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GOB revokes Atlantic international Bank’s license

Posted: Saturday, April 13, 2019. 11:09 am CST.

By BBN Staff: Atlantic International Banking Limited (AIBL) can no longer conduct any business in Belize after the Government of Belize revoked its Unrestricted “A” Class International Banking Licence.

The Central Bank of Belize said that Prime Minister and Minister of Finance, Dean Barrow, revoked AIBL’s license on Friday, April 12, due to continued issues with the bank’s ability to adequately serve its customers.

“This is the second bank in the international banking sector to have its license revoked in the last ten months. However, the circumstances leading to the revocation of the international banking licenses of these two banks are different and cannot be attributed to any issues of general application to the nation’s financial sector,” the Central
Bank said.

The bank also noted that, in both cases, the banks had their licenses revoked for issues that originated outside of Belize. Governor of the Central Bank, Joy Grant, said that the bank has appointed a liquidator, Julian Murillo. He will have full power and authority over the operations of Atlantic International Bank as prescribed under the Laws of Belize.

The revocation stems from a civil lawsuit in the United States where AIBL was attached along with Sanctuary Belize, a company involved in a real estate scam that defrauded investors out of substantial amounts
of money. Being named as a defendant in the lawsuit caused damage to AIBL’s reputation, which made it increasingly difficult to do business.

The Central Bank intervened in November 2018, to oversee the Bank’s winding down of operations.

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