Belize — Country Risk Report

Belize (Americas • Central America). Risk report as of the 19 Jun 2026 FATF plenary.

Moderate country risk, with AML/CFT effectiveness gaps. Belize's country risk score is 4.1/10, placing it in the moderate-risk band. The principal score driver is AML/CFT effectiveness, contributing 2.5 of 4.1 points. Separately, the treatment overlays show that Belize is not currently FATF grey- or black-listed, and that Belize is not subject to comprehensive country-wide sanctions and has no direct country-level programme identified. Firms should apply additional scrutiny where exposure involves state-linked entities, restricted sectors, sensitive technology, dual-use goods or politically exposed counterparties.

Recommended treatment

Standard due diligence for most relationships, with enhanced checks where defined risk triggers are present.

At a glance

  • FATF status: Not currently listed (one indicator only; it does not set the overall country risk rating by itself)
  • No direct country-level sanctions programme identified; sanctions remain a legal treatment overlay and applicable lists must still be screened.
  • Governance and institutions: 4.5/10
  • Corruption (CPI 2025): 36/100, rank #104 of 182
  • Enforcement data: not yet assessed (no RegActions coverage)

Country Risk Score: 4.1/10 (Moderate)

Higher score means higher country risk (global average 5.5). Full information available. Composite score. Strong supporting evidence. Enforcement activity and CPI are context only; FATF listing and sanctions are regulatory overlays except the labelled FATF listing status used where no mutual evaluation exists.

All three underlying risk pillars are available. All three underlying risk pillars are available and weighted using the published formula. Weight sensitivity 3.9–4.3/10.

How this score was calculated

  • AML/CFT effectiveness: 5.5/10 — 45% of this score
  • Technical compliance: 0.2/10 — 20% of this score
  • Governance and institutions: 4.5/10 — 35% of this score

Sanctions treatment: No direct programme identified. FATF treatment: none.

Show the exact calculation

effectiveness 5.5 × 45% + safeguards 0.2 × 20% + governance 4.5 × 35% = 4.1; sanctions and FATF listing are overlays except a labelled FATF listing substitute where no mutual evaluation exists

Principal risk drivers

  • AML/CFT effectiveness: 5.5/10 × 45% = 2.5 points
  • Governance and institutions: 4.5/10 × 35% = 1.6 points
  • Technical compliance: 0.2/10 × 20% = 0.0 points

Mitigating factors

  • Not currently on the FATF grey or black list.
  • No comprehensive country-wide sanctions programme.
  • Comparatively stronger political stability (2.1/10).
  • Risk is concentrated in specific counterparties, sectors and transactions rather than applying uniformly.

Business impact

  • Customer onboarding (Elevated): Verify ultimate beneficial ownership and control from more than one source.
  • Payments and transactions (Elevated): Review transaction purpose, counterparties and the full payment routing.
  • Trade and export activity (Elevated): Screen goods, end users and potential dual-use exposure.
  • Corporate clients (Elevated): Assess state ownership, government links and political exposure.
  • Ongoing monitoring (Elevated): Alert on ownership changes, new designations and status changes.

Recommended controls

  • Verify ultimate beneficial ownership using more than one reliable source.
  • Identify state ownership, government influence and politically exposed persons.
  • Screen entities, directors and beneficial owners against applicable sanctions lists.
  • Apply enhanced review to technology, defence, telecommunications, financial services and dual-use activity.
  • Document transaction purpose and source of funds where cross-border structures are complex.
  • Escalate unresolved ownership opacity or adverse information to Compliance.

Enhanced due diligence triggers

  • State ownership / control
  • PEP involvement
  • Sensitive / restricted sectors
  • Opaque ownership
  • Adverse media
  • Dual-use goods & technology
  • High-risk intermediary routing

FATF status: Not currently listed

Belize is not on the FATF grey or black list as of the 19 Jun 2026 plenary.

Source details

International sanctions by issuing body

  • UN: No
  • EU: No
  • UK: No
  • US: No

No means the complete UN, UK, EU and US review found no direct country-level programme. People or organisations may still appear on sanctions lists.

Government effectiveness and rule of law (World Bank 2024, percentile)

  • Government Effectiveness: 49/100
  • Regulatory Quality: 48/100
  • Rule of Law: 50/100

Regulators and legal framework

FATF network

FATF network via CFATF.

Last mutual evaluation: 2025 · report

National regulators

Regulator profiles not yet available on RegActions.

