Belize is located on the coast of Central America. Based on its location, it is a popular destination for vacations. However, also due to its location, it is currently becoming known in the global arena for attracting many drug trafficking entities in North America. The Belize currency is pegged to the U.S. dollar. This entices drug traffickers and money launderers who want to utilize the banking system. In addition, banks in Belize offer non-residents the ability to establish accounts. Because of this, many drug traffickers and money launderers utilize banks in Belize. As a result, the United States Department of State has recently named Belize one of the world's "major money laundering countries".