In the contemporary financial landscape, the issue of transparency in the ownership and control of corporate entities has taken center stage in the global fight against financial crimes such as corruption, money laundering, tax evasion, and terrorist financing. The establishment of Beneficial Ownership (BO) registries has been advocated by international bodies like the Financial Action Task Force (FATF) and the Organisation for Economic Cooperation and Development (OECD) as a pivotal measure to enhance transparency and assist in the identification of the natural persons who ultimately own or control legal entities. In this context, the Belize Beneficial Ownership Registry (BOR) represents a critical component of Belize’s commitment to international standards for financial transparency and the prevention of financial crimes.
Belize, a country that has been navigating international financial regulation and striving to align its practices with global standards, introduced its BOR as part of an effort to improve its legal and regulatory framework to comply with international standards and improve its capacity to prevent financial crimes.
This paper aims to comprehensively analyze the current practices of Belize’s BOR, evaluating its strengths and weaknesses in the broader context of global financial transparency efforts. By scrutinizing the legislative framework that underpins the registry, the methodology of its operation, and the perspectives of various stakeholders, this study seeks to identify the key challenges and opportunities.