Regulatory Alerts2014-12-19
Exchange Control Direction No. 10/2014 - Foreign Currency Accounts
The Central Bank of Belize issued Direction No. 10/2014 to regulate the opening and operation of foreign currency accounts for residents, requiring entities to demonstrate annual earnings of at least US$50,000 or qualify under specific zones. The directive mandates that Authorised Dealers verify applicant details, enforce strict usage limits on payments, and submit monthly statements and quarterly account lists to the Central Bank. Additionally, financial institutions must adhere to know-your-customer principles and transfer abandoned funds to the Central Bank in compliance with exchange control regulations.
Share