Belize Declared Global Leaders in Combating Financial Crimes

When it comes to tackling money laundering and terrorist financing risks, Belize is leading the pack globally. At least, that’s what the Caribbean Financial Action Task Force’s first-round evaluation shows. Belize’s performance, assessed over a five-year period ending in late 2023, is outstanding. The results of the Fourth Round Mutual Evaluation Report are fantastic news for Belize’s financial sector and correspondent banking relations. The government can finally breathe a sigh of relief, as unlike the Third Mutual Report, Belize won’t be grey-listed this time. This afternoon, the National Anti-Money Laundering Council held a press conference to celebrate this significant achievement.

 

Christopher Coye, Minister 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 we strengthen our framework as much as possible even while managing their demanding portfolio. We are deeply grateful for all involved. They were instrumental in enabling Belize to receive the gold standard status that less than fifteen percent of the countries in the world has achieved, having entered the CFATF regular follow up process, avoiding the grey or black list and leading in global anti-money laundering efforts sends a strong message to our international counterparts and business community about the countries commitment to accountability, transparency and regulatory compliance.”

 

Leni Ysaguirre McGann, Director, F.I.U Belize

“Looking at technical compliance we can see that Belize which was assessed against forty recommendations were rated compliant in thirty-eight of those recommendations and largely compliant in two. On a first attempt Belize is essentially best in the world, having surpasses Qatar which would have thirty-two compliant and eight largely compliant after its first assessment.”

 

 

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https://edition.channel5belize.com/belize-emerges-as-global-leader-in-anti-money-laundering/