Belize's Marijuana Referendum is quickly approaching and on Friday when we asked UDP senator Michael Peyrefitte how his party would be voting we also asked him about some of his concerns for a yes vote.
He chose to address the issue of correspondent banking relationships which he claims could be in danger if Belizeans make the choice to legalize marijuana. Here's how he explained the risks.
Mike Peyrefitte, UDP Chairman
"Like they say, when you're in opposition you speak in poetry, but when you're in government you have to speak in pros. So, when you are in government and you want to take certain positions, you have to make sure that it is legally sustainable. Like I said most of our banks in Belize have corresponding banking situations with the US, who have made it very clear that they are not going to support a marijuana industry and you have one of the biggest banks in Belize, if not the biggest, their industry, their corresponding bank for example is not even in the US, it's in the UK. So, one of my things when I presented this in the senate was that we have should be very careful how we promote it as an industry, especially since we could be hurt in the financial sector with it, because federally speaking marijuana is not legal in the States and that's where we have most our corresponding banks and even if it were to become federally legal in the States, it is not yet legal in the UK. So if you bank with the Belize Bank or you do business with the Belize Bank and you were to allow marijuana to be a formal industry now, it could have some feedback. Like I said, all of these things have to be put to the Belizean people for them to make a decision. If the Belizean people say you know what, damn the torpedoes, we want smoke weed and they vote for that, well then let's go for it, but you would have been going for it knowing the full responsibilities that come with that vote."
