Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697706568759.pdf (Belize)
Domestic Banks and Financial Institutions BELIZE: DOMESTIC BANKS AND FINANCIAL INSTITUTIONS (AMENDMENT) BILL, 2023 ARRANGEMENT OF CLAUSES 1.

Short title.

2.

Amendment of section 2.

3.

Amendment of section 18.

4.

Amendment of section 19.

5.

Amendment of section 86.

6.

Amendment of section 88.

7.

Insertion of new section 137A.
Domestic Banks and Financial Institutions BELIZE: BILL for AN ACT to amend the Domestic Banks and Financial Institutions Act, Chapter 263 of the Substantive Laws of Belize, Revised Edition 2020, to satisfy the requirements of the Financial Action Task Force (FATF) Recommendations; the operational independence of the Central Bank to have full discretion to take actions and decisions on supervised banks and banking groups; to provide for the publication of sanctions for non-compliance at the Central Bank’s discretion; and to provide for matters connected therewith or incidental thereto.
to provide for (Gazetted ………………2023).

BE IT ENACTED, by and with the advice and consent of the House of Representatives and Senate of Belize and by the authority of the same, as follows: Short title.

1.

This Act may be cited as the DOMESTIC BANKS AND FINANCIAL INSTITUTIONS (AMENDMENT) ACT, 2023, CAP.

263. and shall be read and construed as one with the Domestic Banks and Financial Institutions Act, which is hereinafter referred to as the principal Act.

Amendment of section 2.

2.
The principal Act is amended in section 2– (a) in the definition of the term “shell bank”– (i) in paragraph (a), by deleting the word “and” occurring at the end of the paragraph; Domestic Banks and Financial Institutions (ii) in paragraph (b), by deleting the chapeau and replacing it with the following– “is unaffiliated with a regulated financial group that–”; (b) by inserting immediately after sub-section (3), the following new sub-section– “ (3A) For the purposes of the definition of “shell bank”, physical presence means that a meaningful mind and management is located within the country and the existence simply of a local agent or low level staff shall not constitute physical presence.”; (c) by inserting the following term and its corresponding definition in its proper alphabetical sequence– ““decision notice” means a notice that advises on the outcome of a decision taken by the Central Bank in accordance with the legal requirements of the Act;”.
The principal Act is amended in section 18 (10)(a) by deleting the 3. words “, with the approval of the Minister,”.

Amendment of section 18.

4.

The principal Act is amended in section 19– Amendment of section 19.
(a) in sub-section (1), by deleting the words “, with the approval of the Minister,”; (b) by inserting immediately after sub-section (1), the following new sub-section– “ (1A) The Central Bank shall advise the Minister of any decision taken under sub-section (1).”; (c) in sub-section (2), by deleting the words “, with the approval of the Minister,”; (d) by inserting immediately after sub-section (2), the following new sub-section– Domestic Banks and Financial Institutions “ (2A) The Central Bank shall advise the Minister of any decision taken under sub-section (2).”; in sub-section (6), by deleting the words “, with the approval of the Minister,”; inserting by following new sub-section– immediately after sub-section (6), the (e) (f) “ (6A) The Central Bank shall advise the Minister of any decision taken under sub-section (6).”.
Amendment of section 86.

5.

The principal Act is amended in section 86(1)– (a) by deleting the words “,with the prior written approval of the Minister,”; (b) by inserting immediately after sub-section (1), the following new sub-section (1A)– “ (1A) Where the Bank determines that a statutory administrator should be appointed pursuant to sub-section (1), the Bank shall notify the Minister of its decision.”.

Amendment of section 88.

6.


The principal Act is amended in section 88 by repealing sub-section (2).

Insertion of new section 137A.

7.

The principal Act is amended by inserting immediately after section 137, the following new section– “Publication of sanctions.

137A–(1) Subject to sections 18(9), 19, 20, 129 and 137, the Central Bank may publish such information about a matter to which a decision notice relates as it considers appropriate.
(2) For the purposes of this section, a decision notice means a notice that advises on the outcome of a decision taken by the Central Bank which includes but is not limited to– (a) restricting a license; Domestic Banks and Financial Institutions (b) revoking a license under section 19; (c) imposing an administrative sanction; and (d) a publishing respect of statement contraventions of any requirement under this Act.
in (3) The Central Bank shall not publish a decision notice– (a) (b) before notifying the person concerned; and pending an appeal under section 129.”