Belize Country Summary
Sanctions
No
FATF AML Deficient List
No
Terrorism
Corruption
US State ML Assessment
Criminal Markets (GI Index)
EU Tax Blacklist
Offshore Finance Center
Please note that although the below Summary will give a general outline of the AML risks associated with the jurisdiction, if you are a Regulated entity then you may need to demonstrate that your Jurisdictional AML risk assessment has included a full assessment of the risk elements that have been identified as underpinning overall Country AML risk. To satisfy these requirements, we would recommend that you use our Subscription area.
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Anti Money Laundering
FATF Status
In May 2015 the Caribbean Financial Action Task Force (CFATF) acknowledged the significant progress made by Belize in improving its AML/CFT regime and notes that Belize has established the legal and regulatory framework to meet its commitments in its agreed Action Plan regarding the strategic deficiencies that the CFATF had identified. Belize is therefore no longer subject to the CFATF ICRG monitoring process.
Compliance with FATF Recommendations
The May 2015 CFATF Plenary recognised that Belize had made significant progress in addressing the deficiencies identified in their 2011 Mutual Evaluation Report and therefore exited the follow-up process.
Belize has addressed the deficiencies noted in the Core and Key Recommendations rated PC/NC (R. 1, 4, 5, 10, 13, 23, 35, 40, SR. I – V) to a level of compliance that is comparable to at least an LC.
Sanctions
There are no international sanctions currently in force against this country
Bribery & Corruption
Rating | 0 (bad) - 100 (good) |
---|---|
Transparency International Corruption Index | NA |
World Bank: Control of Corruption Percentile Rank | 48 |
Belize has anticorruption laws that are poorly enforced, with the Integrity Commission lacking the necessary resources to effectively monitor compliance. Despite the existence of regulations and acts aimed at combating corruption, such as the Civil Asset Recovery and Unexplained Wealth Act, there have been no successful prosecutions for unexplained wealth. Businesspeople report that government officials often exploit their positions for personal gain, and there is a general lack of protection for NGOs investigating corruption.
Economy
Belize has the smallest economy in Central America, with a GDP of $3.1 billion in 2023, reflecting a 4.1 percent growth from the previous year, primarily driven by tourism, construction, and retail sectors. The government has made progress in debt management, with public debt slightly increasing to 66.3 percent of GDP in 2022, following a significant reduction from 132 percent in 2020, while the economy remains vulnerable to external shocks and high operational costs.
Belize's investment climate is characterized by a lack of restrictions on foreign ownership and control, although foreign investments must be registered with the Central Bank of Belize and comply with the Exchange Control Act. Despite government efforts to attract foreign direct investment (FDI) through various incentives and reforms, challenges such as bureaucratic hurdles, corruption, and crime continue to deter potential investors. Recent amendments to the Fiscal Incentives Act aim to enhance benefits for micro, small, and medium-sized enterprises, but concerns about transparency and land security remain significant obstacles.
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- Risk Analysis
- Corruption
- Economy
- Sanctions
- Narcotics
- Executive Summaries
- Investment Climates
- FATF Status
- Compliance
- Key Findings