Regulatory Alerts2023-07-21
Money Laundering and Terrorism (Prevention) (Amendment) Act, 2023
The Parliament of Belize enacted this legislation to amend the Money Laundering and Terrorism (Prevention) Act in order to satisfy Financial Action Task Force recommendations regarding anti-money laundering, counter-terrorist financing, and counter-proliferation financing. The Act introduces comprehensive definitions for proliferation financing, beneficial ownership, and targeted financial sanctions while expanding the scope of politically exposed persons subject to enhanced due diligence. It also establishes new regulatory frameworks for designated entities, vessels, and nuclear-related items to align national law with United Nations Security Council resolutions.
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