The International Financial Services Commission, also known as the “IFSC” or the “Commission” was established by the enactment of the International Financial Services Commission Act (IFSCA) on 3rd May 1999 and brought into force in 2000. The establishment of the IFSC allows Belize to comply with international standards in the structure and administration of its IFSC regulatory and supervisory body.
The IFSC is a premier regulatory body for the offshore industry in Belize and as the regulatory authority, the IFSC’s responsibility under the IFSC Act, is to promote, protect and enhance Belize as an international financial services center and to regulate the provision of international financial services.
The IFSC is currently headed by the Financial Secretary of Belize as Chairman, and has a Director General of the Commission who is the Chief Executive Officer of the Commission. The Director General is the ex-officio Deputy Chairman of the Commission.
IFSC’S Mandate and Core Functions:
The mandate includes:
• Promoting and developing Belize as a center for international financial services;
• Protecting and enhancing the reputation of Belize as an offshore financial center;
• Providing appropriate supervision and regulation of international financial services;
• Formulating policies and providing advice and assistance to the government on the regulation of such services;
• Collecting, storing and disseminating reliable and timely information to interested parties on changes and new trends in these services.
The IFSC Vision:
“A thriving, competitive, safe and sound financial services centre from which firms of substance and good reputation can conduct and promote good business”.
The IFSC Mission:
“To support the development of the financial services sector in Belize primarily through effective regulatory practices, market expansion, professional skills and product enhancement”.
Everything we do as a regulator will be guided by our core values:
- Integrity. We will uphold the highest standards of honesty and ethical behaviour in our work.
- Accountability. We will hold ourselves responsible in terms of honouring our commitments to clients and to each other. We take ownership of our work and promptly correct mistakes to the greatest extent possible.
- Adaptability. We will remain agile, ready to shift or adjust our approach when challenges arise because we cannot control everything that happens, but we can control how we react to constant change.
- Service Oriented. We will make every decision and measure each strategic objective based on how well it serves our clients and other stakeholders.
- Reliability. We will be consistent in quality and performance of our duties.
Please see the INTERNATIONAL FINANCIAL SERVICES COMMISSION ACT CHAPTER 272 REVISED EDITION 2011