Belize Achieves ‘Gold Standard’ Status in Anti-Money Laundering

The latest report from the Caribbean Financial Action Task Force (CFATF) reveals that Belize has exceeded expectations, achieving “Fully Compliant” ratings for 38 out of 40 key anti-money laundering measures. Belize now holds the strongest technical compliance ratings worldwide, surpassing Qatar.

This achievement follows nearly two years of rigorous evaluation and collaboration among Belize’s national authorities. “Now Belize has entered into what is called a regular follow-up process. This is essentially the gold standard. This is where we want to be,” said Leni Ysaguirre-McGann, Director of the Financial Intelligence Unit (FIU).

Ysaguirre-McGann says that the FATF and similar organisations use “a system of peer pressure” to get countries to follow their rules. If a country doesn’t comply, it gets put through a review or follow-up process and might even be placed on a grey or black list, which can harm its reputation and relationships with other countries.

According to Ysaguirre-McGann, Belize’s success is crucial for its economic and business viability. “We want to operate in this financial system,” Ysaguirre-McGann said. She pointed out the importance of staying compliant with international financial standards to avoid being blacklisted or greylisted.