It's not too often that you hear of Belize merging as a global leader - but the country has failed that distinction in complying with banking regulations for Anti-Money Laundering and Countering-Terrorism Efforts.
You wouldn't call it sexy, but it wasn't easy - and on Thursday when the Caribbean Financial Action Task Force published Belize's 4th Round Mutual Evaluation Report, it placed Belize's regulatory system among the world's top performers.
It's a shape reversal from 12 years ago when Belize was losing correspondent banking relationships due to inadequate legislation.
Today, the National Anti-Money Laundering Committee held a press conference to underscore the importance of the accomplishment:
Chris Coye, Min. of State, Ministry of Finance
"The ratings we achieved then ultimately led to the country being graylisted by the CFATF in May 2013 and suffering the loss of 87% of our correspondent banking relationships, the worst experience of any country in the Caribbean."
"To avoid a repeat of these dire consequences and in anticipation of Belize's 4th round CFATF mutual evaluation in 2023 and 2024, in July of 2022, Prime Minister Briceno launched the intensification of Belize's preparation for the CFATF mutual evaluation project, laying the groundwork and paving the way for the intense and rigorous activities that would be required to put Belize in the best possible position to achieve desirable results and avoid the gray or black lists."
Leni Ysaguirre McGann, Chairperson & Director, FIU
"Belize is only the third country in CFATF to qualify for regular follow up. The second country in the world to achieve compliant and largely compliant ratings in all 40 recommendations in its first attempt."
Chris Coye, Min. of State, Ministry of Finance
"This has been a long road for us. The National Anti-Money Laundering Committee and each participating agency and individual involved have worked tirelessly over the last few years to ensure that we strengthen our framework as much as possible, even while managing their demanding portfolios."
"We are deeply grateful for all involved. They were instrumental in enabling Belize to achieve the gold standard status that less than 15 percent of the countries in the world have achieved. Avoiding the gray or black lists and leading in global anti-money laundering efforts send a strong message to our international counterparts and business community about the country's commitment to transparency, accountability and regulatory compliance. By strengthening the integrity of our financial system, Belize is better positioned to attract new foreign direct investments. This is especially true in industries like financial services where investors seek stable, well-regulated environments."
"Belize's leadership in AML positions it as a prime destination for such investments."
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