Caribbean Financial Action Task Force publishes Belize mutual evaluation report, identifies minor shortcomings in AML CFT and proliferation financing framework

The Caribbean Financial Action Task Force has published the Fourth Round Mutual Evaluation Report of Belize, which was adopted at the CFATF plenary in Negril, Jamaica in December 2024. The report assesses Belize's anti-money laundering, counter-terrorist financing and counter-proliferation financing measures as they stood at the time of the on-site visit from December 4 to 15, 2023. It finds that Belize has a comprehensive technical compliance regime, but some minor shortcomings remain in addressing money laundering, terrorist financing and proliferation financing and in ensuring transparency of legal persons and arrangements. The evaluation says competent authorities and private sector officials have a good, shared understanding of Belize's money laundering and terrorist financing risks, drawing on national risk assessments and operational experience. It notes that Belize's 2019 National Risk Assessment did not fully assess risks linked to non-profit organisations and legal persons, while a more detailed 2022 assessment was expected to be completed in 2024. The report also highlights two risk assessments on cryptocurrency and Virtual Asset Service Providers, which resulted in a prohibition on VASPs until December 31, 2025 with measures for non-compliance, and says Belize has provided timely international cooperation on AML/CFT matters including asset identification, seizure and repatriation.