Belize Financial Regulators Launch Shared Sanctions Tracking System

Belize’s three main financial regulators will now use the same computer system to track sanctions and information connected to possible financial crimes. The Central Bank of Belize, Financial Intelligence Unit and Financial Services Commission have signed agreements setting out how they will access and use the Sanctions Registry System. The registry is a secure database developed by the Central Bank. It is designed to help the agencies organize and examine information linked to sanctions, money laundering, terrorist financing and other illegal financial activities.  While all three institutions will use the same platform, each agency will operate independently and access it according to its own legal duties. The agreements establish the rules governing that shared use.  The agencies say the system should make it easier to find and analyse information, coordinate their work and apply financial regulations more consistently.  The initiative expands on an existing agreement among the three regulators to cooperate and share relevant information.  One important detail, however, was not addressed in the public announcement: the agencies did not explain what safeguards are in place to protect sensitive information, control access to the database or prevent misuse of the information stored in the system.