Regulatory Alerts2013-01-04
Domestic Banks and Financial Institutions (Amendment) Act, 2012
The Belizean legislature enacted this amendment to the Domestic Banks and Financial Institutions Act to redefine banking and financial business exclusions for non-residents and reduce capital requirements for local and foreign financial institutions from two million to five hundred thousand dollars. The legislation also facilitates international cooperation by exempting information disclosure restrictions for requests made under Tax Information Exchange Agreements or Double Taxation Agreements. Additionally, the Act mandates the replacement of the term 'Guidelines' with 'Practice Directions' throughout the principal Act and requires Central Bank consultation with the Minister when exercising specific powers.
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