Regulatory Alerts2023-06-21
Domestic Banks and Financial Institutions (Amendment) Act No. 20 of 2023
The Parliament of Belize enacted this Act to amend the Domestic Banks and Financial Institutions Act to satisfy Financial Action Task Force recommendations and establish the Central Bank's operational independence. The legislation removes the requirement for Ministerial approval for various supervisory decisions, replacing it with a mandatory obligation for the Central Bank to advise the Minister of such actions. Additionally, the Act introduces a new section empowering the Central Bank to publish decision notices regarding sanctions and license actions at its discretion.
Share