Title: Belize Central Bank Strengthens Financial Crime Prevention with Revised Money Laundering Act
Belize Central Bank Updates Money Laundering and Terrorism (Prevention) Act
Belmopan, Belize - The Central Bank of Belize has taken a significant step forward in its fight against financial crimes including money laundering and terrorist financing with the updated Money Laundering and Terrorism (Prevention) Act. This amendment aims to align Belize’s regulations with global standards, enhancing the country’s vigilance and robust response to illicit financial activities.
The Central Bank of Belize is dedicated to being a responsible member of the international community. These changes reflect our commitment to combating financial crimes and our adherence to international best practices. Mr. Jeffrey McBride, Governor of the Central Bank of Belize
Key Highlights of the Revised Legislation
- Regulatory Framework for Virtual Asset Service Providers (VASPs): A regulatory framework for VASPs has been established, making Belize a more attractive and compliant jurisdiction for the growing digital asset landscape. VASPs will now adhere to the same regulatory obligations as traditional financial institutions, promoting transparency and accountability in the industry.
- Customer Due Diligence: Financial institutions must perform enhanced customer due diligence to better identify and mitigate the risks associated with illegal activities. Integrated risk-based approaches will enable financial institutions to better prevent financial crimes, contributing to the robustness of the Belizean financial system.
- Increased Penalties for Non-Compliance: Penalties for non-compliance with the revised legislation have been increased to deter potential violators.
- Reporting Requirements: Implemented revised reporting requirements to ensure more effective communication and collaboration among law enforcement agencies, financial institutions, and the Central Bank in identifying and addressing financial crimes.
Enhancing Financial Crimes Prevention
The emphasis on customer due diligence and the regulatory framework for VASPs will significantly improve the Central Bank of Belize’s efforts to combat financial crimes. By adhering to global best practices, Belize continues its commitment to becoming a leader in combating financial crimes and fostering a responsible financial environment.
The collaboration between the regulator, financial institutions, and law enforcement agencies remains a critical component in Belize’s ongoing efforts to combat financial crime. Central Bank of Belize
The updated Money Laundering and Terrorism (Prevention) Act signifies a significant milestone in the Central Bank of Belize’s efforts to maintain a robust and responsive financial regulatory framework while ensuring transparency and accountability in the financial sector.