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Governor of Central Bank discusses Sanctuary Bay

While we told you of the allegations against the government, we didn’t tell you that the FTC had also documented the lack of action by the Central Bank of Belize.  The Central Bank is accused of knowing from early that something was awry with Sanctuary Bay and they did not act on the report.  Governor Joy Grant addressed the allegation saying it the report came as a suspicion with no supporting evidence and it came at a transitional period with her moving from the Financial Intelligence Unit to the Central Bank.

Joy Grant – Governor of Central Bank: “I want to go back to the memo because what the memo says Mr. Ysaguirre said there may be, he did not say that there was fraud and that is not in the document, that was not printed but I want to be clear to everyone that he said that maybe, he did not say that there was a fraud. Now as was said by the Prime Minister we the  Central Bank looks at financial institutions, there are certain guidelines, fiduciary guidelines and other things set up like liquidity and nonperforming loans etc. and those are the things we look at. We do not look at real estate, we do not look at fraud issues in this country.”

The Bank sent out a release yesterday evening stating, quote, “wherever required, the Central Bank does consider applications by any individual, including Sanctuary Belize, involving non-residents because of the foreign exchange regulations the Central Bank is charged with administering. With regard to this development, the Central Bank ultimately froze the few Sanctuary Belize-related applications submitted for Central Bank’s consent for transfer of land title pursuant to Section 40 of the Exchange Control Regulations Act.  Allegations of impropriety by real estate developers whether pertaining to the actual transaction or the issuance of land documents are the domain of civil courts and law enforcement authorities.” End of quote.