Belize Strengthens Anti-Money Laundering Laws

Efforts to Combat Money Laundering and Terrorism Financing

In a bid to combat money laundering and terrorism financing, Belize has revised its Money Laundering and Terrorism (Prevention) Act, 2008. The amended law came into effect on January 1, 2009, aimed at bringing the country’s anti-money laundering regulations in line with international standards set by the Financial Action Task Force’s “40 Recommendations and Special Recommendations on Terrorist Financing”.

Key Changes Introduced

• New provisions for investigating and prosecuting money laundering, terrorism, and related crimes
• Procedures for forfeiting criminal proceeds and terrorist property
• Relevant entities required to take preventative measures to combat money laundering and terrorist financing

Strengthening Regulations

The revised law introduces stiffer penalties for violations and broadens the scope of serious offenses. The Central Bank of Belize has been designated as the Supervisory Authority for commercial banks, international banks, financial institutions, and credit unions.

• The Central Bank has been granted the power to issue sanctions for non-compliance with certain provisions of the Act
• Relevant entities must adhere to preventative measures to combat money laundering and terrorist financing

Enhancing Anti-Money Laundering Efforts

These reforms aim to enhance Belize’s ability to prevent and detect money laundering and terrorist financing activities, as well as protect its financial system from the misuse of funds.