PM Speaks on Amending the Legislation to Be C-FATF-compliant

Prime Minister John Briceño

Prime Minister John Briceño rose to speak of amendments to portions of the legislation that will ensure that Belize is prepared for the external assessment that it is undergoing, to be compliant with the Caribbean Financial Action Task Force. C-FATF is in the process of assessing each member country on its cooperation on countering money-laundering activities and related crimes. Belize has had to make amendments to its legislation to bring us in line with international obligations. Here was how the PM explained it. 

Prime Minister John Briceño

“In assessing the current Trust Act, concerns arose as it pertains to the availability and accessibility of trust information in Belize. For example, the FATF Recommendation 25 requires that specific information be kept and obtained in respect to beneficial owner, account information, underlying documents, and the sharing of information. When assessed against this criteria, the Trust Act was found lacking, so to speak. The Trust, this Trust Amendment Bill, will ensure that Belize is compliant with the requirements of these recommendations. In so doing, we will be removing the risk of a non compliant finding, which could increase the likelihood of an adverse listing by C-FATF. Or in Creole, in simple terms, Madam Speaker, basically, we are doing these amendments. We will be eliminating the risks mek them blacklist wi -something we can’t afford.”