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Jul 11, 2019

PM Barrow: “Maybe the F.T.C. Should Look at Some of the Banks in the U.S.”

Dean Barrow

Present at Wednesday’s press conference was Joy Grant, the Governor of the Central Bank of Belize and Grant was there to answer to a very specific allegation.  The F.T.C. alleged that the Central Bank knew about the fraud and did nothing.  It says that in 2016, the then Central Bank Governor Glen Ysaguirre wrote to Grant, who was the then head of the Financial Intelligent Unit, informing her of strong evidence of a massive fraud and money laundering scheme.  Grant confirmed that she did receive an email which Ysaguirre tells her that there may be fraud occurring. Four days after, Grant took up her post at the Central Bank. So what happened to Ysaguirre’s warning? From the chain of events which has unfolded, it doesn’t appear that anything was done to investigate a reported allegation, which has now become a fact.


Prime Minister Dean Barrow

“The communication from the ex governor to the current governor was when the current governor was the Director of the F.I.U. and the F.I.U. is distinctly charged and has recently been strengthened with looking at any kind of illegal proceeds of crime, any kind of money laundering activity. But you know what is extremely interesting about this case is that the monies for the purchase of these properties and the investments in this development scheme, ninety eighty percent of it went to the States. It didn’t end up in Atlantic International Bank. Atlantic International Bank dealt with the Mickey Mouse type accounts that people had in order to perhaps deal with sundries or maybe even to make some payments. Then the monies were transferred to the accounts of the operators of the scheme in the U.S.  Maybe the F.T.C. should look at some of the banks in the U.S. that were the recipients of the bulk of the monies paid by the victims of the scam.”

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