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Feb 1, 2016

G.O.B. Will Seek Relationships with Smaller Banks

Dean Barrow

The delegation also met with the Secretary of the Treasury. PM Barrow says the message from that quarter was the same – that there is nothing wrong with the Belize jurisdiction. Secretary Jacob Lew, says Barrow, has promised to spread that word among banks which Belize will now be targeting.

 

Prime Minister Dean Barrow

“The Treasury Secretary made plain that his department would do more to ensure that the critical information generally but in particular with respect to Belize is in fact disseminated in the particular area of the US banking sector that we were interested in. I paused there to say that what we have realized as government and for the most part as bankers in this country is that in going after new correspondent banking relationships we perhaps should not be seeking to deal with the top ten US banks such as Bank of America because of what I have just said…for them the business is so miniscule that it’s hard to interest them but there are banks not quite as big, there are even small banks such as the one in New York that can do the job just as well as a big bank. The Governor will tell you that’s all that is required is for a bank to have a fed wire number I think is what is a called in the US and that bank is able to offer the full panoply of correspondent banking relationships. So we will be going after some of the smaller banks that are just as credit-worthy, just as sound, and the Department of the US Treasury has promised to help spread the word so as to encourage banks of that size and banks that are going to be our target banks to in fact do business in Belize.”

 

So that is where it is at this point…nothing really concrete, but a lot of goodwill and presence in the financial halls of Washington. We note that currently banks in Belize do maintain some level of correspondent banking relationships, but there is no assurance the status quo will be maintained permanently.

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1 Response for “G.O.B. Will Seek Relationships with Smaller Banks”

  1. Primary Thief, Ali BaBarrow says:

    This should be easy.

    Find a crooked bank that will do what I tell them to do, and is OK with FDIC.

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