And there was one more thing both sides of the house could agree on today. As we noted at the top of the news, four pieces of banking transparency legislation had to be passed today – which really was the reason for the emergency meeting. They are the domestic banks and financial institutions bill, the financial intelligence unit amendment act, the money laundering and terrorism prevention bill and the mutual legal assistance and international cooperation bill.
The Leader of the Opposition said they support the legislation even if they don't like it:
Hon. Francis Fonseca - Leader of the Opposition
"There are our response, as we've acknowledged our response to international pressure, which is real, and cannot be ignored, but which - I think we need to be clear - which will inevitably lead to - in my view - the complete undermining of the offshore sector, the offshore industry in Belize, which is exactly what is perhaps what is intended. The reality that the big boys don't want us at the table, and the more - I think we have to acknowledge and accept that the more we comply, the more we complain. They reality is that we have to complain, but the more we comply, the more the standards continue to change, and in a sense, there is never satisfaction, and inevitably, in my view, it will lead to the complete undermining of the offshore sector. But, the reality is that we must comply for the protection and preservation of our banking sector."
Prime Minister Dean Barrow
"For the first time in history - I hope it won't be the last time - I completely agree with the Leader of the Opposition. He's perfectly correct. We have long been complaining, and it is very discouraging. These people say this is all in an effort to achieve a greater transparency, to stop trans-national crimes, and that these things are necessary to preserve our democratic way of life. But, they're going so far, that for small countries such as ours, some of their measures are actually going to result in retarding our democracy."
The bills were all passed today with bi-partisan support.
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