Interpretation

(1) In this Act, unless the context otherwise requires“account” means any facility or arrangement by which a financial institution does any one or more of the following– (a) accepts deposits of currency; (b) allows withdrawals of currency or transfers into or out of the account; (c) pays cheques or payment orders drawn on a financial institution by, or collects cheques or payment orders on behalf of, a person; (d) supplies a facility or arrangement for a safety deposit box; or (e) accepts or holds stocks, bonds or mutual funds; Money Laundering and Terrorism (Prevention) [CAP. 104 9 “act” and “action” include omission; “accused” means a person charged with an offence, whether or not he has been convicted of the offence, and includes in the case of proceedings for a production order, monitoring order, customer information order, search warrant or restraining order under this Act, a person who is about to be charged with an offence or is being investigated for an offence; “AML/CFT obligation” in relation to a reporting entity, means an obligation of the reporting entity under the Act or any other law relating to money laundering or terrorist financing, the AML Regulations, and any applicable regulations or guidelines issued under this Act, and includes– (a) an obligation to provide information imposed on the reporting entity in a request given to it by the Financial Intelligence Unit under section 11(1)(k) or 17(6); and (b) an obligation imposed by a directive given by a supervisory authority or competent authority under section 22; “AML Regulations” mean the Money Laundering (Prevention) Regulations issued under section 86; “authorized officer” means a person or class of persons designated as such by the Minister; “beneficial owner” means the natural person who ultimately owns or controls a customer, the person on behalf of whom a transaction is conducted or the person who exercises ultimate control over a legal person or legal arrangement; “business relationship” or “business transaction” means any arrangement, including opening an account, between two or more persons where the purpose of the arrangement is to facilitate a transaction between the persons concerned and 10[CAP. 104 Money Laundering and Terrorism (Prevention) includes any related transaction between any of the persons concerned and another person; “cash” includes the following regardless of the type of (a) notes and coins in circulation as a medium of exchange; (b) postal orders; (c) cheques of any kind, including travelers’ cheques; (d) bankers’ drafts; (e) bearer bonds and bearer shares; (f) stored value instruments; and (g) such other monetary instruments as the Minister may, by notice published in the Gazette, specify; “collective investment scheme” means a scheme, in whatever form, in pursuance of which, members of the public are invited or permitted to invest money or other assets in a portfolio, and which scheme has the following characteristics– (a) two or more investors contribute money or other assets to hold a participatory interest in a portfolio of the scheme through shares, units or any other form of participatory interest; and (b) the investors share the risk and the benefit of investment in proportion to their participatory interest in a portfolio of a scheme or on any other basis determined in the deed; “competent authority” means the Financial Intelligence Unit; “court” means the ordinary courts in Belize where civil or criminal proceedings may be instituted, unless otherwise specified; “credit union” means a credit union registered under the relevant law with specific powers to promote thrift, enterprise and cooperative principles among its members, to pool financial resources of its members and to provide needed lending, investment and other financial services to them; “currency” means the coin and paper money of Belize or of a foreign country that is designated as legal tender and which is customarily used and accepted as a medium of exchange in the country of issue; “customer” means a person or entity purchasing or using a service or commodity and includes an applicant for the services of a business and a client; CAP.138:02. “Director” means the Director of the Financial Intelligence Unit appointed pursuant to section 4 of the Financial Intelligence Unit Act; “document” means any record of information and includes– (a) anything on which there is writing; (b) anything on which there are marks, figures, symbols, or perforations having meaning for persons qualified to interpret them; (c) anything from which sounds, images or writing can be produced, with or without the aid of anything else; or (d) a map, plan, drawing, photograph or similar thing; 12[CAP. 104 Money Laundering and Terrorism (Prevention) “dollar” means dollar in Belize currency, unless otherwise specified; “FATF” means the international body known as the Financial Action Task Force or such other international body as may succeed it; “FATF Recommendations” means the FATF Recommendations, Interpretive Notes and Glossary issued