FCIB face 113 charges in Belize

Belize Chief Magistrate Margaret McKenzie has adjourned the start of the case in which First Caribbean International Bank has been accused of failing to report suspicious money transactions between 2001 and 2005.



The bank’s country manager, Glen Smith, appeared in court to answer the 113 charges that were laid against the bank earlier this month, following an investigation by the Financial Intelligence Unit (FIU).



The FIU is claiming that the bank had contravened the Money Laundering Act.



It says between January and August 2005, the bank did not disclose that it had facilitated the exchange of large sums of money to United States currency.



The Chief Magistrate has ordered disclosure of evidence to be presented when the case is called up again on September 4.