Belize is a transshipment point for marijuana, cocaine, and precursor chemicals for methamphetamines. This was the verdict of the U.S. State Department’s International Narcotics Control Strategy Report released this month.
The report recognizes that Belizean financial institutions do not engage in currency transactions involving large amounts of United States’ currency related to the international drug trade, illegal sales or which in other way would significantly affect the U.S., but it indicates that Belize’s offshore financial activities are vulnerable to money laundering.
This activity is believed to be related to laundering the proceeds from the trafficking of illegal narcotics, psychotropic substances, and chemical precursors, and they are controlled by drug trafficking organizations and organized criminal groups.
The State Department notes that it has received 76 reports of suspicious transactions between January 1 through October 24 of last year, but there were only two money-laundering prosecutions and two convictions in the same period. In the U.S. State Department’s view, Belize lacks the resources and political will to effectively enforce anti-money laundering rules.
Detailed news link: here