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Mar 9, 2016

PM Barrow Says the US is Hypocritical

Dean Barrow

The derisking phenomenon is an offshoot of continued pressure from the U.S. to crack down on money laundering and other financial improprieties, real or perceived. The superpower feels that illegal money could be used to fund the narcotics movement into the US or even terrorism. Belize has been feeling the pinch of crippling financial regulations, and when PM Barrow spoke on the matter on Tuesday he was clearly frustrated at what he calls the hypocrisy of the U.S.

 

Prime Minister Dean Barrow

“They say that look as though this is a demerit, this is a fault…government is encouraging the offshore sector, government is encouraging offshore banking—well they pretty much killed off the offshore banking with their withdrawal of correspondent services. But what the hell is wrong with encouraging the offshore sector. You know these people, dafter they do all sorts 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 jurisdiction; no matter how much you attempt to be squeaking clean, no matter how you legislatively try to set up some sort of firm, they just don’t want you to do it. You go to the states though and they can…they tell you about bearer shares but you can set up companies. I mean it is…I’m afraid there is a level of hypocrisy that is very upsetting, but they are the big boys; they are in 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. So we, the IFSC and the practitioners themselves in the offshore sector are well aware of how much they need to be extra careful because these people come down on us like a ton of bricks when there is any perceived violation.”

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2 Responses for “PM Barrow Says the US is Hypocritical”

  1. Primary Thief, Ali BaBarrow says:

    Call Mello, he can make up the $$$ difference, fool!
    Few more after hour plane landings should cover the note!

    The GOB is the smartest government of all. No hypocrites in this chicken house!

  2. Hatari says:

    But you damn sure keep crying “Gimme Dollar”! He who pays the piper gets to call the tune!

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