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More reforms to laws addressing money laundering, terrorism prevention

PM Office, Belmopan

Posted: Thursday, April 13, 2023. 4:13 pm CST.

By Aaron Humes: Belize continues to get its house in order ahead of a planned review by the Caribbean Financial Action Task Force (CFATF) of its regime for addressing money laundering and terrorism prevention which will be under review later this year.

This week, Cabinet gave its recommendation for amendments to the Law Revision Act to better reflect the current state of the law with respect to Money Laundering and the Terrorism Prevention Act. These amendments will be introduced at the next sitting of the House of Representatives.

Other reforms include the introduction of a Non-Profit Organizations Bill addressing the status of these organizations as potential shells for laundering and terrorist financing. The Bill is subject to consultation with representatives of these organizations but must be passed by May 1 in order to meet this aspect of the CFATF review.

 

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