Belize’s Correspondent Banking Relations Improving
Minister of State in the Ministry of Finance, Senator Christopher Coye, says that there have been improvements in Belize’s correspondent banking situation. Correspondent banking relationships have become more challenging for Belizean banks in recent years due to concerns about anti-money laundering and counter-terrorism financing regulations. Many international banks have been reducing or severing their correspondent banking relationships with Belizean banks, making it difficult for them to conduct international transactions and access foreign currency. This has had a significant impact on the economy of Belize, as it relies heavily on exports and tourism, which require foreign currency transactions. Minister Coye says the matter has been improving.
Christopher Coye, Minister of State, Ministry of Finance: “The correspondent banking situation has been improving bit by bit on an incremental basis. As far as I understand Belize Bank was recently able to open a new correspondent banking relationship with a bank out of Texas so a direct one whereas most of the correspondent banking relationships have been through I think Crown Agents Bank out of the UK or Gibraltar or wherever, this is a direct one and it’s certainly a big positive for our banking system that we have been able to set up a new direct correspondent banking relationship.”