Money Laundering & Terrorism (Prevention) Act

The Money Laundering and Terrorism (Prevention) Act, 2008 (MLTPA) establishes provisions for the investigation and prosecution of money laundering, terrorism and other related crimes.

The revised Money Laundering and Terrorism (Prevention) Act, 2008 (MLTPA) came into effect on 1 January 2009. The revisions brought the Act in line with the Financial Action Task Force’s “40 Recommendations and Special Recommendations on Terrorist Financing”. Important changes include:
        •    New and improved provisions for the investigation and prosecution of money laundering, terrorism and
              related crimes
        •    Procedures for the forfeiture of criminal proceeds and terrorist property
        •    Requirements for relevant entities to take preventative measures to help combat money laundering
              and terrorist financing
        •    Broadened scope of crimes designated as serious offences
        •    Stiffer penalties for violations of the Act

Under the new MLTPA, the Central Bank of Belize was designated the Supervisory Authority for commercial banks, international banks, financial institutions and credit unions and was given the power to issue sanctions for non-compliance with certain provisions of the Act.

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