Belize Government revokes the license of Atlantic International Bank Limited (AIBL) on the recommendations of the country's Central Bank
The Belize Government has revoked the license of Atlantic International Bank Limited (AIBL) on the recommendations of the country's Central Bank.
Central Bank Governor, Joy Grant, said the situation unfolded on 8th November last year, when the United States Federal Trade Commission named the bank as a defendant in a case involving alleged fraud related to certain transactions for the sale of land in a property development known as Sanctuary Belize.
She said "The Federal Trade Commission then sought and obtained in these proceedings, a temporary restraining order against certain of the bank's liquid assets in the United States."
The government said that AIBL "has experienced challenges meeting its liquidity requirements due, it appears, to the reputational damage caused by being named in the said proceedings."
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