FIU: Egmont Group member (FIU-Belize)

Framework signals

  • FATF listing: Not currently listed
  • International sanctions: no direct country programme identified (legal treatment overlay remains applicable)
  • BO register: Restricted (live since 2023)
  • Corruption (CPI 2025): 36/100, rank #104 of 182
  • Rule of law (WGI): 5.1/10 risk

Regulatory ecosystem and enforcement visibility

This evidence map is separate from Country Risk v3. It describes official mandates, publication access and RegActions coverage; it does not judge regulatory strength or add points to country risk.

Transparency Index: not scored · Evidence disposition: local-authority-evidence · Mapped official authorities: 4.

Evidence level: Level 1: Identity confirmed. The ladder uses the authority evidenceLevel schema directly and does not infer a level from a URL, site access or RegActions feed count.

  1. 1. Identity confirmed — The authority and its mandate are evidenced by official directory provenance.
  2. 2. Regulatory activity visible — A qualified authority-owned route has provisional dated activity in the first-page scan.
  3. 3. Enforcement visible — A qualified authority-owned enforcement route has provisional dated activity in the first-page scan.
  4. 4. Score eligible — Shown only when the authority evidence schema explicitly records score-eligible; no authority currently does.
How to read activity and enforcement visibility

Only qualified authority-owned routes can support Level 2 or Level 3. External official context and unqualified candidates do not promote the evidence level. Blocked and unavailable sources remain unknown.

Enforcement visibility: No authority is classified enforcement-visible or score-eligible in the authority evidence schema. Enforcement visibility remains unknown or limited to identity/activity evidence; this is not evidence of no enforcement.

Authorities and mandate evidence

  • Central Bank of Belize — Level 1: Identity confirmed · Official site reachable

    Mandates: Central bank, Prudential supervision · Access status: Official site reachable · Research/publication snapshot checked: 2026-08-20

    Official authority site

    Provisional first-page scan signal

    Signal: unknown · Observed month count: 0 · Latest observed month: unknown.

    No qualified authority-owned dated route supports an activity signal. This is not evidence of inactivity; blocked, external-context, low-frequency and unvalidated sources remain unknown.

    Scan contract and precision

    automated-first-page-date-scan · 2024-01 to 2026-08 · as of 2026-08-20 · month precision · first-page-only-unvalidated. This is not a validated engagement frequency.

    Publication candidates and qualification

  • Financial Intelligence Unit Belize (FIU-Belize) — Level 1: Identity confirmed · Official site reachable

    Mandates: Financial intelligence · Access status: Official site reachable · Research/publication snapshot checked: 2026-08-20

    Official authority site

    Provisional first-page scan signal

    Signal: unknown · Observed month count: 0 · Latest observed month: unknown.

    No qualified authority-owned dated route supports an activity signal. This is not evidence of inactivity; blocked, external-context, low-frequency and unvalidated sources remain unknown.

    Scan contract and precision

    automated-first-page-date-scan · 2024-01 to 2026-08 · as of 2026-08-20 · month precision · first-page-only-unvalidated. This is not a validated engagement frequency.

    Publication candidates and qualification

    • Unqualified publication candidate: Compliance Notice

      Research candidate only; it is not promoted to an official enforcement or regulatory-update route.

      Route type: not classified · Source scope: not classified · Qualification: not classified · Provisional scan signal: not-observable · Observed months: 0 · Latest observed month: unknown

    • External official context: UN Consolidated Sanctions List

      Official external context only; it is not authority-owned and cannot establish local activity or enforcement visibility.

      Route type: sanctions_or_penalty_list · Source scope: official-external · Qualification: manual-review-required · Provisional scan signal: periodic-first-page-signal · Observed months: 4 · Latest observed month: 2026-06

    • Unqualified publication candidate: Consolidated Belize Sanctions List

      Research candidate only; it is not promoted to an official enforcement or regulatory-update route.

      Route type: not classified · Source scope: not classified · Qualification: not classified · Provisional scan signal: not-observable · Observed months: 0 · Latest observed month: unknown

    • Unqualified publication candidate: Sanctions List.

      Research candidate only; it is not promoted to an official enforcement or regulatory-update route.

      Route type: not classified · Source scope: not classified · Qualification: not classified · Provisional scan signal: not-observable · Observed months: 0 · Latest observed month: unknown

    • Unqualified publication candidate: View Press Release by FSC

      Research candidate only; it is not promoted to an official enforcement or regulatory-update route.

