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Briceno Says FTC Settlement Still Leaves Belize With A Smear
posted (September 25, 2019)
Last night we told you about the 23 million US dollar settlement between the Federal Trade Commission in the US and Atlantic International Bank.

Now, first off, to be clear, that 23 million dollars is coming out of the Atlantic International's US held assets - not taxpayer or government money.

But, that doesn't mean that Belize won't take a licking. Speaking today in Orange Walk, Opposition Leader John Briceno today said the damage to Belize's reputation is significant and could have been prevented:

Hon. John Briceno, Leader of the Opposition
"That there was a settlement, I am happy for the people who were scammed that at least there are going to get something. Now we need to ask what is going to happen to the depositors, the people that put or placed or deposited their money in Atlantic International Bank Limited in good faith thinking that they were putting their monies in a safe back and that they were going to be able to use it for investment or retirement or whatever that may be. That also is of grave concern, because then in the future or foreigners kinda have second thoughts about depositing monies here in Belize whether it is a domestic or international bank."

"What is important is that the prime minister needs to hold somebody responsible for what happened. As I said the FIU alerted the Central Bank and the Central Bank did nothing and then the FIU act did nothing. As you know a regular citizen of this country when they want to open a bank account, it takes weeks to open a single bank account and now you are telling me that the FIU was unable to act on its own? or even when they saw the Central Bank was not doing anything? The prime minister at the end of the day it's his government, it's the people that he appointed fell at the wheel and people need to be held accountable for dragging Belize's name into the mud on the Sanctuary Bay land scam."

A statement from the The Central Bank of Belize says quote, "This settlement agreement does not involve taxpayer or Central Bank funds and is entirely confined to AIBL's assets that are in the custody of the Liquidator. AIBL will forfeit US$23m already frozen in US banks..." end quote.

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