Belize Becomes Global Leader in Anti-Money Laundering and Counter-Terrorism Financing Compliance

Belize has finally emerged as a global leader in anti-money laundering (AML) and counter-terrorism financing (CFT) efforts, setting a new benchmark for international compliance standards. According to the recently published Mutual Evaluation Report (MER) by the Caribbean Financial Action Task Force (CFATF), Belize has achieved the highest technical compliance ratings in the world, surpassing even the previous record holder, Qatar. The report, which assessed Belize against the 2012 Revised Financial Action Task Force (FATF) Recommendations, awarded the country 38 “Compliant” and 2 “Largely Compliant” ratings out of 40 recommendations. This remarkable performance makes Belize only the second country in the world to achieve such high compliance ratings on its first attempt, following the stringent FATF methodology. Yesterday at an official press conference, Leni Ysaguirre McGann, Director of Belize’s Financial Intelligence Unit and Chair of the National Anti-Money Laundering Committee (NAMLC), expressed pride in the country’s performance. 

Belize’s journey to becoming a global leader in money laundering compliance has been marked by significant progress. The country previously underwent an evaluation in 2011, where it was rated as “Partially Compliant” or “Non-Compliant” in 38 out of 49 recommendations, including 14 out of 16 Key and Core Recommendations. At the time, Belize was placed under enhanced follow-up and required to report its progress at every task force plenary meeting. However, through a series of reforms and the submission of eight follow-up reports, Belize successfully addressed its deficiencies and exited the enhanced follow-up process by May 2015. The latest evaluation confirm that Belize has not only resolved its past shortcomings but has also achieved a level of compliance that places it at the forefront of globally. An achievement which was achieved by what Chris Coye, Minister of State at the Ministry of Finance described explains as being done by understanding the framework. 

Despite these challenges, Belize’s overall performance in the MER is a cause for celebration. The country has not only avoided the “Grey List” but has also set a new global standard for anti-money laundering compliance.