FIU signs MOU with Income Tax Dept.

By Marion Ali, Assistant Editor

The Income Tax Department and the Financial Intelligence Unit (FIU) have signed a Memorandum of Understanding (MOU) to provide for automatic exchange of information between the two government departments.

The move is to enhance their abilities in preventing things like money laundering, tax evasion and financing terrorism and will help in the investigation and prosecution of cases in these areas. It also makes provisions for joint operations between the two departments, according to Kent Claire, FIU director.

“The FIU is conducting a very ambitious but very necessary program to develop what is called a national risk assessment for Belize and basically what it is it’s a anti money laundering and terrorist financing initiative but it takes into account on wide variety of stakeholders from the AG’s Ministry to the Immigration Department, Customs; certainly tax, the office of the supervisor of insurance, the IFSC who supervise the offshore sector, the Central Bank,” he said.

“And basically you are looking at risk assessment and mitigation in every way that Belize could be challenged, whether it’s our borders, whether it is risk from criminal activities, to street crime, from cyber crime and your fundamental money laundering terrorist financing – protection of our financial systems and so on.”

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