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Jul 10, 2019

Central Bank Rejects Allegations of Knowledge of Scam

The Central Bank of Belize is said to have been aware of the scam, but failed to act properly in the Sanctuary Belize scam. The Bank today issued a statement categorically rejecting the allegations and reaffirming its commitment to safeguard the health of the financial system and protect the pegged foreign exchange rate.   It states that the Central Bank does consider applications by any individual, including Sanctuary Belize, involving non-residents because of the foreign exchange regulations the Central Bank is charged with administering. With regard to this development, the Central Bank ultimately froze the few Sanctuary Belize-related applications submitted for Central Bank’s consent for transfer of land title pursuant to Section Forty of the Exchange Control Regulations Act, Revised Edition 2011.  Allegations of impropriety by real estate developers, whether pertaining to the actual transaction or the issuance of land documents, are the domain of civil courts and law enforcement authorities.  In respect of correspondence by former Governor, Glen Ysaguirre to now Governor Joy Grant warning of a money laundering scheme, the Central Bank says it was an informal message regarding ongoing disputes between Sanctuary Belize investors and without any evidence of the alleged fraud.


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