Car Dealerships Among Most Vulnerable to Money Laundering

We also wanted to find out which sector in Belize is most at risk for money laundering. According to Leni Ysaguirre McGann, the Director of the Financial Intelligence Unit, the assessment pinpointed several sectors with higher vulnerabilities. Topping the list of non-financial sectors are car dealerships and real estate businesses.

 

Paul Lopez

“In general, what sector poses the greatest risk for money laundering, specifically, in Belize?”

 

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

“That is covered in our national risk assessment report and again, I believe when we look at the overall risk in terms of sectors we had identified. Well, I should say when we look at sectors we look at how vulnerable they are and that compared to what threats they might be faced with. So, when we look at the vulnerability of security, we look at the security sector, nonfinancial business sector, so these were areas that may be a bit more vulnerable, and this was identified because these sectors are sectors that would have come on stream in terms of being regulated and supervised later than some of our more mature sectors. So those would have accounted for some of the vulnerability factors. So, there are a group of them that have been identified as having more vulnerabilities than others yes.”

 

Paul Lopez

“But, no specific one can identified as the top of the list?”

 

Leni Ysaguirre McGann

“There are several that have high levels of vulnerability, and I can zone in on the none financial ones. To name them, it would be vehicle dealers, real estate, those sorts of sectors yes.”