Banking Regulations Challenge Access Majid Khan – Love FM Belize News & Music Power

Banking regulations question Majid Khan's access

Foreign Minister Francis Fonseca commented on the challenges Majid Khan faces in the banking sector. As we reported in our exclusive to Khan, he is being denied the opportunity to open a bank account at local branches. This is a complex situation because it is the United States that is demanding the introduction of specific legal provisions against money laundering and terrorist financing. Following Belize’s implementation of these regulations, the Central Bank of Belize has come out with stringent rules. Minister Fonseca says this is an unfortunate situation.

Francis Fonseca, Minister of Foreign Affairs: : “I heard about it. Yeah, I think it’s a matter of Central Bank laws and regulations and our own laws that the banking community has to follow, our correspondent banking, you know, so over the last ten years we’ve passed a lot of money laundering and counter-terrorism laws and unfortunately it’s a victim of the existing legal structure. However, hopefully something can be worked out in the future that will enable him and his family to have access to basic banking services so that he can continue his business. “I understand his frustration, but the reality is that it’s not the government’s fault, but the reality that exists in the global economic structure.”

Majid Khan was brought to Belize last February after serving twenty years in Guantanamo Bay prison in Cuba for acts of terrorism.