      Route type: not classified · Source scope: not classified · Qualification: not classified · Provisional scan signal: not-observable · Observed months: 0 · Latest observed month: unknown

    • Unqualified publication candidate: GUIDANCE TO THE PUBLIC ON TARGETED FINANCIAL SANCTIONS IN BELIZE

      Research candidate only; it is not promoted to an official enforcement or regulatory-update route.

      Route type: not classified · Source scope: not classified · Qualification: not classified · Provisional scan signal: not-observable · Observed months: 0 · Latest observed month: unknown

    • Unqualified publication candidate: Money Laundering and Terrorism Prevention Act – Consolidated version as amended December 2023

      Research candidate only; it is not promoted to an official enforcement or regulatory-update route.

      Route type: not classified · Source scope: not classified · Qualification: not classified · Provisional scan signal: not-observable · Observed months: 0 · Latest observed month: unknown

    • Unqualified publication candidate: Money Laundering and Terrorism (Prevention) Act – Consolidation document as amended 21 July 2023

      Research candidate only; it is not promoted to an official enforcement or regulatory-update route.

      Route type: not classified · Source scope: not classified · Qualification: not classified · Provisional scan signal: not-observable · Observed months: 0 · Latest observed month: unknown

    • Unqualified publication candidate: Compliance Reporting Form for Targeted Financial Sanctions-MLTPA Section 68(5R)

      Research candidate only; it is not promoted to an official enforcement or regulatory-update route.

      Route type: not classified · Source scope: not classified · Qualification: not classified · Provisional scan signal: not-observable · Observed months: 0 · Latest observed month: unknown

  • Financial Services Commission — Level 1: Identity confirmed · Official site reachable

    Mandates: Securities · Access status: Official site reachable · Research/publication snapshot checked: 2026-08-20

    Official authority site

    Provisional first-page scan signal

    Signal: unknown · Observed month count: 0 · Latest observed month: unknown.

    No qualified authority-owned dated route supports an activity signal. This is not evidence of inactivity; blocked, external-context, low-frequency and unvalidated sources remain unknown.

    Scan contract and precision

    automated-first-page-date-scan · 2024-01 to 2026-08 · as of 2026-08-20 · month precision · first-page-only-unvalidated. This is not a validated engagement frequency.

    Publication candidates and qualification

    • Official authority-owned enforcement route: Enforcement

      Authority-owned and approved for the human-reviewed route contract.

      Route type: enforcement_archive · Source scope: authority-owned · Qualification: approved-for-human-contract · Provisional scan signal: no-dated-first-page-signal · Observed months: 0 · Latest observed month: unknown

    • Unqualified publication candidate: Enforcement Activities

      Research candidate only; it is not promoted to an official enforcement or regulatory-update route.

      Route type: not classified · Source scope: not classified · Qualification: not classified · Provisional scan signal: not-observable · Observed months: 0 · Latest observed month: unknown

    • Unqualified publication candidate: Disciplinary Proceedings

      Research candidate only; it is not promoted to an official enforcement or regulatory-update route.

      Route type: not classified · Source scope: not classified · Qualification: not classified · Provisional scan signal: not-observable · Observed months: 0 · Latest observed month: unknown

    • Unqualified publication candidate: Warning Notices

      Research candidate only; it is not promoted to an official enforcement or regulatory-update route.

      Route type: not classified · Source scope: not classified · Qualification: not classified · Provisional scan signal: not-observable · Observed months: 0 · Latest observed month: unknown

    • Unqualified publication candidate: Suspension & Revocation Notice

      Research candidate only; it is not promoted to an official enforcement or regulatory-update route.

      Route type: not classified · Source scope: not classified · Qualification: not classified · Provisional scan signal: not-observable · Observed months: 0 · Latest observed month: unknown

    • Unqualified publication candidate: More Public Notice

      Research candidate only; it is not promoted to an official enforcement or regulatory-update route.

      Route type: not classified · Source scope: not classified · Qualification: not classified · Provisional scan signal: not-observable · Observed months: 0 · Latest observed month: unknown

    • Unqualified publication candidate: Non-Renewal Notices

      Research candidate only; it is not promoted to an official enforcement or regulatory-update route.

      Route type: not classified · Source scope: not classified · Qualification: not classified · Provisional scan signal: not-observable · Observed months: 0 · Latest observed month: unknown

    • Unqualified publication candidate: Gazette Notices

      Research candidate only; it is not promoted to an official enforcement or regulatory-update route.

