Financial Integrity Monitor

Belize BZ

Sources
8
Jurisdiction profile
Largely CompliantTier CRisk: StableMixed

AML/CFT/CPF governed by the Money Laundering and Terrorism (Prevention) Act (MLTPA) Cap.104 as amended (Act No.28 of 2023), supervised by the Central Bank of Belize (banks, credit unions, PSPs, RSPs, moneylenders), the Financial Services Commission/former IFSC (international business, securities, VASPs), OSIPP (insurance/pensions) and the FIU.

MoreJan 2025 CFATF MER shows near-full technical compliance; residual gaps in BO (R.24) and NPO (R.8) oversight; VASP activity under statutory moratorium.

Key deficiencies
  • Beneficial ownership information for legal persons rated only Largely Compliant (R.24) with residual accuracy/verification gaps despite multi-pronged registry approach
  • Money-changer sub-sector unsupervised for AML/CFT obligations
  • Historical and persistent use of Belize IBCs, trusts and nominee-director structures by offshore corporate service providers to obscure beneficial ownership for sanctioned/litigation-exposed clients
  • Unclear post-31 December 2025 status of the statutory VASP moratorium and absence of a published licensing framework to replace it
  • Limited onsite inspection capacity by the FIU/FSC of their respective licensee populations, per the MER's own recommended actions
Recent developments (18m)
  • CFATF 4th Round Mutual Evaluation Report of Belize adopted at December 2024 Plenary (Negril, Jamaica), published January 2025: near-complete Compliant/Largely Compliant technical rating, a dramatic improvement on the 2011 3rd round result that triggered a 2013 CFATF call for countermeasures
  • Central Bank of Belize, FIU and Financial Services Commission signed governance agreements for a shared Sanctions Registry System (SRS) on 27 July 2026
  • Statutory VASP operating prohibition (FSCA s.81(3)) reached its scheduled sunset of 31 December 2025 with no confirmed public successor framework identified at baseline
  • Belize-flagged tankers and a Belize-registered company were named in OFAC Iran- and Russia-related SDN designations during the broader 2024-2026 sanctions cycle (VESNA, Berezia Management Ltd, earlier BAXTER/ELSA listings)
  • OFAC removed a Belize-connected individual (narcotics-related SDNT designation) from the SDN List on 28 May 2026
Regulatory horizon
No dated horizon items this cycle. 3 items tracked without a confirmed date.
3 pending date · baseline financial-integrity-2026-10-03
Registers

Enforcement actions

  • OFAC removed this Belize-connected individual, previously designated SDNT (narcotics-related), from the Specially Designated Nationals and Blocked Persons List. 28 May 2026
  • The three authorities signed governance agreements establishing a shared Sanctions Registry System (SRS) to strengthen targeted-financial-sanctions screening and information-sharing across the domestic supervisory architecture. 27 Jul 2026
  • The GOS issued Public Advisory 002-2026 circulating the FATF's 19 June 2026 statement on High-Risk and Other Monitored Jurisdictions, directing reporting entities to apply enhanced vigilance consistent with the updated FATF lists. 19 Jun 2026

Sanctions changes

  • The UN Security Council ISIL (Da'esh) and Al-Qaida Sanctions Committee amended its 1267 sanctions list (addition of one individual, 16 June 2025; removal of one individual, 9 June 2025); both changes were subsequently reflected in Belize's domestic Consolidated Sanctions List maintained by the FIU under the MLTPA. 22 Oct 2025
  • The FIU amended Belize's Consolidated Sanctions List, the domestic instrument giving effect to UN Security Council targeted financial sanctions obligations under the MLTPA as amended by Act No. 28 of 2023. 17 Jul 2026
  • The European Commission's updated AML high-risk third-country list (Delegated Regulations (EU) 2026/46 and 2026/83, in force 29 January 2026) added Bolivia, the British Virgin Islands and Russia while delisting Burkina Faso, Mali, Mozambique, Nigeria, South Africa and Tanzania; Belize was neither added nor previously listed. 29 Jan 2026
  • OFAC removed Belize-connected individual Elvis Angus Logan Morey (a.k.a. "Burton Burgess") from the SDN List. 28 May 2026

Regulatory horizon (register)

  • Post-moratorium VASP licensing framework determination
  • CFATF post-MER follow-up report on residual deficiencies
  • Publication of Belize's 2nd National ML/TF/PF Risk Assessment

Active schemes

  • Belize IBC/trust layering to obscure sanctioned beneficial owners
  • [HIGH] Belize flag-of-registry use by Iran/Russia oil tankers
  • Former-official-owned CSP as offshore gatekeeper
  • VASP moratorium gap and unlicensed exchange exposure
Sources
  1. Central Bank of Belize / National Anti-Money Laundering Committee
  2. Central Bank of Belize
  3. Financial Intelligence Unit of Belize
  4. Caribbean Financial Action Task Force (CFATF), hosted by FATF
  5. U.S. Department of the Treasury, Office of Foreign Assets Control
  6. International Consortium of Investigative Journalists (ICIJ)
  7. Organized Crime and Corruption Reporting Project (OCCRP)
  8. European Commission (DG FISMA)
Coverage gaps
Despite a multi-pronged BO registry architecture (Registrar …
Despite a multi-pronged BO registry architecture (Registrar of Companies plus FSC oversight), Belize's technical compliance rating for R.24 (transparency and BO of legal persons) remains Largely Compliant rather than Compliant, and historical leak data (Pandora/Panama Papers) show sustained real-world use of nominee directors and bearer-style opacity layered through Belize IBCs.
The MER records that the money-changer sub-sector is unsuper…
The MER records that the money-changer sub-sector is unsupervised for AML/CFT obligations notwithstanding market entry controls in place for most other regulated sectors.
No public record was located confirming whether the FSCA s.8…
No public record was located confirming whether the FSCA s.81(3) VASP prohibition was extended, allowed to lapse, or replaced by a licensing regime after its 31 December 2025 sunset date, nor whether any enforcement action has been taken against unlicensed VASP activity during the moratorium period.
Open-source English-language reporting on specific FIU Beliz…
Open-source English-language reporting on specific FIU Belize-led prosecutions, convictions or administrative penalties within the 18-month baseline window is sparse; most available primary material consists of advisories, guidelines and the 2025 MER rather than case-level enforcement outcome data.

Evidence

Confidence-tiered claims

Consolidated Belize Sanctions List amended 17 July 2026. SRC-fim-BZ-001
Probable · 1 source
38 of 40 FATF Recommendations compliant per CFATF 4th Round Mutual Evaluation Report (2025); 2 largely compliant; Substantially Effective rating on IO.11 (proliferation financing). SRC-fim-BZ-002
Probable · 1 source
FSC Act 2023 s.81 moratorium on virtual-asset licensing lapsed 31 December 2025; interim Digital Asset Services Licensing Regulations 2025 reported, FSC Amendment Act 2026 pending. SRC-fim-BZ-004
Probable · 1 source
Eight regulated casinos, one online gaming licence issued; many operations reported to fall outside proper AML/CFT supervision. SRC-fim-BZ-006
Probable · 1 source
Not on FATF's 19 June 2026 Jurisdictions under Increased Monitoring list; exited CFATF follow-up and ICRG review. SRC-fim-BZ-003
Probable · 1 source