The Financial Intelligence Unit (FIU) has confirmed that it is levying 113 charges against First Caribbean International Bank (FCIB) for “failure to report suspicious transactions” under the Money Laundering (Prevention) Act.
The FIU’s attorney, Mrs. Marilyn Williams, informed us today that the case is supposed to be called up on Tuesday, July 22, 2008.
First Caribbean is the second financial institution to face such charges, connected with a string of deposits made by BTL, when it was still Belize Telecommunications Limited. That company, now under the name of Belize Telemedia Limited, is also under investigation by the FIU, but Williams said she could not indicate at this point if the company could face charges under the money laundering law.
Our newspaper has been informed by an official source that the very large US-dollar transactions date back to the period 2004 to 2005.
Several weeks ago, Prime Minister Dean Barrow had indicated to Amandala that Government was looking at charging the second bank – but he had declined to name the institution, on the grounds that negotiations were underway to get the bank to enter a plea. We understand that the bank has still not made a plea bargain.
First Caribbean’s country manager, Glen Smith, told Amandala following the report that the bank “takes its legal and regulatory responsibility very seriously. It is careful to ensure that it operates within the legal and regulatory requirements wherever the bank does business, including Belize, and is confident in its systems and controls.
“First Caribbean has, in the past, and will continue to cooperate fully with the Belize monetary authorities. First Caribbean will defend its good name and brand to the fullest extent,” said Smith.
First Caribbean claims to be the largest regionally-listed bank in the English-speaking Caribbean, with assets of over US$12 billion, and over 100 branches, banking centers, and offices in 17 countries.
First Caribbean’s is represented by the law firm of W.H. Courtenay & Co.
Another Belize-base bank, the Belize Bank recently pleaded not guilty to the 79 charges with which the FIU had charged the bank.
Disclosures of evidence for both financial institutions are still pending.
On Tuesday, July 8, Magistrate Sharon Fraser fixed a date of Friday, August 15, as the deadline for disclosures.
The Belize Bank’s case has been adjourned until September 3rd. Its attorney is Eamon Courtenay.
A date has yet to be fixed for disclosures on the FIU case.
We understand that the FCIB case will also be tried in the Magistrate’s Court, and the Director of Public
Prosecutions (DPP) is not involved with advising on or prosecuting the case.
We note that Williams was at one time a Senior Crown Counsel in the DPP’s office, and so she does have experience in the arena of criminal prosecutions.
The FIU had hired special prosecutor, Bernard Q. Pitts, to prosecute the Belize Bank, and both Pitts and Williams appeared in court on Tuesday.