For the last two weeks, we've been diving deep into the changes at the Belize Companies and Corporate Affairs Registry, to which the Briceno Government has made some advancements.
Another digital lane to government services has been opened, and the registry keepers also closed a major security risk by reducing leaks to private company information. But, as they say… progress brings problems. In this case, the government stepped on the toes of journalists by making it a lot more difficult for civilian investigators to access private company records. A recent ruling from the European Court of Justice also points to this as the best way to protect a business owner's rights to privacy versus the right of the public to know who the ultimate beneficial owners are.
So, to find common cause with the press, the PM and his Finance Minister of State suggested that the government could implement a policy and law change that would oblige all government contractors to forego the intermediate protection of having what's called a registered agent. That then allows the government to know who the beneficial owners are, and the PM and his junior Finance Minister says that government will be better able to guard against unjust enrichment and corruption.
But what about those companies the government deals with that are owned by off-shore companies, or IBCs? You'll remember that he and his party couldn't get to the beneficial owner of Good Lee Limited, who they asserted was the majority shareholder in Brads Gaming Company and the actual beneficiaries of the Boledo contracts.
Also, our research shows that Smart Speednet has majority shareholders which are also IBCs. They're also a major telecommunications provider for the government. So, what will his government do to determine who those beneficial owners are?
Here's what he had to say when we put that question to him yesterday:
As you heard the PM suggest, this could mean that his administration may reserve the right to discontinue advertising contracts with media houses that are partly owned by IBCs.
We'll keep following this change, which has been advertised as an eventual amendment to the appropriate laws.
