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Belize Reaches Milestone in Fight Against Money Laundering and Terror Financing
Belize City, Belize - In a significant development, Belize has enacted nine key pieces of legislation aimed at strengthening its Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regime. This milestone achievement marks a major step forward in the country’s efforts to comply with international standards and address strategic deficiencies identified by the Caribbean Financial Action Task Force (CFATF).
A Major Step Forward
The CFATF, an inter-governmental organization responsible for monitoring and enforcing AML/CFT standards in the region, had previously issued a public statement highlighting Belize’s shortcomings in this area. In response, the Belizean government demonstrated its commitment to modernizing its AML/CFT architecture by introducing nine key pieces of legislation.
Key Provisions
The new laws and regulations aim to:
- Strengthen customer due diligence, record-keeping, and reporting obligations for financial institutions
- Enhance compliance with CFT obligations
- Establish a national anti-money laundering committee
- Extend the AML/CFT framework to designated non-financial businesses and professions (DNFBPs)
Government Commitment
“We are proud of the progress we have made in strengthening our AML/CFT regime,” said a government spokesperson. “This achievement demonstrates our commitment to vigilance in the global fight against money laundering and terrorist financing.”
CFATF Support
The CFATF has welcomed Belize’s efforts, noting that the country has shown significant political will and cooperation in addressing its strategic deficiencies.
“Belize’s reform process is an excellent example of what can be achieved when governments demonstrate a strong commitment to implementing AML/CFT standards,” said a CFATF spokesperson. “We commend Belize on this major step forward and encourage it to continue strengthening its AML/CFT regime.”
Implementation and Future Plans
The newly enacted legislation came into effect on February 7, 2014, and has already led to the expedited registration of DNFBPs and non-profit organizations (NPOs). Educational outreach efforts are also underway, with the publication of best practice papers and guidance materials available online.
While this milestone marks a significant achievement for Belize, the country recognizes that its work is far from over. Officials have reiterated their commitment to continuing to improve and implement a robust national AML/CFT regime, ensuring that Belize remains a responsible player in the global fight against money laundering and terrorist financing.
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