      Route type: not classified · Source scope: not classified · Qualification: not classified · Provisional scan signal: not-observable · Observed months: 0 · Latest observed month: unknown

    • Unqualified publication candidate: WARNING NOTICE – Official Advisory: Misrepresentation…

      Research candidate only; it is not promoted to an official enforcement or regulatory-update route.

      Route type: not classified · Source scope: not classified · Qualification: not classified · Provisional scan signal: not-observable · Observed months: 0 · Latest observed month: unknown

    • Unqualified publication candidate: Warning Notice – Travis Smith

      Research candidate only; it is not promoted to an official enforcement or regulatory-update route.

      Route type: not classified · Source scope: not classified · Qualification: not classified · Provisional scan signal: not-observable · Observed months: 0 · Latest observed month: unknown

    • Unqualified publication candidate: Warning Notice – Belize Global Trust Bank

      Research candidate only; it is not promoted to an official enforcement or regulatory-update route.

      Route type: not classified · Source scope: not classified · Qualification: not classified · Provisional scan signal: not-observable · Observed months: 0 · Latest observed month: unknown

    • Unqualified publication candidate: Public Notice: Submission of Statements Regarding…

      Research candidate only; it is not promoted to an official enforcement or regulatory-update route.

      Route type: not classified · Source scope: not classified · Qualification: not classified · Provisional scan signal: not-observable · Observed months: 0 · Latest observed month: unknown

    • Unqualified publication candidate: The Central Bank of Belize, the Financial Intelligence Unit…

      Research candidate only; it is not promoted to an official enforcement or regulatory-update route.

      Route type: not classified · Source scope: not classified · Qualification: not classified · Provisional scan signal: not-observable · Observed months: 0 · Latest observed month: unknown

  • Office of the Supervisor of Insurance and Private Pensions — Level 1: Identity confirmed · Official site timed out

    Mandates: Insurance · Access status: Official site timed out · Research/publication snapshot checked: 2026-08-20

    Official authority site

    Provisional first-page scan signal

    Signal: unknown · Observed month count: unknown · Latest observed month: unknown.

    Source access was limited during this research check, so activity remains unknown. This is not evidence of inactivity.

    Scan contract and precision

    automated-first-page-date-scan · 2024-01 to 2026-08 · as of 2026-08-20 · month precision · first-page-only-unvalidated. This is not a validated engagement frequency.

    No publication candidate is qualified. Regulatory activity and enforcement visibility remain unknown.

    Activity and enforcement visibility remain unknown; this access limitation does not establish that the authority has no enforcement activity.

Download regulatory ecosystem PDF · CSV · JSON

Sector exposure

  • Banking & payments (Low): No FATF overlay and governance pillar within normal range
  • Trade & export controls (Low): No direct sanctions or FATF call-for-action overlay identified
  • Crypto & virtual assets (Low): No FATF overlay and effectiveness pillar within normal range
  • Real estate & luxury assets (Elevated): CPI context 36/100; BO subscore 4.1/10
  • State-linked & procurement (Low): Current risk pillars show no elevated procurement signal

Derived from sanctions tier, FATF listing, World Bank WGI governance and CPI; no per-sector dataset is asserted.

Belize: analysis

Belize is a Central American state with a Caribbean legal tradition and a significant offshore international business company (IBC) sector, assessed for AML/CFT purposes by the Caribbean Financial Action Task Force (CFATF). Its risk picture is governance-derived, with no FATF or sanctions overlay. Corruption (elevated) and rule of law and institutions (elevated) are the weakest domains, while accountability (moderate) is moderate and political stability (strong) is a relative strength. The CPI reading corroborates the corruption reading. Belize completed its CFATF fourth-round mutual evaluation in 2024; the assessment found a broadly sound technical framework but identified effectiveness gaps in money-laundering prosecutions and in risk-based supervision of designated non-financial businesses and professions. Belize was removed from the EU tax blacklist in February 2024 following reform commitments.

Outlook

Belize's profile reflects both its transitional governance base and its offshore-centre exposure. The pace of CFATF follow-up remediation, particularly on ML prosecution effectiveness and DNFBP supervision, is the key forward indicator, alongside the corruption domain as the dominant governance driver. Firms should apply enhanced due diligence to Belizean IBCs and monitor the October 2026 FATF plenary and CFATF follow-up cycle for any change in status.

Key watchpoints

  • CFATF follow-up reporting on Belize's fourth-round mutual evaluation, especially ML prosecution and DNFBP supervision effectiveness.
  • October 2026 FATF plenary for any change in listing status.
  • Beneficial ownership verification for Belizean international business companies; apply enhanced due diligence to offshore structures.
  • Corruption domain (elevated) and CPI trend as the dominant governance drivers.

