Last week we reported that the United States of America had black listed several persons and companies for aiding the Syrians. One of those companies is registered in Belize. The US Treasury has imposed sanctions on three Cyprus-based companies and a Belizean firm for allegedly assisting the Syrian government in money laundering activities. The article did not name the Belizean firm that has been sanctioned but on the US Treasury Department’s website, it listed the Belizean firm to be KREMSONT COMMERCIAL incorporated also known as KREMSONT ALLIANCE Corporation, located at the corner of Eyre and Hutson Streets inside the Blake Building in Belize City. Prime Minister Dean Barrow shared where this latest news could have any serious negative effects on Belize.
“This is one isolated instance of this company engaging in activity that is a violation of US law and sanctions requirements. 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 outfit, the particular company.”
“For those of us who don’t understand as much, why would a company like Crimson register in Belize, what would they gain by that?”
“Well because they are IBCs so remember offshore jurisdictions are common throughout this region and in fact throughout the world and so I’m sure those companies that have formed IBCs in Belize would be better placed than I to tell you all the benefits that they get but the most obvious ones are the ability to not pay taxes and to be operating with a degree of freedom with respect to tax liability.”
According to the US Treasury Department, they will continue targeting the finances of those enabling Assad in continuing the violence against the Syrian people.