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Aug 4, 2004

Central Bank shuts down BTALCO?s Western Union

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For people who rely on money regularly sent from relatives and friends abroad, you might want to take note of this developing story. Today News 5 received reports that, Belize Transportation Agencies Limited was stripped of its authority to conduct Western Union business. Authorities at the Central Bank confirmed that BTALCO?s license has been suspended as of July twenty-first, allegedly for failing to comply with operating requirements of the Central Bank. Exactly what are those requirements, we are not sure, as tonight officials have declined any public statement on the issue. News 5 understands that BTALCO has been under investigation by the Central Bank for some time now, and those probes have apparently turned up information warranting the regulator?s decision to force closure of its Western Union operations. With the closure of BTALCO?s operation as an agent, the Belize Chamber of Commerce and Industry is now the sole authorized Western Union franchise operating in the country. News 5?s calls to BTALCO went unanswered this afternoon.

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