One of the most influential newspaper in England and the English speaking world today published a probing article on the Belize Bank International. Titled, "Lord Ashcroft's Belize bank hit by wave of withdrawals", the UK Guardian reports that the value of deposits has fallen by 75% in six months because Belize Bank International is part of the US tax evasion crackdown.
The lengthy article cites confidential emails which suggest some Belize Bank International "customers have struggled to recover their cash."
The article also states that US tax inspectors are investigating suspected evasion by some of the bank's customers. The article reveals that one BBI account-holder to have complained of problems with money transfers was "the Belizean arm of Mossack Fonseca, the offshore law firm at the centre of the Panama Papers scandal." The article quotes leaked emails which show Mossack Fonseca sought advice from a local law firm in Belize last August about its BBI bank account.
The Guardian notes what we all know that the crisis is blamed on big overseas banks terminating "correspondent banking relationships", with BBI and other banks in Belize.
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