Belize

New Documents

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.

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.

News

Enforcement Actions

0 Items Found


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