Belize Cracks Down on Financial Crime with Strengthened Anti-Money Laundering Laws
Effective January 1, 2009, Belize has undergone a major overhaul of its anti-money laundering laws to prevent and combat financial crimes such as money laundering and terrorism financing. The revised Money Laundering and Terrorism (Prevention) Act, 2008 brings the country in line with international standards set by the Financial Action Task Force.
New Provisions for Investigating and Prosecuting Financial Crimes
The updated law introduces new procedures for:
- Seizing criminal proceeds and terrorist assets
- Investigating and prosecuting financial crimes
- Preventing money laundering and terrorist financing
Relevant entities such as:
- Commercial banks
- International banks
- Financial institutions
- Credit unions
are now required to take preventative measures to prevent money laundering and terrorist financing.
Stiffer Penalties for Violators
The broadened scope of designated serious offenses means that violators can expect stiffer penalties under the new law. The Central Bank of Belize has been designated as the Supervisory Authority for these entities and has the power to impose sanctions on those who fail to comply with certain provisions of the Act.
Enhanced Ability to Prevent Financial Crimes
These strengthened measures are expected to significantly enhance Belize’s ability to prevent financial crimes and combat terrorist financing, further solidifying its position as a responsible member of the international community.