Prohibited transactions

(1) A licensee shall not– (a) transact any international banking business with any person or entity who is a resident of Belize unless such person or entityCAP. 263. (i) is a bank licensed under the Domestic Banks and Financial Institutions Act or under this Act which is transacting business customarily carried on with foreign banks outside of Belize; (ii) is transacting such business in the capacity of agent, nominee, legal representative or other similar capacity exclusively for and in respect of non- residents where such persons or entity is not the beneficiary of such business (iii) is the Government of Belize; (iv) is an entity wholly owned or subject to majority control by(A) the Government of Belize; (B) the Government of Belize and the Social Security Board (established under the Social Security Act), in the aggregate; or CAP. 44. 32 (b) transact any business otherwise than in accordance with the terms and conditions of the licence and the provisions of this Act or any regulations made thereunder. (2) For the purpose of sub-section (1)(a)(ii), the onus of establishing residency and beneficial interest in such transactions to the satisfaction of the Central Bank shall be on the licensee. (2A) In sub-section(1)(a)(iv), “majority control” in relation to the affairs of an entity means, the possession of a level of influence, whether by the ownership of a majority of shares or possession of majority of voting power, to direct the affairs of the entity. (3) Every person or licensee who acts in contravention of this section commits an offence and is liable on summary conviction to a fine equal to two thousand dollars for each day during which the offence continues or to imprisonment for a term not exceeding five years, or to both such fine and term of imprisonment. etc. CAP. 263.