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Oct 5, 2021

FIU responds to Pandora Papers

The Belize Financial Intelligence Unit has responded to the Pandora Papers report. The release says the FIU is aware of the publication and the reported links to Belize registered entities. FIU says while no law breaking is alleged, extremely poor due diligence and oversight in conducting business is suggested, which they say is of serious concern to them and the National Anti-Money Laundering Committee (NAMLC). The release goes on to say that FIU will continue to liaise with the appropriate competent authorities and identified parties to establish what they term “realities,” both present and past. Should their investigation reveal that there are deficiencies in diligence that does not meet current standards established by the Financial Action Task Force, the FIU says effective, proportionate and dissuasive sanctions will be applied. The named Belize registered entities, Glenn D Godfrey and Company LLP, and CILTrust Limited issued a joint release this afternoon stating that none of the persons mentioned in the report were clients of there. They also note that they never met them or dealt with them directly. Quote, “Our direct clients were (US) Prominent Law Firms and Accounting Firms and not any of the individuals mentioned in that report,” says the release.  The companies further notes that in accordance to the regulatory and legal regime at the time of 1996 to about 2003, it was never their responsibility to do due diligence checks on the clients of their clients.

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