IFSC Regulatory Entity
The IFSC refers to the International Financial Services Commission as an agency of the Belize government responsible for financial regulation.
The main functions of IFSC include market participation, exchanges and settlement, and enforcement of financial regulation. It is highly popular in trade markets because many online brokers of forex receive their international license from IFSC. The international financial services commission is also working to regulate the non-banking sector of the Belize economy.
This company was established in 1999 under the International Financial Services Commission Act (IFSCA), and it also includes representatives from many sectors (both public and private).
The act of the International Financial Services Commission was enacted to oversee the growing offshore sector in Belize.
The IFSC Belize is self-regulating, and the government has introduced overall standards. That’s why the government expects much of the actual work in terms of monitoring and compliance in processes within industries’ boundaries.
Working as the regulatory entity of the offshore industry in Belize, IFSC performs various services, including mutual funds, international insurance, trusts, and International Business Companies (IBCs).
Table of contents
IFSC Future Goals
- To protect and enhance the reputation of Belize as a centre of offshore Financial Services.
- To supervise and regulate the International Financial Services appropriately.
- To formulate policies and provision of advice and assistance to the Belize government to regulate the following services.
- To collect and store reliable time information to interested parties to change these services.
IFSC Belize performs some other tasks, including issuing licensing regulations to license all the international financial service providers in Belize. The licensing process adopted by IFSC is to sort out the proper persons that have to provide or transact the international financial services in or from the country.
IFSC is now developing a statutory code of conduct for all providers of financial services at international platforms. The statutory code will ensure the providers’ compliance with Internationally accepted best practices among all financial service providers. Further, IFSC is working on licensing regulation to license all International financial service providers at low cost. The application cost is $500, while the annual license fee is $2500.
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The IFSC was established in 1999 in Belize to provide the license to all financial companies. Also, the focus of the Commission was to control, regulate and supervise all the regulated firms to bind all international financial services requirements to their activities. The IFSC was initiated and regulated by the Ministry of Belize Securities and International Financial Commission Act. A specific code of conduct adopted by IFSC is to increase the level of services provided by licensed companies that work under the IFSC considerably.
The International Financial Services Commission’s mission is to promote Belize’s financial service market by regulating product enhancement, market expansion, effective regulatory policies and practices, and professional skills.
The International Financial Services Commission of Belize’s vision is to provide financial services institutions with a safe, thriving, and competitive environment in which they can conduct and establish efficient business activities.
The IFSC regulatory entity activities are the reflection of their core values. The values IFSC established to perform regulatory functions are following:
IFSC will be accountable for its work and activities and correct its mistakes to a greater extent as soon as possible.
IFSC’s work and activities will be consistent in its performance and quality.
IFSC will integrate an efficient and transparent financial services sector.
IFSC will establish strategies and make decisions according to its clients and stakeholder’s responses.
IFSC will remain agile and ready to adjust its policies and regulatory framework to adapt to changes.
IFSC core functions
The core functions of Belize’s International Financial Services Commission are following:
- It promotes and develops the financial services sector of Belize.
- It enhances and protects Belize’s reputation as an offshore financial services centre.
- It regulates and supervises the financial services activities of financial firms in Belize.
- It formulates and assists Belize’s government in regulating financial sectors activities such as collecting, providing reliable and timely information about new trends and policies to the financial firms, and storing services.
IFSC regulated entities
IFSC regulates and supervises many financial services sectors of Belize under its jurisdiction. IFSC is monitored by the Minister of Finance and is responsible for regulating the following registries:
- Belize International Corporate Affairs Registry
- International Limited Liability Companies Registry
- Limited Liability Partnership Registry
- Belize Companies and Corporate Affairs Registry
- International Merchant Marine Registry of Belize
- International Trusts Registry
- Protected Cell Companies Registry
- International Foundation Registry
Since the International Financial Services Commission Act has established IFSC, it makes great progress by introducing legislative amendments to enhance the efficiency of tax practices in Belize. IFSC also implemented the AML/CTF approach to build Belize’s Financial Services sector standards and promote innovative practices to establish it internationally.
Belize’s International Financial Services Commission combined with the Terrorism Prevention and Anti-Money Laundering Act of Chapter 104. It introduced several laws and regulations to monitor and supervise the compliance of financial services industry participant’s activities with the law.
IFSC standard conditions
The standard of conditions and requirements for the financial services institutions under jurisdictions varies according to the services they provide to the clients. Accordingly, the Commission evaluates that all the institutions must comply with the International Financial Commission Act laws and regulations while conducting financial services.
IFSC AML/CTF approach
The Terrorism Prevention and Anti-Money Laundering Act, Chapter 104 of Belize’s Substantive Law of Revised Edition 2011, imposes AML/CTF approaches on the financial regulatory entities of Belize. Belize as an active member of CFATF, Caribbean Financial Action Task Force takes its responsibilities seriously. So, the government of Belize regulates and monitors the compliance of financial institutions’ activities with the obligations and objectives of FATF and the Organization for Economic Cooperation and Development with the assistance of IFSC.
IFSC or International Financial Services Commission monitored by Belize’s government to regulate and supervise the financial activities of its country’s financial services institutions. IFSC is responsible for overseeing all the firms and participants of financial exchanges and markets and enforcing the financial laws and regulations. In addition, many online brokers are also licensees of IFSC and conduct financial activities under its jurisdiction.
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