What is Belize International Financial Services Commission (IFSC)? Belize International Financial Services Commission (IFSC) Review, Features

The International Financial Services Commission (IFSC) of Belize was established in 1999 to regulate and supervise non-bank financial services.

About the International Financial Services Commission (IFSC) of Belize

• The Financial Services Commission (FSC) is the regulator of non-bank financial services in Belize, particularly those services provided by entities licensed or registered under the Financial Services Commission Act (Chapter 272, 2020 Revision) and the Securities Industry Act, 2021 (SIA). It is an independent, self-funded statutory body that provides a service-oriented, ongoing, risk-based approach to supervision, founded on integrity, accountability, adaptability and reliability.
• IFSC is a self-regulatory body. The government promulgates laws and IFSC itself is responsible for implementing supervision and compliance with regulations. IFSC has promulgated registration and regulatory licensing regulations for international financial service providers. The IFSC license is mainly to ensure that persons providing international financial services in or from Belize must be "fit and proper".
• Belize is also a member of the Caribbean Financial Action Task Force (CFATF). Eliminating money laundering and promoting the stability of the global financial system are the core principles of the CFATF. In addition, Belize has also made a political commitment to follow the goals of the United Nations Offshore Forum on Money Laundering.
• Belize is a Central American country with English as its official language. It entered the field of international financial services relatively late, declaring independence in 1981. Currently, it has no diplomatic relations with China. Belize used agriculture as its main economic project at first. After 1981, it strengthened its diversified development and developed international financial services and tourism industries to enhance its international competitiveness. In 1990, Belize formulated the International Business Companies Act based on the British Virgin Islands Act template. After 10 years of development, more than 15,000 international business companies (IBCs) were registered in Belize. Belize's International Business Companies Act is particularly beneficial to offshore investors. The business scope of international business companies includes: international financial transactions, asset protection, operating bank accounts, securities accounts, ship ownership, commission agreements and many other commercial transactions.
• In 1992, the Offshore and Offshore Trusts Act was enacted to supplement the International Business Companies Act. In 1996, Belize passed the Offshore Banking Act, further expanding the offshore sector. In the same year, Belize also passed the Money Laundering (Prevention) Act, which requires that the source of funds of financial institutions must be legal.

Regulatory functions of the Belize International Financial Services Commission (IFSC)

• To promote the development of Belize as an international financial services centre;
• To protect and promote Belize’s reputation as an offshore financial centre;
• Proper regulation of the provision of international financial services;
• Formulate policies and provide advice and assistance to the government on regulations;
• Collect, store and provide reliable and timely financial information to stakeholders.