Belize Earns Global Recognition for Anti-Money Laundering and Counter-Terrorism Efforts

Belize has been recognized as a global leader in efforts to combat money laundering, financing terrorism, and the proliferation of weapons of mass destruction. The Caribbean Financial Action Task Force (CFATF) has published Belize’s 4th Round Mutual Evaluation Report (MER), positioning the nation among the world’s top performers in these critical areas. The evaluation report, conducted under the standards of the Paris-based Financial Action Task Force (FATF), evaluates countries on two key fronts. They are technical compliance with international AML/CFT/CPF regulations and the effectiveness of these frameworks in real-world enforcement. Belize has earned remarkable ratings in both areas. Belize was rated fully compliant with 38 of the 40 task force recommendations, and largely compliant in the remaining two. The government says this achievement makes Belize the second country globally to receive such strong ratings on its first attempt, surpassing Qatar’s previous record. Belize’s compliance has now set a new global benchmark for countries striving to meet international standards. In terms of effectiveness, Belize scored substantial effectiveness in five of the FATF’s 11 immediate outcomes and moderate in five others. Notably, Belize became the first country in the Caribbean to receive a substantial rating in immediate outcome 11, which focuses on the financing of weapons of mass destruction. According to a release from the government, the results are the culmination of a rigorous evaluation process, which began in June 2023 with the submission of Belize’s legal framework for review. The evaluation process included an on-site assessment in December 2023, followed by months of detailed dialogue between Belizean authorities and Caribbean Task Force assessors. The report was approved at the CFATF plenary in Jamaica in December 2024, after careful review by delegates from FATF member countries and international organizations. These exceptional ratings place Belize in the regular follow-up category, a status awarded to fewer than 15% of assessed countries. As a result, Belize has avoided being placed on the FATF’s “grey list” or “black list,” a critical step for the country’s financial sector and international standing. The achievement is a remarkable turnaround from Belize’s 3rd Round Mutual Evaluation in 2011, when the country was grey-listed, resulting in the loss of 87% of its correspondent banking relationships.