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Compliance Issues in Financial Services in Belize: A Focus on Regulation and Transparency

Belize’s financial services sector has long been regarded as a beacon of integrity, with a strong reputation built on its commitment to regulatory excellence. The Financial Services Commission (FSC) has played a crucial role in shaping the industry’s growth, adapting to new challenges and evolving international standards.

Evolution of Financial Services in Belize

In 2007, the scope of financial services was broadened to include the range of services offered today, including fiduciary services, investment funds, and securities investment businesses. Since then, Belize has made significant strides in addressing harmful tax practices by adopting best practices and recommendations from international standard-setters.

Commitment to Transparency

The country’s commitment to transparency is reflected in its participation in the global Common Reporting Standard (CRS) for automatic exchange of financial information and cross-border agreements with other jurisdictions. These initiatives have helped combat tax evasion and fraud, further solidifying Belize’s reputation as a responsible financial hub.

International Cooperation

In addition to its international cooperation, the FSC adheres to standards set by the Caribbean Financial Action Task Force and works closely with national regulators and industry supervisors to monitor risks and ensure the safety and security of the jurisdiction’s economy.

Key Regulatory Initiatives

• The Commission has expanded its scope to oversee the administration of Belize’s securities industry, registering and regulating firms and individuals operating in this sector.
• Its regulatory remit extends to a range of businesses and persons, including fiduciary services providers, investment funds, and securities investment companies.
• The FSC has merged registry services under the Belize Companies and Corporate Affairs Registry (BCCAR), streamlining corporate registry services for domestic and international business entities.

Approach to Regulation

In its pursuit of a well-regulated non-bank financial services sector, Belize has adopted a flexible approach, balancing competing forces while ensuring sound regulation. The country’s laws governing non-bank financial services are regularly updated to reflect changes in the industry and evolving international standards.

Disclaimer

While the FSC takes reasonable care to ensure the accuracy of its information, it does not guarantee completeness or accuracy, nor shall it be liable for any consequences arising from actions taken based on this information.