Belize International Financial Services Commission (IFSC)

Basic Information

The Belize International Financial Services Commission (IFSC), now officially renamed the Financial Services Commission (FSC) effective January 1, 2022, is the statutory regulatory authority overseeing non-bank financial services in Belize. Established in 1999 under the International Financial Services Commission Act, the agency operates under the Ministry of Finance and is headquartered in Belmopan, Belize. Its primary mandate is to regulate entities engaged in international financial services, including forex brokers, investment firms, and collective investment schemes, while promoting Belize as a reputable offshore financial hub.

Historical Background

The IFSC was founded in 1999 to strengthen Belize’s position as an offshore financial center. Key legislation, such as the Offshore Banking Act (1996) and the Trusts Act (1992), laid the groundwork for its establishment. Over time, Belize expanded its regulatory framework with laws like the Securities Industry Act (2021) and the Financial Services Commission Act (2023), leading to the IFSC’s rebranding as the FSC in 2022. This evolution reflects Belize’s commitment to aligning with international standards while maintaining a business-friendly environment for financial service providers.

Legal Authority and Regulatory Framework

The FSC derives its authority from multiple statutes, including the Financial Services Commission Act (No. 8 of 2023) and the Securities Industry Act (2021). It regulates entities under laws such as the Belize Companies Act (2022), the Trusts Act, and the Limited Liability Partnerships Act. The commission enforces compliance through licensing, supervision, and disciplinary actions, including fines, license suspensions, and criminal prosecution recommendations. Its jurisdiction extends to forex brokers, mutual funds, securities traders, and non-profit organizations.

Core Responsibilities and Regulatory Scope

The FSC’s responsibilities include:

• Licensing financial service providers, including forex brokers (Category F/J licenses), investment advisors, and mutual fund managers.
• Monitoring compliance with anti-money laundering (AML) protocols and investor protection guidelines.
• Enforcing capital requirements (e.g., $500,000 minimum paid-up capital for forex brokers) and segregated client accounts.
• Publishing warnings and sanctions against non-compliant entities, such as license revocations or suspensions.
• Promoting Belize as a competitive financial center through policy advisement and international collaboration.

Contact Information

Address:
Financial Services Commission,
Sir Edney Cain Building, 2nd Floor,
Belmopan, Belize, C.A.
Phone: +501-822-2974
Fax: +501-822-3810
Website: https://ifsc.gov.bz

Verification of Regulated Entities

To confirm if a financial service provider is licensed by the FSC:

1. Visit the official FSC website (https://ifsc.gov.bz).
2. Use the “Licensee Search” tool, accessible via the homepage or dedicated compliance portal.
3. Enter the entity’s name or license number to retrieve real-time regulatory status and license details.
4. Cross-check the results with the FSC’s public warnings or sanctions list to ensure no disciplinary actions are pending.