Mr. Speaker. Those things and that growing reputation under this UDP government, that has made it increasingly, increasingly risky for international banks to do business here Mr. Speaker.

The Government assures that the Vesting Bill will not come into law until certain obligations are met.

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