And keeping it on financial matters, the rest of the world continues to react to the revelation of the Panama Papers. As we reported, the International Consortium of Investigative Journalists have gotten their hands on 11.5 million financial and legal records from a Panamanian law firm known as Mossack Fonseca and Company.
They say that the leak from Mossack-Fonseca shows how 140 politicians, public officials, and prominent business persons from 200 countries and territories around the world, have supposedly used tax havens to hide their wealth.
So, what's the Prime Minister's reaction it given that Belize's name has been called? Here's his response:
Rt. Hon. Dean Barrow, Prime Minister
"Clearly my understanding is that there is a mix. There are people who from the develop world who use these offshore jurisdiction for legitimate privacy purposes, but there are just as clearly a few, I think its the minority that will take advantage of trust instruments, the various vehicles that are part of the menu that offshore jurisdictions offer and exploit loopholes for purposes that are certainly questionable if not outright illegal. I have not looked at the papers. But I suspect that, based on what we've already heard there are these startling revelations, startling bits of information about past leaders and perhaps some current leaders and the question of the exact degree of guilt or wrongdoing where some of them are concern, I think it's something that will only be determined after closer study. It's unfortunate that this happens now, because I am on record of saying that the reservations that the developed world has about offshore jurisdictions period, will be ultimately in my view will oblige us to shut down the sector and I don't agree with that. But I understand that that is their point of view. They have the power. We will try for as long as possible to maintained an offshore sector doing our very best to make certain that it is clean. We are agreeing, arising out of the whole correspondent banking conversation to accept advice, assistance, technical help to strengthen our money laundering and crime fighting infrastructure and I think that, because as I said at the start, there are some people who use the offshore sector for legitimate purposes. I don't believe it's fair to throw the baby out the bathwater."
Email
Print