Economy / General / Weekend News

US Ambassador says Embassy concerned about impacts of bank de-risking in Belize

By Alexis R. Milan, Staff Reporter

The United States Embassy in Belize is greatly concerned about the issue of international banks “de-risking” and cutting ties with financial institutions in Belize and the impacts it may have on the Belize economy and economic activity with the US, said Ambassador Carlos Moreno.

Moreno spoke on the issue at Saturday’s opening ceremony for the 19th annual Expo Consumer Trade Show. He highlighted the continued economic relations between Belize and the US and said that the Embassy has monitored the de-risking situation closely as it continues to develop.

According to Moreno, the Embassy has contacted the US Treasury Department and has started the process of opening the lines of communication to see if the issues resulting in Belizean financial institutions losing corresponding ties with international banking partners can be resolved. Moreno noted that the issue is one affecting countries all throughout the region. He said the Embassy is trying to facilitate a resolution to the issue so as to negate any possible negative effects “de-risking” may have on the country.

Moreno said the Embassy will continue to do its part in facilitating good economic and trade relations between both nations. He added that with the new global regulations, and considering that many of the international banks de-risking are privately owned, the only thing that can be done is to conform local standards to the same international standards.

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