F.I.U. checks BTALCO for financial crimes

In more news involving Belize Transportation Agencies Limited, BTALCO, tonight News 5 understands that the company, remains under investigation, this time by the Financial Investigation Unit. According to the Unit?s Director, former Central Bank Governor, Keith Arnold, Western Union, and other companies operated by BTALCO are under inquiry for possible financial crimes. Arnold told News 5 that their examination of the companies? activities involves international agencies as well as local law enforcement. Arnold says, BTALCO?s principal owners were sent letters notifying them of their status, but could not comment on any additional information surrounding this case. As we reported yesterday, BTALCO is no longer operating its Western Union franchize. According to the Central Bank, initial findings of the company revealed that there was not an accurate database regarding money transfers. BTALCO later issued a press release on the matter stating that Western Union had become an unacceptable risk to its business.

Note to viewers: Due to a technical glitch, the wrong version of Wednesday?s report on the suspension of BTALCO?s Western Union license was posted online. Here is the correct version that was broadcast on August 4, 2004.

For people who rely on money regularly sent from relatives and friends abroad, you might want to take note of this developing story. Today News 5 received reports that Belize Transportation Agencies Limited was stripped of its authority to conduct Western Union business. Authorities at the Central Bank confirmed that BTALCO?s license has been suspended as of July twenty-first, allegedly for failing to comply with operating requirements of the Central Bank. Late this evening Governor Sidney Campbell says, on site inspection is currently taking place to make sure that BTALCO is complying with banking producers, the main one being the maintenance of a proper data base of all transfers. News 5 understands that BTALCO has been under investigation by the Central Bank for some time now, and those probes have apparently turned up information, which forced the regulator to close BTALCO?s Western Union operations. While that?s the Central Bank?s position late this evening, BTALCO?s General Manager Michael Singh called News 5 from Fort Lauderdale, Florida, to inform us that it was a voluntary decision taken by BTALCO to give up its Western Union Agency. “The market is just not big enough for two”, Singh said. In a press release issued by the company this evening, BTALCO said, “After much deliberation, BTALCO has decided that the operation of Western Union cash franchizes presents an unacceptable risk to our business and therefore does not meet our goals.” With the closure of BTALCO?s operation as an agent, the company is redirecting all requests for Western Union Services to the Belize Chamber of Commerce and Industry, now the sole authorized Western Union franchize operating in the country.