Financial Crime World

Belize Conducts First National Risk Assessment, Identifies Money Laundering and Terrorist Financing Risks

November 28, 2023

Belize has made a significant stride in its efforts to combat money laundering and terrorist financing (ML/TF) by conducting its first ever National Risk Assessment (NRA). The comprehensive report highlights the ML/TF risks faced by the country and outlines the anti-money laundering and combating the financing of terrorism (AML/CFT) measures currently in place.

Purpose of the Assessment

According to the report, Belize’s NRA aimed to identify, assess, and understand the ML/TF risks that threaten the financial stability of the country. The assessment was conducted to inform the development of effective AML/CFT policies and regulations, as well as to ensure compliance with international standards.

Key Risks Identified

The report identifies several key ML/TF risks in Belize, including:

  • Inadequate customer due diligence
  • Insufficient reporting requirements
  • Limited resources for law enforcement agencies
  • Vulnerability to cash-intensive businesses, such as:
    • Casinos
    • Real estate transactions These industries can facilitate illegal activities

Progress Made and Challenges Ahead

Despite these challenges, the NRA also highlights the steps that Belize has taken to mitigate ML/TF risks. The report notes that the country has made significant progress in implementing AML/CFT measures, including:

  • Strengthening its financial intelligence unit
  • Enhancing cooperation with international partners

Publicly Available Report

The full National Risk Assessment Report is available for public viewing, providing a comprehensive overview of Belize’s ML/TF risks and AML/CFT efforts. The report serves as an important tool for policymakers, regulators, and the private sector to better understand the country’s ML/TF risks and work together to address them effectively.

By conducting this National Risk Assessment, Belize is demonstrating its commitment to combating money laundering and terrorist financing, and its willingness to take proactive steps to protect its financial system.