Why Global Banking Rules Matter for Belizeans

Belize wrapped up a three-day conference this week on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), bringing together banks and financial officials to talk about the country’s place in the global financial system.

From paying for medical treatment abroad to sending tuition fees for children studying overseas, Belize depends heavily on international banking channels. Failing to meet global standards could put those lifelines at risk.

Heritage Bank’s Managing Director, Steven Duncan, explained why compliance is more than paperwork. “How you measure up in those areas is important to us as a country beyond just a bank. In fact, the bank is specifically important because a bank could bring down a country,” he said.

Duncan admits that the process can feel like endless red tape, slowing down transactions and frustrating customers. “I feel that way too, and I will not disagree with such a position. What I will ask is that the general public be patient and understanding because these things we are doing are bigger than just the country,” he said.

“The truth is, if we want to play in the global environment, we have to do them,” Duncan said.