Financial Crime World

Belize Banking Regulations Compliance: A Comprehensive Framework in Place

The financial system in Belize is governed by a robust regulatory framework that ensures the supervision and regulation of banks, credit unions, and other financial institutions operate efficiently and prudently. This legal foundation enables licensees to serve the best interests of all stakeholders.

Major Legislations

Belize’s major legislations under which financial institutions are regulated include:

Central Bank of Belize Act (1982)

  • Sets the stage for the country’s central banking authority.

Domestic Banks & Financial Institutions Act

  • Empowers the Central Bank to supervise and regulate banks and financial institutions operating within the country.

International Banking Act

  • Grants the Central Bank supervisory and regulatory powers to oversee international banking activities and issue licenses for such operations.

Credit Unions Act

  • Designates the Governor of the Central Bank as the Registrar of Credit Unions, allowing for the supervision of credit unions operating in Belize.

Money Laundering & Terrorism (Prevention) Act

  • Establishes provisions for investigating and prosecuting money laundering, terrorism, and related crimes.

Exchange Control Act and Regulations

  • Governs foreign exchange transactions and transactions between residents and non-residents.

Treasury Bills Act

  • Allows the government to borrow from the public by selling securities.

National Payment System Act

  • Provides a legal framework to support Belize’s national payment system.

Moneylenders (Amendment) Act

  • Designates the Central Bank of Belize as the Registrar of Moneylenders, overseeing money lending activities in the country.

Deposit Insurance Act

  • Establishes the legal framework for deposit insurance in Belize, protecting depositors of domestic banks and credit unions.

Credit Reporting Act

  • Provides a legal framework to ensure a fair and accurate credit reporting system within the financial system.

Public Consultations

Public consultations are an essential component of the regulatory process, contributing to greater transparency and ensuring that all stakeholders have a voice in shaping the country’s banking regulations.