Regulatory Compliance for Financial Institutions in Belize: A Strong Reputation and Integrity
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Belize has established a strong reputation and integrity in the financial services sector, making it an attractive destination for investors. To stay ahead of the curve, the Financial Services Commission (FSC) has been modernizing its legislative framework and developing new financial services to compete globally.
A History of Expansion and Development
- In 2007, the scope of the Financial Services was expanded to include a range of services still offered today.
- The country has also made significant strides in eroding secrecy and anonymity laws by adopting best practices and international standards to combat harmful tax practices.
Commitment to International Standards
Belize has committed to:
- Automatic exchange of financial information based on the Common Reporting Standard (CRS)
- Cross-border agreements to fight against tax evasion and fraud
As a member of:
- Caribbean Financial Action Task Force (CFATF)
- National Anti-Money Laundering Committee (NAMLC)
The FSC works closely with fellow regulators and industry supervisors to ensure the safety and security of Belize’s economy.
Expanded Oversight Responsibilities
As of December 2021, the FSC expanded its oversight responsibilities to include:
Management of Securities Industry in Belize
- Regulates firms and individuals operating in this sector
- Regulates those providing fiduciary services, investment funds, securities investment businesses, and auditors
Regulation of Licensed Entities
Regulates persons serving as directors, officers, and managers of licensed entities, ensuring that all stakeholders adhere to regulatory Acts governing each sector.
Strengthened Business Environment
In July 2022, the Belize Companies and Corporate Affairs Registry (BCCAR) was established under the jurisdiction of the Financial Services Commission. This merger has strengthened the business environment by providing best-in-class corporate registry services.
Inclusive Approach to Non-Bank Financial Services
Belize has adopted a more inclusive approach to balancing non-bank financial services with competing forces, ensuring a well-regulated and sound sector. The FSC provides all applicable laws related to non-bank financial services for ease of reference, although it does not guarantee their completeness or accuracy.
By maintaining its strong reputation and integrity, Belize continues to be an attractive destination for investors while ensuring the safety and security of its economy.