by the FATF in February 2012, incorporating such amendments as may from time-to-time be made to the FATF Recommendations, or such document or documents issued by the FATF as may supersede those Recommendations; CAP. 263. CAP. 267. “financial institution” means a bank or financial institution as defined in the Banks and Financial Institutions Act, or the International Banking Act, and includes brokerage firms and insurance companies; CAP. 139:02. “Financial Intelligence Unit” or “FIU” means the Financial Intelligence Unit established pursuant to section 3 of the Financial Intelligence Unit Act; “forfeiture” means the permanent deprivation of property by order of a court or other competent authority; “freezing” means temporarily prohibiting the transfer, conversion, disposition or movement of property or temporarily assuming custody or control of property on the basis of an order issued by a court or other competent authority; “Fund” means the Belize Confiscated and Forfeited Assets Fund established under section 78; “funds” means financial assets and benefits of every kind, however acquired, including, but not limited to– (a) cash, cheques, claims on money, drafts, money orders and other payment instruments; (b) deposits with relevant institutions or other entities, balances on accounts, debts and debt (c) publicly and privately traded securities and debt instruments, including stocks and shares, certificates representing securities, bonds, notes, warrants, debentures and derivatives contracts; (d) interest, dividends or other income on or value accruing from or generated by assets; (e) of set-off, guarantees, performance bonds or commitments; (f) letters of credit, bills of lading and bills of sale; (g) documents, in any form including electronic or digital, providing evidence of an interest in funds or financial resources; or (h) any other instrument of export financing; “gift” includes any transfer of property by a person to another person directly or indirectly after the commission of an offence by the first person– (a) for no consideration; or (b) for consideration the value of which is significantly less than the value of the property transferred and to the extent of the difference between the market value of the property transferred and the consideration provided by the transferee; “Government” means the Government of Belize; 14[CAP. 104 Money Laundering and Terrorism (Prevention) “identification record” means any reliable and independent source documents, data or information or other evidence as is reasonably capable of establishing the true identity and verifying the identity of the applicant of a reporting entity, including a valid driving licence, a social security card, a valid passport and in the case of a body corporate, a certified copy of the Memorandum and Articles of Association, a certificate of incorporation together with the latest annual return to the Registrar-General or other competent authority; “insurance business” means the assumption of the obligations of an insurer in any class of insurance business and includes reinsurance business; “interest” in relation to property, means– (a) a legal or equitable interest in the property; or (b) a right, power or privilege in connection with the property; “licensed or regulated” in relation to a reporting entity, means a business or profession for which a licence is required or which is otherwise regulated by operation of any law other than this Act; “Minister” means the Minister responsible for Finance; “money laundering” means conduct which constitutes an offence as described under section 3; CAP. 351 “Non-Governmental Organization” has the meaning given in the Non-Governmental Organization Act; “Non-Profit Organization” means a legal entity or organization that primarily engages in raising or disbursing funds for purposes such as charitable, religious, cultural, educational, social or fraternal purposes, for promoting commerce, art or science, or for the carrying out of other types of good works; “offence” means conduct which– (a) if it occurs in Belize, is unlawful under the criminal law of Belize; or (b) if it occurs in a country other than Belize– (i) is unlawful under the criminal law applying in that country: and (ii) if it occurred in Belize, would be unlawful under the criminal law of Belize; “person” means a natural person or a legal person and includes, among others, a corporation, partnership, trust or estate, joint stock company, association, syndicate, joint venture, or other unincorporated organization or group, capable of acquiring rights or entering into obligations; “politically exposed person” has the meaning specified in section 2A; “premises” includes– (a) any place; (b) any vehicle, vessel, aircraft or hovercraft; (c) any offshore installation; or (d) any tent or movable structure; “proceedings” means any procedure conducted by or under the supervision of a judge, magistrate or other competent authority, however described, in relation to any alleged or proven offence, or property derived from such an