Belize Removed From CFATF Grey List
by Mike Godfrey, Lowtax.net, Washington
11 June, 2015
The Caribbean Financial Action Task Force (CFATF) has removed Belize from its special monitoring regime following the enactment of new legislation.
In May 2013 the CFATF placed Belize on a list of territories with strategic anti-money laundering and countering terrorism financing (AML/CTF) regime weaknesses.
The CFATF reported that, at this time, Belize was either "partially compliant" or "non-compliant" with 14 of the 16 Core and Key AML/CTF Recommendations.
In 2014, Belize undertook a raft of legislative reforms, including various amendments to existing laws and enacting nine new pieces of legislation, to remedy the AML/CTF weaknesses.
The most recent evaluation took place after the CFATF's eighth follow-up report. It has decided that Belize can be removed from the list of "grey-listed" territories, recognizing the substantial progress made by the territory.
Grenada and Antigua and Barbuda have also been recently recognized as taking efforts to strengthen their regimes in this area.
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