Central Bank of Belize and FIU joint response to The Economist articles in Vol. 424, No. 9048 of July 8th - 14th 2017    FIU Advisory 0001-2017 – CFATF’s List of Jurisdictions with Strategic AMLCFT Deficiencies    Changes to the Consolidated United Nations Security Council Sanctions List

Casino

The following summary of the legislative requirements under the MLTPA applies to you if you are a casino. A casino is an entity that is authorized to do business in Belize, where roulette or card games are carried on in the establishment, or where there is a slot machine – not including video lottery terminals – on the premises.

Reporting

Suspicious transactions

You must report where there are reasonable grounds to suspect that a transaction or an attempted transaction is related to the commission or attempted commission of a money laundering offence or a terrorist activity financing offence. You may access a copy of the STR Form by clicking here.

Large cash transactions

You must keep record of large cash transactions involving amounts of $6,000 or more in cash and make a monthly report to the FIU using the Monthly Transaction Report Form provided by the FIU.

Electronic Funds Transfers

You must report international electronic funds transfers of $6,000 or more that you send or receive. These include the transmission of instructions for a transfer of funds made at the request of a client through any electronic, magnetic or optical device, telephone instrument or computer.

Ascertaining Identity

You must take specific measures to identify the following individuals or entities if it involves $6,000 or more:

  • Any individual who signs a signature card or conducts a large cash transaction
  • Any individual with whom you conduct a large cash disbursement
  • Any individual to whom you pay a casino disbursement
  • Any corporation or other entity for which you open an account
  • Any individual for whom you have to send a suspicious transaction

Compliance Regime

The following five elements must be included in a compliance regime:

  • The appointment of a compliance officer
  • The development and application of written compliance policies and procedures
  • The assessment and documentation of risks of money laundering and terrorist financing, and measures to mitigate high risks
  • Implementation and documentation of an ongoing compliance training program
  • A documented review of the effectiveness of policies and procedures, training program and risk assessment

Penalties for Non-compliance

Non-compliance with the Money Laundering & Terrorism (Prevention) Act 2008 may result in criminal or administrative penalties.