In an effort to help combat money laudering and the abuse of Belize's fledgling international financial services industry, the Government of Belize introduced the Money Laundering (Prevention) Act 1996 which became effective on 1 August 1996.
The Money Laundering (Prevention) Act of 1996 creates specific procedures and standards that, when adhred to, will ensure that The BOSL Group, and the financial services industry in Belize in general, remains free of tainted funds and other assets.
Primarily, the Act requires that a "business transaction record" is maintained for each transaction undertaken by a financial services provider. This record should include, where relevant, the following information:
- the identification of all the persons party to the transaction.
- a description of that transaction sufficient to identify its purpose and methode of execution.
- the details of any account used for that transaction, including bank, branch and sort-code.
- the total value of the transaction
