Mission:

To promote the stability of monetary and financial systems for the well-being of Belize.

AML Strategy:

It is the policy of the Central Bank of Belize (Central Bank) to contribute to the national AML strategy to
prevent money laundering, terrorism financing, and financing of the proliferation of weapons of mass
destruction (ML/TF/PF) and to foster confidence and stability of the financial system.

This is achieved through collaboration among the Central Bank, other domestic supervisory authorities,
and supervised institutions to actively identify, understand, and assess ML/TF/PF risks in Belize’s
financial system; to implement risk-based mitigating measures aligned to international standards and best
practices; and to engage in ongoing outreach to sensitize stakeholders on relevant AML/CFT/CPF
matters.

Overview:

The Central Bank is the chief authority responsible for licensing, registering, regulating and supervising
banks, credit unions, remittance service providers, moneylenders, payment service providers, payment
system operators, and other specific financial activity or business conducted in Belize. This mandate is
undertaken pursuant to the Central Bank Act, Domestic Banks and Financial Institutions Act,
International Banking Act, Credit Unions Act, National Payment System Act, Moneylenders Act, and
Money Laundering and Terrorism (Prevention) Act.

A core responsibility of the Central Bank is to monitor financial and non-bank financial institutions which
it supervises to ensure that they comply with AML/CFT/CPF obligations. This is achieved by utilizing
processes aligned to international standards and the local legal framework consisting of:

• Financial Action Task Force (FATF) Recommendations, which set out comprehensive
  measures to combat ML/TF/PF;
• Basel Core Principles for Effective Banking Supervision, which advocates, among others, for
  AML/CFT supervision to consist of both on-site and off-site processes; and
• Money Laundering and Terrorism (Prevention) Act, which set out local requirements aligned
  to the FATF Recommendations.

Consequently, the Central Bank employs a risk-based supervisory framework to maintain a stable
financial system with a culture of compliance. This approach is further complemented by outreach to
licensees and the public to foster awareness and assist in complying with AML/CFT/CPF obligations.