Belize

New Documents

Belize FIU Report Highlights AML/CTF Deficiencies, Plans to Strengthen Oversight

The Belize Financial Intelligence Unit published its 2018 annual report, evaluating the efficacy of the country’s anti-money laundering and counterterrorist financing regime and outlining regulatory goals for the coming year.

July 9, 2020

Belize FIU Highlights FATF Statements on High-Risk Jurisdictions

The Belize Financial Intelligence Unit issued an advisory to regulated entities concerning statements made on Feb. 21, 2020 by the Financial Action Task Force on high-risk jurisdictions.

June 9, 2020

Belize FIU Issues Advisory for DNFBPs on COVID-19

April 7, 2020

BVI Publishes Revised Multilateral MoU Between 17 Regional Regulatory Authorities

October 3, 2019

Central Bank of Belize Adopts SWIFT Sanctions Screening Solution

August 8, 2017

News

Midweek Roundup: Taiwan Drops Probe Against Mega Bank, Trump’s Casino Repeatedly Breached AML Rules, and More

Gambia accuses fugitive ex-president of stealing $50 million and freezes his assets, Andorran bank loses court appeal against designation by U.S. Treasury Department, and more, in the midweek roundup.

May 24, 2017

Midweek Roundup: Swift Directors Reportedly Knew of Cybersecurity Problems, Singapore Bars Swiss Bank for 1MDB Ties, and More

Swiss private bank Falcon has been blocked from taking on new business in Singapore, Turkey asked FATF members to freeze the assets and bank accounts of the Gülenist Group, and more, in the midweek roundup.

August 17, 2016

Weekly Roundup: Courts Dismiss Money Laundering Lawsuits, Third Bank Targeted by Swift Malware, and More

May 20, 2016

Weekly Roundup: OECD Cites Jurisdictions with Poor Tax Cooperation, Singapore Warns of Rising Use of Money Mules, and More

November 22, 2013

Enforcement Actions

0 Items Found

Key Documents

Belize Requires Reporting Entities to Take Preventative Measures to Combat Money Laundering

December 31, 2008

Belize Revises Financial Intelligence Unit Act

May 31, 2003

Belize Issues Regulations for Preventing Money Laundering

January 19, 1998

Belize Revises Money Laundering Prevention Act

May 31, 2003

Important Facts

  • The U.S. State Department labels Belize as a major money laundering jurisdiction.  Belize has an active offshore financial sector but is not a key regional financial player.  It is particularly susceptible to illicit trafficking, illegal migration, transnational criminal organizations and corruption. Money laundering proceeds are often related to the trafficking of illegal narcotics, tax evasion and securities fraud. Belize’s vulnerability to money laundering is due to the lack of enforcement of its laws and regulations, its cash based economy and its porous borders. However, the country’s government has made efforts to strengthen its anti-money laundering regulatory regime. Belize has comprehensive customer due diligence (CDD) and suspicious transactions reporting regulations. Politically exposed persons are subject to enhanced due diligence.
-Source: 2020 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 2 High :
Largely Compliant : 9 Substantial :
Partially Compliant : 21 Moderate :
Non-Compliant : 17 Low :

BASEL i

Rank : 46/141
Score : 5.64/10

TRANSPARENCY INTERNATIONAL i

Rank : N/A
Score : N/A

Tax Justice Network i

Rank : 110/133
Score : 74/100