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International Financial Services Commission issues advisory over two illegally operating companies

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Posted: Monday, February 1, 2016. 1:45 pm CST.

Posted: Monday, February 1st, 2016. 1:45 p.m. CST

RegulationBy Chrisbert Garcia: A release issued today by the International Financial Services Commission (ISFC), which is Belize’s biggest financial services regulator, served to warn the public against two financial firms that have been operating illegally in the country, not being licensed under the ISFC.

The first firm is MT Capital Partners Ltd. which according to the release, has continued to operate illegally, making false claims of being registered under the ISFC although it has never been and is still engaging in foreign exchange (FX) advisory services for clients without proper authorization.

Formally dissolved on the 13th of last month and no longer appearing on Belize’s International Business Companies Register, the regulator has issued a cease and desist order against MT Capital Partners for its FX services.

Also getting a cease and desist order from ISFC and being removed from the International Business Companies Register on January 1st 2016, FXPrivate Company was conducting operations without required licenses, rendering them illegal, much like MT Capital Partners LTD.

The release ends by advising all individuals to avoid engaging in any activities with either of the mentioned companies.

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