IFSC - International Financial Services Commission is the Belize financial regulatory government agency. The watchdog is responsible for managing all financial market participants and exchanges. Moreover, the IFSC is administering and enforcing financial frameworks.
IFSC – International Financial Services Commission is the Belize financial regulatory government agency. The watchdog is responsible for managing all financial market participants and exchanges. Moreover, the IFSC is administering and enforcing financial frameworks.
Core tasks of IFSC – International Financial Services Commission
Belize has come into the international services industry relatively recently. When the country has gained the independence from the UK in 1981, Belize has been putting efforts in order to diversify its economy from the agricultural industry. Therefore, the international financial services industry came as an opportunity, where the country has a competitive advantage. Additionally, in 1990, Belize has invoked the International Business Companies Act, which takes its roots from the British Virgin Islands model.
Currently, Belize’s IBC legislation is seen as one of the most modern and easy-to-use. The legislation is created with the offshore investor in mind. The Belizean IBC is allowing the investors to be involved with a variety of the activities. Specifically, these include the asset protection activities, the operation of the bank accounts, brokerage accounts, commission arrangements, and other transactions.
While working in the offshore sector, Belize took into consideration the fact that the offshore vehicles might be used by fraudsters for illegal activities. At the same time with the ratification of the Offshore Baking Act in 1996, Belize also enacted the Money Laundering (Prevention) Act. The latter has established tools and frameworks to assure the protection of country’s financial institutions’. Moreover, the Central Bank of Belize is regulating the banking industry of Belize. The non-banking sector observation falls into the jurisdiction of the International Financial Services Commission, which was established in 1999.
The mandate of the International Financial Services Commission
The mandate of the International Financial Services Commission of Belize comprises:
- Representing and developing Belize as a center for international financial services;
- Safeguarding and improving the reputation of Belize as an offshore financial center;
- Assuring proper direction and regulation of international financial services;
- Creating policies and giving advice and support to the government on the regulation of such services;
- Assembling, accumulating and distributing trustworthy and timely information to interested parties on alternations and new trends in these services.