A recent judgement has put the Government of Belize in a debt, 9 million dollars deeper. In the latter part of 2014, the United States Department of Justice had accused several offshore securities trading companies in Belize of scamming the US Government of one billion dollars in taxes. One of those companies was Titan International Securities whose offices were searched and several documents and equipment confiscated. As a result of this, lawsuits were filed against the Government of Belize where damages were sought. About two weeks ago, the court ruled in favour of Titan Securities, which has led to Government having to pay nine million dollars. According to Prime Minister, this particular case is an example of Belize being compliant with the regulations of fighting money laundering and the narcotics transhipment despite how costly it can turn out for the Government.
“I was at pains to point out to Secretary Lew how much we, in fact, do cooperate, how much we are part of the global infrastructure that sees things like mutual legal assistance treaties signed with the US, how much we act upon their request when they say that they want documentation or they want people in this jurisdiction dealt with against whom they have indictments pending and that in doing so we from time to time get into trouble such as has happened with Titan where a judge has ordered us to pay almost nine million dollars; in consequence of trying to cooperate as part of the international system. He did make the point that they too from time to time get judgments with which they don’t agree and we left it there.
Prime Minister Dean Barrow did indicate that the Government would appeal the ruling.