Belize Belize

New Documents

The Belize Central Bank published the results of the latest National Risk Assessment, which evaluates the jurisdiction’s risk for financial crimes such as money laundering and terrorist financing.

The Central Bank of Belize issued Simplified Customer Due Diligence Guidance Notes in order to align such procedures with requirements under the Money Laundering and Terrorism (Prevention) Act.

News

Enforcement Actions

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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, fraud bribery and corruption. 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 and suspicious transactions reporting regulations. Politically exposed persons are subject to enhanced due diligence.
-Source: 2021 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