National Risk Assessment

National Risk Assessment Reports

Featured Report | Public Version

Belize’s Second National Money Laundering and Terrorist Financing Risk Assessment (2017-2023)

Assessment period: 2017-2023 | Report: 94 pages

The Financial Intelligence Unit (FIU), whose Director chairs the National Anti-Money Laundering Committee (NAMLC), provides access to the public version of Belize’s Second National Risk Assessment. The report examines national money laundering and terrorist financing threats, vulnerabilities and sectoral risks, building on the first assessment.

It also covers financial inclusion products, non-profit organisations, and legal persons and legal arrangements. The findings inform national AML/CFT policy, supervisory priorities and risk-based preventive measures.

View / Download Second NRA Report (PDF)

First National Risk Assessment (2010-2016)

Belize’s First National Money Laundering and Terrorist Financing Risk Assessment established an important baseline for identifying national ML/TF threats and vulnerabilities. It covered the period 2010-2016 and was published in December 2019.

View / Download First NRA Report (PDF)

What Is a National Risk Assessment?

A National Risk Assessment (NRA) is a comprehensive national exercise to identify, assess and understand money laundering (ML) and terrorist financing (TF) threats and vulnerabilities. It considers the criminal activities that generate illicit proceeds, the exposure of financial and non-financial sectors, and the effectiveness of measures to prevent and combat ML/TF.

The results help Belizean authorities and reporting entities prioritise risks, develop or strengthen AML/CFT policies, implement appropriate controls and allocate resources according to the level of risk identified.

Key Findings of Belize’s Second NRA

National money laundering risk: Medium. The report identifies an improvement from the first NRA, principally associated with stronger national measures to combat money laundering.
National terrorist financing risk: Medium-Low. This reflects a Low national TF threat and Medium-Low national TF vulnerability.
Sectoral assessment: 26 sectors. Financial institutions and designated non-financial businesses and professions were evaluated to identify different degrees of risk exposure.
Principal money laundering threats: Drug trafficking and smuggling of goods were assessed as the highest-ranking predicate-offence threats.

These are findings for the 2017-2023 assessment period, not real-time risk ratings. Please consult the full report for the detailed methodology, results and qualifications.

How Does the NRA Affect Reporting Entities and the Public?

Financial institutions, designated non-financial businesses and professions (DNFBPs), and other relevant stakeholders should consider the NRA findings when assessing the risks associated with their customers, products, services, delivery channels, transactions and geographic exposure.

Where applicable, this should inform institutional risk assessments, customer due diligence, ongoing monitoring, staff training, internal controls and cooperation with supervisory authorities. For the wider public, the NRA also promotes awareness of financial crime risks and the importance of protecting Belize’s financial system.

Why Does Belize Conduct a National Risk Assessment?

Money laundering and terrorist financing can undermine confidence in the financial system, distort legitimate economic activity and facilitate serious crime. Understanding the threats and vulnerabilities affecting Belize helps authorities set priorities and take proportionate steps to prevent and mitigate these risks.

The NRA supports national AML/CFT policy and action planning and the risk-based approach under Financial Action Task Force (FATF) Recommendation 1. It also provides a reference for financial institutions and designated non-financial businesses and professions when reviewing the risks relevant to their operations.

Who Coordinates the NRA?

Belize’s National Risk Assessment is coordinated through the National Anti-Money Laundering Committee (NAMLC), chaired by the Director of the Financial Intelligence Unit (FIU). It draws on the expertise and participation of financial sector supervisors, law enforcement agencies, government institutions and relevant private sector stakeholders.

The Second NRA was conducted as a Belizean self-assessment using a risk assessment tool provided by the World Bank Group. The report’s data, analysis and conclusions were prepared by Belizean authorities.

How Is NRA Information Gathered and Used?

The NRA process draws on statistical and institutional information, questionnaires, consultations, interviews and sector-specific analysis. The findings help identify priorities for supervision, prevention, investigation, national coordination and capacity-building. The public version of the Second NRA summarizes the principal findings while safeguarding sensitive or restricted information.