Panama Attorney says the FSC is giving him the runaround

Belize’s investor confidence is under some scrutiny tonight after one attorney out of Panama was jilted by a financial consultant and ignored by the Financial Services Commission.  The developing story came to the attention of our newsroom when an investigative reporter, affiliated with the Pandora Papers, contacted us regarding several companies that have lost significant monies after utilizing the services of a Belizean financial consultant.  Love News understands that the clients are primarily out of Eastern Europe and Cyprus who have businesses registered in Belize but are now blocked after the financial consultant did not keep their company records up to date and make the required payments.  In speaking with the Panama connection, a formal complaint against the local consultant was made to the Financial Services Commission (FSC) in October last year, but despite multiple follow ups, nothing has been done, nor has the complainant been updated on action taken.  The attorney, who services maritime clients, says to date they have lost 13 businesses in Belize which has led them to having their accounts blocked and the maritime vessels unable to be moved, sold or leveraged.  Based on a copy of an email sent to our newsroom, the investigative reporter has written to at least five persons in the FSC asking whether this particular Belizean financial consultant is compliant with the FSC regulations. The email has also been sent to the Financial Secretary, Joseph Waight, the Belize Tourism Industry Association (BTIA) and several persons attached to AME Consulting Group Belize.  Love News has reached out to the financial consultant for comment, but he has yet to respond.  We will keep following this story in the coming days.