Belize Cracks Down on Money Laundering and Terrorism with Tough AML/CTF Regulations

The Government of Belize has taken a significant step in combating money laundering and terrorism financing by implementing stringent Anti-Money Laundering and Combating the Financing of Terrorism (AML/CTF) regulations. The country’s reporting entities are now subject to strict obligations under the Money Laundering and Terrorism (Prevention) Act, Chapter 104 of the Substantive Laws of Belize Revised Edition 2020.

Commitment to Global Standards

As a member of the Caribbean Financial Action Task Force (CFATF), Belize is dedicated to adhering to the objectives set forth by the global financial watchdog, the Financial Action Task Force. Additionally, the country is working closely with the Organisation for Economic Cooperation and Development (OECD) to ensure its AML/CTF regulations meet international standards.

Goals of AML/CTF Regulations

The government’s efforts are aimed at preventing and detecting illicit activities, including money laundering and terrorism financing, which pose significant threats to Belize’s financial stability and national security. By implementing robust AML/CTF measures, the country is sending a strong message that it will not tolerate such illegal activities on its territory.

Key Obligations

• Reporting entities are subject to strict obligations under the Money Laundering and Terrorism (Prevention) Act.
• The government is committed to adhering to international standards set by CFATF and OECD.
• AML/CTF regulations aim to prevent and detect money laundering and terrorism financing.

By implementing these tough AML/CTF regulations, Belize is demonstrating its commitment to combating financial crimes and protecting the country’s financial stability and national security.