Regulatory Alerts2014-02-11
Money Laundering and Terrorism (Prevention) (Amendment) Act, 2014
The Parliament of Belize enacted this legislation to amend the Money Laundering and Terrorism (Prevention) Act, 2008, ensuring compliance with international standards and obligations regarding money laundering and terrorist financing. The Act introduces comprehensive definitions for key terms, establishes detailed criteria for identifying politically exposed persons, and mandates enhanced due diligence and ongoing monitoring for high-risk relationships. It further strengthens the powers of the Financial Intelligence Unit and supervisory authorities while updating reporting obligations and penalties to align with FATF Recommendations.
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