FirstCaribbean Intl. Bank faces 113 charges of money laundering
It is big news in financial circles and today Glen Smith, Country Manager of FirstCaribbean International Bank, appeared before Chief Magistrate Margaret McKenzie to answer to one hundred and thirteen offences against the bank for failure to report suspicious money transactions between the period of 2001 and 2005.
The bank was charged earlier this month following an investigation conducted by the Financial Intelligence Unit which found that between January and August 2005, the bank did not disclose that it had facilitated the exchange of large sums of money to U.S. currency. The F.I.U. report discloses that as much as eight point five million dollars could have been withdrawn from the Bank in single transactions of up to a million dollars by the now dissolved Belize Telecommunications Limited. The investigation also found that FirstCaribbean had not kept copies of the processed cheques and according to the investigation, the bank, headquartered in Barbados, facilitated the transactions through B.T.L.’s financial controller, Gaspar Aguilar and employee John Burns who are said to have been the point men in the purchase of U.S. dollars from money traders on the parallel market.
The F.I.U. investigation concluded that the bank was in contravention of the Money Laundering Act. Smith this morning commented on the case.
Glen Smith, Country Manager, FirstCaribbean
“Basically we have no comments. It is sufficient to say that the bank will vigorously defend its good name and its brand. Well, it’s a hazard of doing business but I guess I’ve answered that question already before; we defend our good name and we are very confident in the justice system of Belize that we will be vindicated.”
Attorney Derrick Courtney is representing FirstCaribbean and BQ Pitts has been retained as Prosecutor for this case. The long list of charges was not read in detail, but Chief Magistrate McKenzie ordered disclosure of evidence to be presented by the fourth of September. The case was adjourned for that date.
