Belize in money laundering scheme originating from Argentina


Belize is being named in an alleged money laundering scheme originating in Argentina and spanning many countries.  Press reports say that a leading Argentinean businessman, Lazaro Baez; his son, Martin Baez; and others were accused of money laundering in recent days.  The allegations surfaced through a television program of a well established journalist who linked the Baez family to the deceased Argentinean President, Nestor Kirchner.  According to a report in the Buenos Aires Herald, “People’s eyes have been opened to a grotesque display of greed and opulence that is financed; it appears, from kickbacks on public work projects. Viewers have also learned how millions of dollars and Euros in cash are flown out of Argentina via Panama, Belize, or some other tax haven, to Switzerland.” Lazaro Baez earlier this week gave press statement denying the allegations against him.

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Money Laundering

Definition of ‘Money Laundering’

The process of creating the appearance that large amounts of money obtained from serious crimes, such as drug trafficking or terrorist activity, originated from a legitimate source.

Investopedia explains ‘Money Laundering’

Some estimate the size of the problem is over $500 billion annually. Often thought of as a victimless crime, money laundering is a very serious issue. Without it, international organized crime would not be able to function.

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