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2020-07-29

Belize Exchange Control (Amendment) Regulations, 2020

The Minister responsible for exchange control in Belize issued Statutory Instrument No. 106 of 2020 to amend the principal Exchange Control Regulations. These amendments replace the requirement for prior Central Bank permission with an obligation to provide prior written notice containing full particulars of the transaction across multiple regulatory provisions. Transitional provisions deem past transactions requiring permission as compliant if written notice is subsequently submitted to the Central Bank.

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BELIZE: EXCHANGE CONTROL (AMENDMENT) REGULATIONS, 2020 ARRANGEMENT OF REGULATIONS

  1. Citation.
  2. Amendment of regulation 8.
  3. Amendment of regulation 9.
  4. Amendment of regulation 10.
  5. Amendment of regulation 11.
  6. Amendment of regulation 12.
  7. Amendment of regulation 13.
  8. Amendment of regulation 14.
  9. Amendment of regulation 15.
  10. Amendment of regulation 40.
  11. Transitional. Exchange Control

BELIZE: STATUTORY INSTRUMENT No. 106 of 2020

REGULATIONS made by the Minister responsible for exchange control in exercise of the powers conferred upon him by section 3 of the Exchange Control Regulations Act, Chapter 52 of the Substantive Laws of Belize, Revised Edition 2011, and all other powers thereunto him enabling. (Gazetted 29th July, 2020)

  1. These Regulations may be cited as the EXCHANGE CONTROL (AMENDMENT) REGULATIONS, 2020, and shall be read and construed as one with the Exchange Control Regulations which, as amended, are hereinafter referred to as the principal Regulations.
  2. Regulation 8 of the principal Regulations is amended– (a) in sub-regulation (1) by deleting the words “Except with the permission of the Central Bank” and substituting the words “Except with prior written notice to the Central Bank providing full particulars of the transaction”; and Citation. No. 106] Exchange Control 1 Sub. Leg. (1991 edn) Vol. I, CAP.43, p1. S.I. 182/2001. 31/2002. 84/2005. 68/2006. 66/2016. Amendment of regulation 8.

2 Exchange Control [No. 106 (b) in sub-regulation (2) by deleting the words “the permission of the Central Bank” and substituting the words “ the prior written notice to the Central Bank providing full particulars of the transaction”. 3. Regulation 9 of the principal Regulations is amended by deleting the words “Except with the permission of the Central Bank” wherever they occur and substituting in each place the words “Except with prior written notice to the Central Bank providing full particulars of the transaction”. 4. Regulation 10 of the principal Regulations is amended by deleting the words “Except with the permission of the Central Bank” and substituting the words “Except with prior written notice to the Central Bank providing full particulars of the transaction”. 5. Regulation 11 of the principal Regulations is amended by deleting the words “Except with the permission of the Central Bank” and substituting the words “Except with prior written notice to the Central Bank providing full particulars of the transaction”. 6. Regulation 12 of the principal Regulations is amended by deleting the words “Except with the permission of the Central Bank” and substituting the words “Except with prior written notice to the Central Bank providing full particulars of the transaction”. 7. Regulation 13 of the principal Regulations is amended by deleting the words “Except with the permission of the Central Bank” and substituting the words “Except with prior written notice to the Central Bank providing full particulars of the transaction”. 8. Regulation 14 of the principal Regulations is amended by deleting the words “Except with the permission of the Amendment of regulation 9. Amendment of regulation 10. Amendment of regulation 11. Amendment of regulation 12. Amendment of regulation 13. Amendment of regulation 14.

No. 106] Exchange Control 3 Central Bank” wherever they occur and substituting in each place the words “Except with prior written notice to the Central Bank providing full particulars of the transaction”. 9. Regulation 15 of the principal Regulations is amended by deleting the words “Except with the permission of the Central Bank” and substituting the words “ Except with prior written notice to the Central Bank providing full particulars of the transaction”. 10. Regulation 40 of the principal Regulations is amended– (a) in sub-regulation (1) by deleting the words “with permission granted by the Central Bank and in accordance with any conditions subject to which the permission was granted” and substituting the words “with prior written notice to the Central Bank providing full particulars of the transaction”; and (b) in sub-regulation (2) by deleting the words “with permission granted by the Central Bank and in accordance with any conditions subject to which the permission was granted” and substituting the words “with prior written notice to the Central Bank providing full particulars of the transaction”. 11. The issuing of securities under regulation 8 and every transfer under regulation 40 that, prior to the commencement of these Regulations, required the permission of the Central Bank, shall be deemed to have obtained that permission if written notice is given to the Central Bank in respect of each transaction. Amendment of regulation 15. Amendment of regulation 40. Transitional.

Made by the Minister responsible for exchange control this 27th day of July, 2020. 4 Exchange Control [No. 106 Printed in Belize by the Government Printer

RT. HON. DEAN O. BARROW Prime Minister (Minister responsible for exchange control)

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