Keynote Address

Honorable Christopher Coye

1st Annual Belize Anti-Money Laundering

/Countering the Financing of Terrorism Conference

February 14, 2023

Good morning, distinguished ladies and gentlemen,

It is my pleasure to deliver these remarks at the opening of the National Anti-Money Laundering Committee’s (NAMLC), First Annual AML/CFT conference. The Prime Minister the Honorable John Briceño could not be here today because of previous commitments but I convey both greetings and congratulations on his and the Cabinet’s behalf.

This conference is being co-sponsored by the National Anti-Money Laundering Committee (NAMLC), the United States Department of State, Bureau of International Narcotics and Law Enforcement Affairs Embassy and the University of Belize. This conference is another demonstration of my commitment and that of the wider government to provide and otherwise secure the necessary resources to support the promotion of AML/CFT and proliferation financing oversight in Belize. As soon as we took office, we took stock of where we were, including an assessment of our international obligations, especially those related to tax transparency and compliance with the Financial Action Task Force (FATF) Standards. This Government has a transformational economic plan which is already supplying dividends, as seen in an economic rebound surpassing preCOVID levels. That strategy is reflected in PlanBelize, which I encourage you to take note of. Having said that, I assure you we are strategic in our approach. While Belize is open for business, we want to encourage investments that are durable, equitable and untainted by the specter of illegality. That is clearly the way to resilient economic recovery that will endure for generations to come.

Consequently, the Government relies on NAMLC, an anti-money laundering advisory committee to the government, to be diligent in its oversight of the financial and other sectors of the Belizean economy. It is charged with interagency cooperation to combine resources to develop preventive measures and practices to detect and combat illicit behavior. I am advised that the Committee is finalizing the development of a National Anti-Money Laundering Strategy and Policy for the consideration of Cabinet, a worthwhile venture you will agree.

But, I must also signal our Government’s appreciation to Ambassador Kwan and her team, the United States Embassy (INL) and wider Government of the United States of America for co-sponsoring and supporting this event. We continue to share a vision for democracy and citizen security in this region. The Embassy has aided a wide spectrum of initiatives in Belize and today’s expression of support to the development of enhanced understanding within both the public and private sectors regarding topical AML/ CFT issues is just another example of your goodwill.

Ambassador, on behalf of our Honourable Prime Minister and Cabinet, I formally express our appreciation for your invaluable support. As I am made to understand, your team not only assisted ours with financing and local logistics, but also in acquiring some excellent subject matter experts from within the global network.

As I review the agenda, I note that it is packed with pertinent, crosscutting discussion topics. But I am assured that the purpose of this event is not limited solely to having interesting discussions, but also to allow for insights and exchange of knowledge into improving anti-money laundering oversight and best practices. It must be noted that the country is preparing for a 4Th Round Mutual evaluation by the Caribbean Financial Acton Task Force, later this year. We must underscore that this is a mutual evaluation of the country, and not just of one sector. It is therefore imperative that we continue to construct those very useful public/private partnerships that have been demonstrated to be so useful as a preventive and deterrent response to financial crime. We are pleased that bankers feel comfortable conversing with themselves and their supervisory authority, but also with the tax authority. Likewise, insurance companies will reach out to the Office of the Supervisor of Insurance but also feel comfortable having a conversation with the Financial Intelligence Unit. And so on. Our focus, then, is not so much on an evaluation report. Rather, it is on developing a lasting business culture of good governance, integrity in business, diligence and oversight which continues to signal Belize as a jurisdiction for safe, sound, and legitimate investment.

Finally, we must applaud Dr. Vincent Palacio, President of the University of Belize and his team for the initiative that was formally launched last night, the Institute of Banking and Finance. The University is collaborating with the service provider Compliance Aid, in developing a program that will provide competent, accredited persons to supply the emerging needs of the financial services sector, both in terms of their prudential and anti-money laundering obligations. With the bringing in force of the Securities Industry Act imminently, it is imperative that we have a cadre of trained, skilled, certified young professionals who can service the needs of a burgeoning industry.

In closing, I urge everyone to see this conference as an opportunity to engage and network with the various competent authorities and their staff to construct future working relationships. And of course, I encourage you, if you are able, to take the time to enjoy the beauty of wonderful Belize, especially its magnificent cayes and magical rainforest. Again, welcome to Belize and God bless everyone.

The deadline for filing TD4’s for the basis year 2022 is February 28, 2023

Below are the listed Online Requirements

1. It is mandatory that employers having more than 25 employees file their PAYE Reconciliation via IRIS Belize Portal.

2. When filing out the PAYERECON Template it is required to enter The Tax Identification Number (TIN) and social security number for each employee. The PAYERECON Template must include all employees whether taxable or non-taxable. (Template can be found on our website www.bts.gov.bz labelled PAYERECON)

3. The Belize Tax Service Department can assist you with Tax Identification Number for the employees for whom you submitted a TD4 supplementary last year. The form BTS101 should be filled out COMPLETELY for any employee who does not have a TIN. (Expired social security cards will not be accepted).

4. Employers are required to ensure that all monthly PAYE submission has been entered in their tax account.

5. If any withheld taxes were paid after the due date, penalties and interest would have accrued and therefore, all such amounts would need to be paid before your TD4’s can be processed. Any outstanding taxes withheld should be paid before processing can begin.

6. Please be informed that if all supporting documents are not attached to the online submission this may result in a delay of the processing of your employees’ returns.

Note for your employees when filing employee return: The BTSD take this opportunity to invite employees, to get registered and utilize the IRIS Belize online portal to file their employee returns for 2022. If your banking information has changed since last filing, please inform us by completing and uploading a vendor authorization form. A credit union or bank account number along with a valid copy of a social security card is required when filing for an Employee Tax Refund. The deadline for your employees to file their employee income tax return is Friday, March 31, 2023. All forms and templates listed above may be found on our website www.bts.gov.bz To register for an IRIS Belize account, visit https://www.irisbelize. bts.gov.bz/CreateAccount

In order to facilitate the transition process, taxpayers may seek technical assistance from the IRIS Belize HELP DESK which may be contacted via telephone at +501 613-8375; +501 613-2773; +501 614-5731; +501 613-4711; or email at onlineaccounts_bz@bts.gov.bz during the hours of 8:00 AM

– 4:00 PM on Mondays-Thursdays, and 8:00 AM – 3:30 PM on Fridays.