Archive for December, 2010

Money Laundering through Belize-registered company suspected in Gibraltar

Sunday, December 26th, 2010

Gibraltar’s Police officers suspect that a money laundering scheme was carried out by a Belize-incorporated company with a bank account in Gibraltar.

Royal Gibraltar Police Financial Crime Unit officers have arrested Nasser Heikal, a 52-year-old British national born in Lebanon, who is suspected of money laundering.

According to a police statement, the case is related to the laundering of the proceeds of a ‘boiler room’ operation that had targeted UK victims between November and December 2010. The resulting Financial Investigation identified up to GDP 80 000 allegedly to have been laundered by Mr. Heikal through a company incorporated in Belize with a bank account opened in Gibraltar. The investigation is open and further charges may appear.

Sanctuary Belize welcomes the USD 30 million Infusion into the Belize Real Estate

Tuesday, December 21st, 2010

Sanctuary Belize was excited to get to know that the Government of Belize has received a USD 30 million loan from the World Bank.

The loan will be used for municipal developments throughout Belize. USD 30 million will be used to pay for several capacity building initiatives that are to be implemented within selected municipalities.

The Prime Minister and Minister of Finance, Hon. Dean Barrow, signed on behalf of Belize and Mrs. Yvonne Tsikata, Country Director for the Caribbean at the World Bank, signed on behalf of the World Bank to mark this event.

A spokesperson of Sanctuary Belize said: “We are very excited to see our growing country receive this infusion into Belize Real Estate. With the expansion of the Town Market in Dangriga, and the expansion of Toledo’s Town Council, it shows Belize is a young and vibrant country on the rise. This is a wonderful step forward for Belize, its development, and its quality of life. The future is bright in Belize.”

Land Tax Amnesty announced in Belize

Friday, December 17th, 2010

The launch of a land tax amnesty has been announced by the government of Belize to allow taxpayers to settle outstanding tax balances with the Lands and Survey Department with concessions given on penalties.

When making this announcement, Gaspar Luna, the Public Relations Officer in the Ministry of Natural Resources and the Environment, said that this program is aimed to afford land owners the opportunity to settle their outstanding land tax arrears over a 6-month period. The period started from the November 15, 2010 and will run until May 14, 2011.

The land tax program provides a reduction of 25% for tax arrears up to the fiscal year 2009-2010 “and a waiver of interest accrued inclusive of all or any penalties for non-payment up to fiscal year 2009-2010”.

According to Gaspar Luna, everyone who is interested in participating in the land tax amnesty program is advised to enter into a written arrangement that expresses their interest in participation. Luna said: “Participants must note that they shall pay the balance of the outstanding taxes in full before the expiration of the land tax amnesty period.”

“Participants are also reminded that failure to comply with the contractual agreement will nullify benefits of the remission granted under the program and the entire tax due before the entire remission shall become immediately due and payable and may be recovered in the manner provided by the Land Tax Act.”

Administering the initiative is the responsibility of the Lands and Survey Department of Belize.