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Belize’s Successful Anti-Money Laundering Efforts Highlighted in the 4th Round Mutual Evaluation Report

The Government of Belize, in collaboration with the National Anti-Money Laundering Committee (NAMLC), will host a press conference on January 27 to officially announce the publication of Belize’s 4th Round Mutual Evaluation Report (MER) by the Caribbean Financial Action Task Force (CFATF). This press conference will be held at the Belize Biltmore Plaza Hotel’s River Hall, starting at 1:30 pm. The report’s release marks a significant milestone for Belize as it showcases the country’s achievements in combating money laundering, terrorist financing, and the proliferation of weapons of mass destruction.

The Mutual Evaluation Report (MER), which assessed Belize under the Paris-based Financial Action Task Force (FATF) guidelines, focused on two primary areas: technical compliance and effectiveness. Over the past two years, Belize underwent a rigorous evaluation process, which culminated in impressive results, reflecting a substantial turnaround from the 3rd Round Mutual Evaluation conducted in 2011.

In the latest evaluation, Belize was rated ‘fully compliant’ in 38 out of the 40 FATF Recommendations. The remaining two areas received a ‘largely compliant’ rating, placing Belize among the world’s top performers in the fight against money laundering and terrorist financing. This achievement underscores the country’s significant progress and marks a substantial improvement since the 3rd Round Mutual Evaluation, which highlighted significant gaps in its compliance measures.

Belize now holds the distinction of having the strongest technical compliance ratings globally, surpassing countries like Qatar. This remarkable progress highlights the country’s commitment to implementing effective Anti-Money Laundering (AML), Counter Financing of Terrorism (CFT), and Counter Proliferation Financing (CPF) measures. It is worth noting that Belize achieved these results in its first attempt, setting an example for other nations in the region.

Focus on Effectiveness in Implementing AML/CFT Measures

Beyond technical compliance, the MER also evaluates the effectiveness of a country’s AML/CFT measures. In this area, Belize received noteworthy ratings, with ‘substantial effectiveness’ in five of the eleven Immediate Outcomes. Five other outcomes were rated as ‘moderately effective,’ while only one received a ‘low effectiveness’ rating. Of particular note was Belize’s performance in Immediate Outcome 11, which focuses on proliferation financing. The country received a regional first in this area, further demonstrating its commitment to addressing critical international security challenges.

These results signify a dramatic improvement since 2011, when Belize was placed on the CFATF’s grey list and faced significant challenges, including the loss of 87% of its correspondent banking relationships. The country’s recovery and progress underscore the dedication of both the public and private sectors in advancing AML/CFT policies and frameworks.

Belize’s Progress Reflects Years of Dedicated Effort

The success of Belize’s AML efforts can be attributed to the years of hard work and collaboration across both public and private sectors. Minister of State in the Ministry of Finance, Economic Development & Investment, Christopher Coye, and Leni Ysaguirre McGann, Director of the Financial Intelligence Unit, represented Belize during the FATF Global Community session. There, the final report received approval from over 200 countries, marking a significant achievement on the global stage.

As Belize moves forward, officials are optimistic that the country’s progress will not only bolster confidence among international partners but also enhance the nation’s financial integrity. Belize’s commitment to strengthening its AML/CFT/CPF frameworks sends a clear message that it is prepared to face and address the challenges posed by global threats to peace and security.

Conclusion: A Bright Future for Belize’s Financial Integrity

In conclusion, Belize’s historic achievement in its 4th Round Mutual Evaluation demonstrates the country’s ongoing commitment to strengthening its Anti-Money Laundering (AML), Counter Financing of Terrorism (CFT), and Counter Proliferation Financing (CPF) frameworks. The country’s success in securing ‘fully compliant’ ratings in most areas and ‘substantial effectiveness’ in implementing these measures highlights its role as a global leader in the fight against financial crimes. As Belize continues to improve its AML/CFT systems, it sets a commendable example for other nations in the region and beyond.