Regulatory Alerts2013-03-19
Money Laundering and Terrorism (Prevention) (Amendment) Act, 2013
The Parliament of Belize enacted this legislation to amend the principal Money Laundering and Terrorism (Prevention) Act, 2008, ensuring compliance with international standards and Financial Action Task Force recommendations. The amendments strengthen customer due diligence requirements, mandate beneficial ownership identification, impose stricter rules on cross-border correspondent banking, and introduce new registration obligations for designated non-financial businesses. Additionally, the Act establishes pecuniary penalties for non-compliance, restricts cash exports, and expands the list of predicate offenses to include tax evasion and illicit arms trafficking.
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