offence, and includes an inquiry, investigation, preliminary or final determination of facts; 16[CAP. 104 Money Laundering and Terrorism (Prevention) “proceeds of crime” has the meaning given in section 2B; “property” includes money, funds, investments, holdings, possessions and assets of every kind however acquired, whether corporeal or incorporeal, movable or immovable, legal documents or instruments evidencing title in any form including electronic or digital, or interest in such assets, wherever situate, whether in Belize or elsewhere; “property of or in the possession or control of any person” includes any gift made to that person; “realisable property” means– (a) any property held by, or on behalf of an accused; (b) any property possessed by a person to whom an accused has directly or indirectly made a gift as defined in this Act; “relevant business” means a business which, if carried on by a person, would result in that person being a reporting entity; “relevant regulatory authority”, in relation to a licensed or regulated reporting means the with responsibility for licensing or otherwise regulating the business of that reporting entity; “reporting entity” means any person whose regular occupation or business is the carrying on ofSchedule I. (a) any activity listed in the Schedule I; (b) any other activity defined by the Minister as such by an Order published in the Gazette; “senior officer” in relation to a reporting entity, means– (a) the reporting entity’s money laundering (b) the chief executive of the reporting entity, or an individual who occupies an equivalent position under a different name; or (c) an individual employed by the reporting entity who has responsibilities that include direct involvement in the entity’s management or decision-making process at a senior level; “sole trader” means an individual carrying on a relevant business who does not, in the course of doing so– (a) employ any other person; or (b) act in association with any other person; “stored value instrument” means an instrument in the form of a prepaid card or other portable device, for which prefunded value is recorded on the instrument, or on a remote database which must be accessed for payment authorization; “supervisory authority” means the authority set out in column 2 of the Schedule III who has compliance oversight over the reporting entity set out in column 1 of that Schedule; “tainted property” means, subject to sub-section (9A), property that– (a) has been used in, or in connection with, an offence or is intended to be used in, or in connection with, an offence; and (b) is, or is derived from, the proceeds of crime; “terrorist cash” means cash that is terrorist property; 18[CAP. 104 Money Laundering and Terrorism (Prevention) “terrorism” or “terrorist act” have the meaning assigned in section 2C; “terrorist” means any individual who– (a) willfully commits, or attempts to commit, a terrorist act by any means whether directly or indirectly; (b) participates as an accomplice to a terrorist act; (c) organizes, directs, recruits or trains others to commit a terrorists act; (d) contributes to the commission of a terrorist act by a group of persons acting with a common purpose where the contribution is made intentionally and with the aim of furthering a terrorist act or with the knowledge of the intention of the group to commit a terrorist act; or (e) is designated by, or under the authority of, the United Nations Security Council under Chapter VII of the Charter of the United Nations, including in accordance with Security Council Resolution 1267 (1999) or 2253 (2015) or the successor resolutions of either or designated by a country or supranational jurisdiction pursuant to Security Council Resolution 1373 (2001) or its successor resolutions; “terrorist financing” shall have the meaning given under section 68; “terrorist organization” means any group of terrorists that– (a) willfully commits, or attempts to commit, a terrorist act by any means whether directly or indirectly; (b) participates as an accomplice to a terrorist act; (c) organizes, directs, recruits or trains others to commit a terrorists act; (d) contributes to the commission of a terrorist act by a group of persons acting with a common purpose where the contribution is made intentionally and with the aim of furthering a terrorist act or with the knowledge of the intention of the group to commit a terrorist act; (e) is listed by the Minister under the authority of section 68; or (f) is designated by, or under the authority of, the United Nations Security Council under Chapter VII of the Charter of the United Nations, including in accordance with Security Council Resolution 1267 (1999) or 2253 (2015) or the successor resolutions of either or designated by a country or supranational jurisdiction pursuant to Security Council Resolution 1373 (2001) or its successor resolutions; “terrorist property” has the meaning given in section 2D, “transaction” includes– (a) opening of an account; (b) any deposit, withdrawal, exchange or transfer of funds