Belize’s Financial Regulators Unite to Enhance Sector Stability Through New MoU

Regulatory bodies within the financial sector signed a memorandum of understanding this week to strengthen oversight within the sector. The Central Bank of Belize (CBB), the Office of the Supervisor of Insurance and Private Pensions (OSIPP), and the Financial Services Commission (FSC), signed the agreement yesterday, which establishes and formalizes a Financial Stability Committee. This committee is tasked with aligning policies and regulatory approaches to ensure a stable financial sector. Alma Gomez, Supervisor of Insurance and Pensions, explains that information sharing is at the heart of the agreement, so all regulators can ensure that polices and regulations have the intended impacts without unforeseen effects.

Gomez added that it was necessary to update the old agreement because of several legislative changes and new legislation that expanded the scope of regulatory oversight. She said that such updates become necessary from time to time to ensure Belize’s financial sector is operating within international standards