Prohibition on carrying on International banking business without a licence

(1) No person shall carry on offshore banking business from within Belize unless he holds a valid licence granted under this Act. (2) A person who not being duly licensed under this Act– (a) acts as an offshore bank, whether on his own account, in partnership or otherwise; 13 (b) holds himself out as being licensed as an offshore bank; or (c) takes or uses any name, title, addition, or description implying or likely to lead another person to believe that he is licensed as an offshore bank, commits an offence and is liable on summary conviction to a fine not exceeding one hundred thousand dollars or to a term of imprisonment not exceeding five years, or to both such fine and term of imprisonment. Eligibility of the