At the August 22nd House meeting Prime Minister Dean Barrow announced that government will drop the money laundering charges against First Caribbean International Bank and the Belize Bank. Barrow says the banks and government reached an out of court settlement. On July 22nd, First Caribbean was charged with 113 counts of failing to report a suspicious transaction. Today the bank was back in court for the charges to be formally withdrawn but before they could, the bank’s attorney Derek Courtenay dropped a bombshell. He told Senior Magistrate Dorothy Flowers that contrary to what the Prime Minister said, nothing has been worked out behind the scenes. But more than that, he said that if even
there were conversations it would be inappropriate for those to influence criminal prosecution. He said the charges against the bank were serious and the bank wanted its day in court.
That was supposed to be today which is when Chief Magistrate Margaret McKenzie ordered disclosure. The FIU didn’t provide it and that left Senior Magistrate Dorothy Flowers with no choice but to dismiss all 113 charges. It was a crafty legal manoeuvre because the bank can now say the charges were dismissed – not withdrawn a morally and tactically superior position. For First Caribbean’s Country Manager Glen Smith it was vindication and for the FIU’s attorney Marilyn Williams it was interesting.
Glen Smith, Country Manager – FCIB
“Well I guess you were in court and you heard what the attorney for the bank said, sufficed to say that First Caribbean Bank is pleased that matters have been dismissed. We have maintained all along that we would be vindicated in a court of law and I guess you will agree with us that we have just been vindicated.”
Keith Swift,
The Prime Minister had said in the House that something had been worked out with the bank but their attorney said no such thing happened.
Marilyn Williams, Attorney for FIU
“I find that rather interesting... there have been talks, I think Mr. Barrow has spoken in the House on this matter. The FIU is still looking at their options and we will proceed from there.”
The banks, you may recall, were charged for failing to report the processing of huge volumes in cash transactions to facilitate BTL’s trading of foreign currencies on the parallel market. BTL changed more than US$100 million in that fashion between 2001 and 2005.
