Belize Tightens Banking Regulations to Combat Financial Crime

Belize Aligns with International Standards to Prevent Money Laundering and Terrorism

On January 1, 2009, Belize implemented significant revisions to its Money Laundering and Terrorism (Prevention) Act, 2008. The updated legislation brings the country’s laws in line with international standards set by the Financial Action Task Force’s “40 Recommendations and Special Recommendations on Terrorist Financing”.

Key Provisions of the Revised MLTPA

• Investigations and Prosecutions: The revised Act introduces new provisions for investigating and prosecuting money laundering, terrorism, and related crimes.
• Preventative Measures: Relevant entities are now required to take preventative measures to combat money laundering and terrorist financing.
• Scope of Serious Offenses: The scope of serious offenses designated as such has been broadened.
• Forfeiture and Penalties: Procedures for forfeiting criminal proceeds and terrorist property have been included, along with stiffer penalties for violations of the Act.

Enhanced Supervision and Sanctions

The Central Bank of Belize has been designated as the Supervisory Authority for commercial banks, international banks, financial institutions, and credit unions. This gives it the power to issue sanctions for non-compliance with certain provisions of the Act.

Strengthening Belize’s Financial Sector

The revised MLTPA is a major step forward in Belize’s efforts to combat financial crime, demonstrating its commitment to upholding international standards and best practices in this area. The legislation is expected to strengthen the country’s financial sector and enhance its reputation as a responsible and reliable financial hub.