Bankers’ Association denies impropriety

Wednesday, September 23rd, 2015. Aaron Humes Reporting: There is a Bankers’ Association of Belize and they have issued a statement on the permission granted in the U.S. courts for the Internal Revenue ServiceIRS_logo (IRS) to seek information on Americans with accounts in Belize who have not complied with home regulations to report on their income.

The permission mostly affects the Belize Bank Limited, which had previously lost correspondent status with the Bank of America before regaining status with a different bank. According to the Association, the IRS has not said that the Bank did anything improper.

It adds that no Belizean law prohibits U.S. or other citizens from establishing either banking accounts or International Business Companies (IBC) at international banks operating in Belize, and that it is the clients, not the bankers, who have responsibility for ensuring that their tax filings are in compliance with their home jurisdictions.

The association also states that there are mechanisms in place which the IRS can access information from banks in any jurisdiction. And finally, the association notes that the banks are fully compliant with standards and obligations that apply to the sector.

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