RE: credit card handling by Belize banks

From Hon.Barrows speech. Roughly quoted-we are not in an emergency yet. However Visa and Mastercharge have indicated they will not route US dollars after mid Feb.

1st tier banks are having heartburn in regards to continued off shore banking, pushed along by the IRS.

Channel 7 News quoted the Prime Minister on credit card transactions, in its online translation of their 12 January evening broadcast"

" In the case of credit card settlements, it's a community bank that has agreed to do that for Belize Bank and for Heritage after the corresponding banking relationship was cut off by Bank of America. That bank has now indicated that by the middle of next month it is looking to discontinue even that sort of less comprehensive relationship. So even the question of the credit card settlements, is now in some jeopardy"

Community bank is a 1st Tier bank as BankAmerica. US regulatory agencies brought Swiss accounts to the light of day, now they are going after Belize and others. Belize has thumbed its nose and now it is time to pay the piper. Visa and MC are part of the regulatory process. The globe speaks English, and for now the dollar is spoken financially.

Another way to access the notion... Ask Atlantic Bank what 1st Tier bank services the cards they issue- debit and credit?

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Response:

Atlantic Bank's press release and email to account holders name the same correspondent banks they have used for the last 20 years. I've had account there that long and recognize the correspondent bank names from setting up wire transfers, etc.

What I got from the quote attributed to the PM by Channel 7 is that "a community bank" (in Belize) has been processing Belize Banks international credit card transactions but that community bank's ability (or willingness?) to continue may come to an end ...or discontinue, I think he was quoted as saying.

That may not be accurate but based on the quote above and other statements released in recent months that seems what has been said for several months now.

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My red flag was raised a couple of months ago after the Carib mtg when the PM opined that Bz trade$ are dependent on the offshore $. I believe that is the issue that the big banks have stuck in their craw. If the banks, named are "approved" then Heritage and Belize Bank are being taken out to the wood heap for attention. In that guess,then Atlantic Bank must be
clean of offshore. If not then,the wood heap is a matter of time. Hopefully cool heads can play ball,rather than gotcha