The Belizean Supreme Court has upheld private documents that belonged to Swiss Trademark and Commerce Trust, Ltd and asserted Belize's sovereignty as an offshore financial jurisdiction.

The case was Securities & Exchange Commission (SEC) versus the Swiss Trademark and Commerce Trust, Ltd. Supreme Court Justice, Mr Troedio Gonzales ruled that  the documents in the possession of the Belize court but the property of Swiss Trademark and Commerce Trust and being sought after by the SEC must be returned immediately to Swiss Trade.

Swiss Trade lawyers were pleased with the decision, and approved of Belize's respect of confidential documents which had been upheld. Confidentially is an crucial aspect of the offshore banking industry. "What this means is that any party who seeks to destroy the concept of confidentiality would have to contend with our system which has demonstrated its ability to uphold the relevant laws," Attorney Oscar Sabido said.

An expected result of this decision will have the global finance community looking to Belize with its fresh and new offshore businesses. Sabido reported: "It is certainly a shot in the arm of the offshore industry because of the fact that it is an industry which is just beginning". The ability of a country in terms of its assertion of sovereignty, ignoring outside pressure is more often than not a critical element when deciding upon a jurisdiction for investing and/or protecting assets.

Lloyd Winburn the Director of Swiss Commerce Trust, Ltd. revealed from Belize, "The Court's decision confirms our reasons for establishing our company in Belize originally. The Law related to confidentiality has been tested and found to be not lacking clarity and strength. Any other ruling by the Court would have sent a signal throughout the financial world that Belize could not be trusted to protect assets, provide confidentiality of transactions or otherwise serve the needs of those who seek to do business away from their home jurisdiction."

The SEC was hugely out of order in attempting to get hold of confidential information as clearly shown by the decision of the court. This case began in 1994 when the SEC turned up at the offices of Swiss Trade on 3rd March. They expected to be allowed to take the files out of the country, disregarding the law in Belize. The immediate reaction of employees helped stop any further breaking of the law by the SEC.