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Oct 6, 2021

BIFSA Calls Allegations in Pandora papers “Erroneous”

The Belize International Financial Services Association has commented on the Pandora Papers publication by the International Consortium of Investigative Journalists. BIFSA says it is regrettable that this publication highlights decades’ old information which is no longer relevant in today’s highly regulated business environment. BIFSA says the publication creates the impression of an IFSI in Belize that is “anything goes” and they say this is far from the truth. According to the release, Belize, like several other offshore jurisdictions, has recently been under significant scrutiny and pressure from global powers to become more tax transparent. While Belize is not a large player, it has always committed to being a cooperative and transparent jurisdiction. As an example, Belize met the deadline set by the OECD’s Forum on Harmful Tax Practices to remove “harmful” tax features from its IBC Regime and was assessed as compliant in January 2019 and was later removed from the EU Blacklist that same year. BIFSA strongly states for the record and benefit of its members, that it serves the IFSI with the highest level of integrity and moral standards and does not circumvent the law or its regulations for short term gain. It is a highly regulated industry. The erroneous allegations of the “Pandora Papers” are of great concern for the IFSI in Belize, and we strongly condemn the misinformation and unfair and unsubstantiated allegations against the industry and its practitioners.


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