Minister Coye: Correspondent Banking Situation Improving in Belize

Christopher Coye

Last week, Prime Minister John Briceño said “we cannot take any risk when it comes to the issue of the correspondent banking situation.” It was on the premise of technical compliance on the part of the country to meet the international standards set out by the Caribbean Financial Action Task Force to combat money laundering, and financing of terrorism. Several banks in Belize had lost correspondent banking relations as a result of de-risking. Today, Minister of State Christopher Coye was asked for an update on Belize and correspondent banking. Here’s what he had to say.

Christopher Coye, Minister of State, Finance

“The correspondent banking situation has been improving bit by bit, an incremental basis. As far as I understand, Belize Bank was recently able to open a new correspondent banking relationship with a bank out of Texas. So a direct one, whereas most of the correspondent banking relationship has been through, I think, Crown Agents Bank out of UK or Gibraltar or wherever. This is a direct one and it’s certainly a big positive for our banking system that we have been able to set up a new direct correspondent banking relationship.”

Reporter

“The National Bank [of Belize] has finalised its one with the bank in Italy?”

Christopher Coye

“As far as I am aware yes, but that’s a Euro account and not a U.S. account.”