Regulatory Alerts2023-06-21
International Banking (Amendment) Act of 2023
The Belizean legislature enacted the International Banking (Amendment) Act of 2023 to align the International Banking Act with Financial Action Task Force recommendations and domestic financial laws. The legislation prohibits the licensing of shell banks, reassigns specific supervisory powers from the Minister to the Central Bank of Belize, and expands provisions for international regulatory cooperation on anti-money laundering matters. Additionally, the Act introduces a new section empowering the Supervisory Authority to publish decision notices regarding sanctions, license restrictions, or revocations for non-compliance.
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