Belize Rated Low for Money Laundering Investigation and Prosecution

Even though Belize scored nearly perfect for technical compliance, only five out of eleven immediate outcomes were rated as substantially effective. The area that received the lowest ranking was the investigation and prosecution of money laundering activities.

 

Leni Ysaguirre- McGann, Director, F.I.U Belize

“This was the immediate outcome for which Belize was rated a low level of effectiveness.”

 

Paul Lopez

“How worrisome of an assessment is this to NAMLAC? It does not speak well about what should perhaps be one of the most important aspects of your mandate.”

 

Leni Ysaguirre- McGann

“Just to put things into context, in looking at how we performed in the immediate outcomes we did an analysis globally of how other countries perform in the immediate outcome. So, we can see that in immediate outcome seven generally which looks at how money laundering is invested and prosecuted is one of the areas that countries have challenges with. So, globally we have about ninety-two percent of countries receiving either low or moderate levels of effectiveness in this area. So, I don’t necessarily think that this shines badly on Belize, because we have fared this way. I think it does recognize that this is a challenge globally for countries. So, this is one of the areas that in terms of moving forward in the fifth round assessment the FATF is looking at how it can strengthen their requirements in countries and what needs to be changed within the framework to address this. So this is an acknowledgement globally that countries need to improve their performance here.”

 

Paul Lopez

“Can the head table then say how many investigations were launched, concluded and how many is still ongoing and if that data was reviewed as a part of the assessment period? Is there a figure that can be provided?”

 

Leni Ysaguirre- McGann

“So, I can’t tell you off the top of my head what these figures are, but they are thoroughly enumerated in the report, because all of that information would have had to be presented. The report looks at the number of money laundering report, so it does focus on that. You would see I think maybe about twenty-two different investigations, but it does factor investigations into financial crimes, fraud, theft and obtaining property by deception, so that number is even greater.”