Banking Regulations Challenge Majid Khan’s Access

Banking Regulations Challenge Majid Khan’s Access

Minister of Foreign Affairs, Francis Fonseca, has commented on Majid Khan’s challenges faced in the banking sector.  As we reported in our exclusive with Khan, he is being denied the opportunity to open a bank account at the local facilities.  It is a situation that is complex as it is the United States making demands for certain legislations that counter money laundering and terrorism financing.  With Belize putting those legislations in place, there are strict policies presented through the Central Bank of Belize.  Minister Fonseca says it is an unfortunate situation.

Francis Fonseca, Minister of Foreign Affairs: “I heard about that. Yeah I think it’s a matter of regulations and Central Bank regulations and our own laws which have to be respected by the banking community, our correspondent banking you know so we passed a lot of laws dealing with money laundering and anti terrorism over the past ten years and so unfortunately he’s a victim of that legal structure that’s in place. But you know perhaps in the future hopefully something can be worked out that will allow him and his family to be able to access basic banking services so that he can carry on his business. I understand his frustration but the reality is that it’s not the government’s fault it’s really the reality of the global economic structure that’s in place.”

Majid Khan was brought to Belize in February last year after he had served two decades in Guantanamo Bay Prison in Cuba for acts of terrorism.

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