Assessment currency

  • FATF status: Not listed (as of 19 Jun 2026)
  • Sanctions exposure: None identified (as of Jul 2026)
  • Governance (WGI): Latest dataset incorporated (as of 2024)
  • Corruption (CPI): 36/100 (as of 2025)
  • RegActions assessment: Reviewed (as of 19 Jun 2026)

Public evidence layer

FATF action: none. No FATF call-for-action or increased-monitoring status was identified at the latest plenary. This does not establish low risk.

Contextual signals (not scored)

  • FATF network membership: FATF regional network: CFATF (present, as of 2026-07)
  • EU non-cooperative tax jurisdictions: Not listed in Annex I (absent, as of 2026-02-17)
  • Egmont Group FIU: FIU-Belize (present, as of 2026-07-17)
  • Beneficial-ownership register: Restricted (live since 2023) (present, as of 2026-08-23)
  • Transparency International CPI: 36/100, rank 104 (present, as of 2025)

Evidence freshness

  • FATF monitored-jurisdiction status: current; data 2026-06-19
  • FATF mutual evaluation and follow-up ratings: current; data 2026-08-24; follow-up 2025-01; base assessment 2025-01
  • World Bank governance indicators: current; data 2024
  • UN, UK, EU and US sanctions regimes: current; data 2026-08-30

Contextual signals are public evidence only and do not change the current country-risk score.

Download evidence PDF · CSV · JSON

Contextual risk evidence (not scored)

These eight evidence families provide context only. They do not change the v3.1 headline score. Unavailable means no reviewed, country-comparable evidence is currently ingested; it does not mean the risk is absent.

  • Organised crime: Not available. No reviewed country-level organised-crime dataset is currently checked in; no risk value is inferred. Candidate sources are research leads only; they have not been ingested as evidence.
  • Fraud and cybercrime: Not available. No reviewed country-level fraud or cybercrime dataset is currently checked in; no risk value is inferred. Candidate sources are research leads only; they have not been ingested as evidence.
  • Terrorism and proliferation financing: Not available. No reviewed country-comparable terrorism/proliferation threat dataset is currently checked in; FATF listing status remains a separate overlay. Candidate sources are research leads only; they have not been ingested as evidence.
  • Trafficking: Not available. No reviewed country-level trafficking dataset is currently checked in; no risk value is inferred. Candidate sources are research leads only; they have not been ingested as evidence.
  • Financial secrecy and offshore exposure: Not available. No reviewed, licence-clean financial-secrecy index is currently checked in; jurisdiction type alone is not used as a proxy. Candidate sources are research leads only; they have not been ingested as evidence.
  • Tax cooperation: Not listed in EU Annex I. Annex I is a political/legal tax-cooperation list, not a general AML, corruption, or country-risk score. Source
  • Political stability and conflict: 79/100 WGI percentile. WGI is an institutional perception indicator, not a conflict event feed or a prediction of future violence. Source
  • Beneficial ownership: Register accessible for due diligence. The Open Ownership map is a live-register snapshot and absence means no register was identified in that snapshot, not that no register exists. Source

Regional peer scores

FAQ

Is Belize on the FATF grey list?

No. Belize is not on the FATF grey or black list as of the 19 Jun 2026 plenary. FATF listing is one AML indicator; absence from the list does not by itself make Belize low risk. The next FATF plenary review is scheduled for Oct 2026.

Is Belize subject to sanctions?

No country-level programme was identified. In the approved RegActions snapshot, no comprehensive or targeted country-wide sanctions programme was found for Belize, but individual listed persons may still exist, so firms should continue to screen counterparties against the applicable lists.

What is Belize's country risk rating?

RegActions rates Belize at 4.1/10 (Moderate risk), where a higher score means higher country risk. The v3 score combines AML/CFT effectiveness, technical compliance, and governance and institutions. FATF listing and sanctions are shown as overlays and do not add points. Transparency International's 2025 Corruption Perceptions Index scores Belize 36/100 (rank #104 of 182) as context only.

What due diligence applies to Belize?

Standard due diligence for most relationships, with enhanced checks where defined risk triggers are present. This is decision-support based on Belize's FATF status, governance and sanctions signals, and is not a substitute for a firm's own risk assessment.

Source: FATF black & grey lists · World Bank WGI (CC BY 4.0 — World Bank WGI) · TI CPI (CC BY-ND 4.0 — Transparency International, display only)