Regulatory Alerts2023-06-21
Credit Unions (Amendment) Act No. 21 of 2023
The Government of Belize enacted the Credit Unions (Amendment) Act No. 21 of 2023 to amend the Credit Unions Act and align it with Financial Action Task Force recommendations. The legislation mandates that credit union executives, board members, and committee personnel be fit and proper persons, subjecting them to rigorous assessments of their character, competence, and conduct. Additionally, the Act requires credit unions to fully comply with the Money Laundering and Terrorism (Prevention) Act and empowers the Registrar to publish sanctions related to regulatory decisions.
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