Last week, we told you about how the Obama Administration blacklisted Kremsont Commercial Inc, an offshore company registered in Belize for alleged ties to Syria and Isis. The accusation from the US Department of Treasury was that 4 individuals, Kremsont, and another entity, were allegedly backing Syrian President Bashar al-Assad.
Although it is most likely a shell company where it's registered owners probably never set foot here, Belize is being loosely associated with an "Islamic State" terror group. When the Prime Minister was asked about it this weekend, he told the press that he is hopeful that there are no lasting negative effects:
Hon. Dean Barrow, Prime Minister
"I want to be careful because we all know how touchy this sort of thing is, how sensitive. But this is one isolated instance of this company engaging in activity that's a violation of US law and sanctions requirement. I don't see how the jurisdiction, Belize as a jurisdiction will get into any trouble as a result of that. I think its limited to the particular company."
Reporter
"To those of us who don't understand as much. Why would a company like Kremsont register in Belize? What would they gain by that?"
Hon. Dean Barrow, Prime Minister
"Because they are IBC. So they are no-taxed. Remember offshore jurisdictions are common throughout this region and in fact throughout the world and so I am sure those companies that have formed IBCs in Belize will be better place than I to tell you all they benefits that they get."
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