in any currency whether in cash or by 20[CAP. 104 Money Laundering and Terrorism (Prevention) cheque, payment order or other instrument or by electronic or other non-physical means; (c) the use of a safety deposit box or any other form of safe deposit; (d) entering into any fiduciary relationship; (e) any payment made or received in satisfaction, in whole or in part, of any contractual or other legal obligation; (f) any payment made in respect of a lottery, bet or other game of chance; (g) an act or combination of acts performed for or on behalf of a client in connection with purchasing, using or performing one or more services; or (h) such other actions as may be prescribed by the Minister by Order published in the Gazette; and “unit trust” means any arrangement made for the purpose or having the effect of providing, for a person having funds available for investment, facilities for the participation by the person as a beneficiary under a trust, in any profits or income arising from the acquisition, holding, management or disposal of any property pursuant to the trust. (2) The Minister may from time to time by Order published in the Gazette amend any of the Schedules. How to infer knowledge, etc. (3) Knowledge, intent, purpose, belief or suspicion required as an element of any offence under this Act may be inferred from objective, factual circumstances. (4) Any reference in this Act to a person being charged or about to be charged with an offence is a reference to a procedure, however described, in Belize or elsewhere, by which criminal proceedings may be commenced. charge in relation to a serious conviction in relation to a serious crime. (5) For the purposes of this Act, a person shall be taken to be convicted of an offence if– (a) the person is convicted, whether summarily or on indictment, of the offence; (b) the person is charged with, and found guilty of, the offence but is discharged without any conviction being recorded; or (c) the court, with the consent of the convicted person, takes the offence, of which the person has not been found guilty, into account in passing sentence on the person for another (6) For the purposes of this Act, a person’s conviction for an offence shall be taken to be quashed in any case– (a) where sub-section 5(a) applies, if the conviction is quashed or set aside; (b) where sub-section 5(b) applies, if the finding of guilt is quashed or set aside; (c) where sub-section 5(c) applies, either– (i) the person’s conviction for the other offence referred to in that section, is quashed or set aside; or (ii) the decision of the court to take the offence into account in passing sentence 22[CAP. 104 Money Laundering and Terrorism (Prevention) for that other offence is quashed or set aside; or (d) where the Governor-General, acting on the advice of the Belize Advisory Council, grants the person a pardon in respect of the person’s conviction for the offence. dealing with (7) For the purposes of this Act, dealing with property held by any person includes, without prejudice to the generality of the expression– (a) where the property is a debt owed to that person, making a payment to any person in reduction or full settlement of the amount of the debt; (b) where the property is an interest in a partnership, doing anything to diminish the value of the partnership; (c) making or receiving a gift of the property; or (d) removing the property from Belize. deriving a (8) In this Act, a reference to a benefit derived or obtained by or otherwise accruing to a person includes a reference to a benefit derived or obtained by, or otherwise accruing to, another person at the request or direction of the first person. benefiting from the proceeds of (9) For the purposes of this Act– (a) a person has benefited from an offence if the person has at any time received any payment or other reward in connection with, or derived any advantage from, the commission of an offence, whether committed by that person or another person; (b) a person’s proceeds of crime are any payments or other rewards received by the person in connection with, and any pecuniary advantage derived by the person at any time from, the commission of an offence; and (c) the value of a person’s proceeds of crime is the aggregate of the values of the payments, rewards or pecuniary advantages received by him in connection with, or derived by him from, the commission of a serious crime. (9A) Property belonging to a person (“the owner”) that would, but for the following paragraphs, be tainted property, is not tainted property if– (a) the offence concerned was not committed by the owner; and (b) the owner does not give his consent, express or implied, to the property being used in, or in connection with, the offence concerned. FIU under the FIU Act not affected. CAP. 138:02. (10) The powers of the Financial Intelligence Unit under this Act are in addition to and not in derogation from the powers of the FIU under the Financial Intelligence Unit Act, and the FIU may exercise all or any of such powers as the occasion may require.