Regulatory Alerts2023-12-13
Money Laundering and Terrorism (Prevention) (Amendment) (No. 2) Act, 2023
The Government of Belize enacted this Act to amend the Money Laundering and Terrorism (Prevention) Act in order to satisfy Financial Action Task Force recommendations regarding anti-money laundering, counter-terrorist financing, and counter-proliferation financing. The legislation introduces new definitions for AML/CFT/CPF and ML/TF/PF, expands reporting obligations for insurance providers, and mandates risk-based due diligence measures for existing customers. Additionally, the Act updates regulatory timelines, clarifies the roles of competent authorities, and modifies provisions related to suspicious transaction reporting and registration requirements.
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