Financial Crime World

Belize’s Banking Regulations and Standards Ensure Financial Integrity

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The Financial Services Commission (FSC) is proud to uphold Belize’s strong reputation and integrity in financial services, solidifying its position as a top destination for investment. To stay ahead of the curve, the FSC has been modernizing its legislative framework and developing new and emerging financial services to compete globally.

A Stronger Reputation through Best Practices

In 2007, the scope of the Financial Services was broadened to include the services it offers today. The erosion of secrecy and anonymity laws through best practices and international standards has also contributed to Belize’s transformation as an economically sound and politically stable country.

Combating Tax Evasion and Fraud

Significant steps have been taken to combat tax evasion and fraud, including:

  • Implementation of automatic exchange of financial information based on the global Common Reporting Standard
  • Cross-border agreements undertaken by the FSC
  • Membership in the Caribbean Financial Action Task Force

The Commission works closely with fellow national regulators and industry supervisors to ensure the safety and security of Belize’s economy.

New Responsibilities and Initiatives

In December 2021, the FSC expanded its responsibility to oversee and manage the proper administration of the Securities Industry in Belize, overseeing:

  • Registration and regulation of firms and individuals operating in the sector
  • Regulation of various businesses and persons operating in and from Belize, including:
    • Fiduciary services providers
    • Investment funds
    • Securities investment businesses
    • Auditors

The establishment of the Belize Companies and Corporate Affairs Registry (BCCAR) under the jurisdiction of the Financial Services Commission has further streamlined registry services, providing a modern and efficient platform for corporate registration. This move has strengthened the business environment and enabled the launch of an online business registry.

A Well-Regulated Non-Bank Financial Services Sector

To balance competing forces in the non-bank financial services sector, Belize has adopted a more inclusive and flexible approach, ensuring:

  • A well-regulated and sound sector
  • Upholding international standards and best practices
  • Ease of reference for relevant laws and regulations governing the non-bank financial services sector

Conclusion

As the country continues to evolve and adapt to global changes, the Financial Services Commission remains dedicated to its mission of safeguarding Belize’s reputation as a premier financial hub. With its commitment to upholding international standards and best practices, Belize is poised to maintain its strong position in the global financial landscape.