Belize's AML/CTF supervisors
According to Section 3 of Act 6 of 2014, Belize has established a Financial Intelligence, where the Financial Intelligence Unit functions as an independent bureau. Investigation and prosecution of financial crimes are carried out, and coordination and collaboration between intergovernmental and commercial entities are guaranteed. The appropriate steps are taken to combat financial crimes, and techniques and regulations are developed to prevent and reduce financial crimes.
How do you comply with AML/CTF regulations in Belize?
In 2016, Belize amended the Money Lenders Act as part of efforts to improve its anti-money laundering (AML) legal framework.
To stop and identify criminal behaviour as well as to ensure that policies and procedures are followed, Belize developed standards and processes, which include:
Putting in place regulations and internal controls that can reduce the likelihood of criminal activity and other policy violations
Ensuring that the compliance cultures are advantageous to a successful corporate compliance programme and are successfully disseminated across all pertinent business divisions
Delivering personalised training and regularly sharing compliance knowledge with business divisions, worldwide departments, outside partners, clients, suppliers, and other stakeholder groups
Determining all internal and regulatory compliance needs, as well as trying to see if organisational functions are linked properly
** Belize has made efforts to strengthen AML/CTF compliance system, including increased criminalisation of money laundering.