CFATF issues statement on Belize jurisdiction

December 10th, 2013

The Caribbean Financial Action Task Force (CFATF) has blacklisted Belize jurisdiction as one of the jurisdictions that fails to address deficiencies in the money laundering and offshore banking legislation. CFATF stated that, although Belize has taken some steps in that direction, these were not enough to follow the Anti-money laundering and Combating the Financing of Terrorism recommendations.

The decision of the international organization may have serious consequences for the banking sector of Belize. It threatens the commercial banks, as stated by Prime Minister of Belize Dean Barrow. He said, however, that the country is given six months to improve the situation. The draftsperson, who operates as legal counsel to the Ministry of Finance, has been given the task to produce additional legislation by February 2014, the time of the next meeting of Caribbean Financial Action Task Force. Belize government plans to be compliant by that time.

Belize receives training on Millennium Development Goals database system

November 29th, 2013

Two years ago, the ministry of foreign affairs of Mexico and the Central American Integration System (SICA) countries signed the project called “Institutional Capacity Building for Mesoamerican Governments on Monitoring and Evaluation of Millennium Development Goals (MDG).” During the week of November 25 to 29, 2013, as part of the fulfilment of the terms of the MOU between the National Institute of Statistics and Geography of Mexico (INEGI), and the Statistical Institute of Belize (SIB) and the Central Information Technology Office (CITO), representatives from INEGI and AMEXCID organized training in the usage of the MDG database system in Belize.

The training, which is connected to the MOU commitment to have INEGI deliver the information system which includes the source code, will take part in two stages: technical support for managing the integration and management of the system and technical assistance on the processes and methodologies for monitoring the MDGs.

Belize hosts CAIPA General Assembly

November 22nd, 2013

Caribbean Export Development Agency (Caribbean Export), in collaboration with the Caribbean Association of Investment Promotion agencies (CAIPA), is hosting the fourth annual CAIPA general assembly in Belize on November 21-22, 2013.

Investment promotion agency (IPA) officials from member countries will focus attention on the development of CAIPA’s Strategic and Sustainability Plan for years 2014-2018, under the theme “Towards an Enhanced FDI Strategy: Strengthening our Foundation and Honouring Regional Excellence”.

Also, during this year’s general assembly the Regional Investor of the Year Award will be hosted for the Caribbean territories who are members of CAIPA, which seeks to recognize and promote the significant contribution of foreign and local investors to the Caribbean economy. Among the member countries there are Antigua and Barbuda, Bahamas, Barbados, Belize, the Cayman Islands, Curacao, Dominica, Dominican Republic, Grenada, Guyana, Haiti, Jamaica, Montserrat, St Kitts and Nevis, Saint Lucia, St Vincent and the Grenadines, Suriname, Trinidad and Tobago and the Turks and Caicos Islands.

The recognition and promotion of the Regional Investor of the Year is part of the programme of Caribbean Export Development Agency supporting CAIPA in the attraction of foreign direct investment into the Caribbean region.

Belize National Trade Information Network officially launched

October 28th, 2013

The Caribbean Export Development Agency has launched the Belize National Trade Information Network. The other countries in the region establishing N-TIN are Jamaica, the Dominican Republic, Barbados, Trinidad and Tobago, and Suriname.

The National Trade Information Network is a collaboration between trade and business support institutions of these countries, which have committed to support the development of a regional trade information system implemented by Caribbean Export Development Agency. The network will provide full, accurate and timely information on services trade, trade and economic statistics, market and sector briefs, tariff and non-tariff data, directory of businesses (exporter/buyers), links to important intermediaries e.g. trade promotion organisation and government agencies, and the structure and export performance of national economies within the CARIFORUM region.

Countries-members of N-TIN will sign a memorandum of understanding (MOU) which outlines the issues relating to the provision of trade information services. Belize Trade and Investment Development Service (BELTRAIDE) will coordinate the network in Belize, and sign the MOU with Caribbean Export.

David Gomez, manager for trade and export development at Caribbean Export, said in his comments: “The N-TINs are central to the delivery of enhanced trade information services and will contribute to the establishment of mechanisms at the regional level for similar services delivery… the process involves both data collection and compilation and identification of services that respond to the trade information needs of CARIFORUM exporters and the wider private sector.”