By: Omar Silva, NP Staff Writer

Belize City: Sunday, 26th February 2023

 The decision to replace Kent Clare as Director of the Financial Intelligence Unit (FIU) in Belize has raised questions about the timing of this move, especially given the high-profile cases he is involved in. With almost seven years in the position, Clare has been instrumental in leading the FIU's efforts to combat money laundering and terrorist financing.

Enforcing and resolving anti-money laundering issues in Belize requires a multi-faceted approach that involves various stakeholders, including law enforcement agencies, regulators, and the financial industry. Effective leadership at the FIU is critical to this effort. The Director of the FIU is responsible for overseeing the unit's activities and ensuring that it fulfills its mandate to combat money laundering and terrorist financing.

The upcoming Caribbean Financial Action Task Force Mutual Evaluation Anti Money Laundering Peer Review adds to the urgency for strong leadership at the FIU. This review is a rigorous assessment of Belize's anti-money laundering and counter-terrorist financing regime and will have significant implications for the country's reputation and financial system.

It is unclear why Clare's contract was not renewed, but Minister of State in the Ministry of Finance Chris Coye stated that a change in leadership is necessary to bring new energy and direction to the FIU. Leni Ysaguirre McGann, Deputy Director of FIU, will serve as Acting Director, but the decision to replace Clare has raised concerns about the potential impact on ongoing investigations and cases.

Overall, addressing anti-money laundering issues in Belize requires a coordinated effort among various stakeholders and effective leadership at the FIU. The decision to replace Clare highlights the importance of having strong and effective leadership in key positions to ensure that the country's financial system remains robust and resilient in the face of money laundering threats.