← belizelaw.ai · International Financial Services, Cap. 272
Appeal to the Minister
Cap. 272, s. 34 · Revised Edition 2020
(1) The notice of an appeal made under section 33(5) shall be made to the Minister in writing before the end of the period of twenty-one days commencing on the date on which the Commission notifies of its intention to impose an administrative
(2) The notice under sub-section (1) shall state the ground of
(3) The Minister may assess a penalty in the prescribed amount against an IFS practitioner, managing agent or company if the IFS practitioner, managing agent or company makes a representation to the Minister in the manner set out under this section.
(4) Before assessing a penalty, the Minister shall require from the Commission, a report–
(a) setting out the facts and circumstances that, in the Commission’s opinion, renders the person liable to a penalty;
(b) specifying the amount of the penalty that the Commission considers appropriate in the circumstances;
(c) setting out any additional including the recommendations considered in the circumstances.
(5) No penalty shall be assessed by the Minister more than three years after the act or omission that renders the person liable to a penalty first came to the knowledge of the Minister.
(6) After considering any representations, the Minister may–
(a) confirm the imposed by the
(b) re-assess and substitute the penalty which the Commission would have power to impose and set a date by which the penalty is to be paid in full; or
(c) determine that no penalty should be assessed.
(7) The Minister shall serve a copy of his decision pursuant to sub-section (6) on the person who made the representations.
(8) The Minister may file in the Court a certificate signed by the Minister and setting out–
(a) the amount of the penalty assessed pursuant to sub-section (6); and
(b) the person from whom the penalty is to be recovered.
(9) A certificate filed pursuant to this section has the same force and effect as if it were a judgment obtained in the Court for the recovery of a debt in the amount set out in the certificate,
together with reasonable costs and charges with respect to its filing.
(10) The Minister may assess a penalty pursuant to this section notwithstanding that the facts and circumstances giving rise to the penalty arose due to the actions of an employee,
helper, contractor or agent of the IFS practitioner, managing agent or company required to pay the penalty.
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