The Corozal Free Zone is managed by a Board of Directors. This entity is responsible for policy making, decision making, execution of projects and overseeing all activities within the zone.

“As defined by the Commercial Free Zone Act Chapter 278 of the Laws of Belize, a “Commercial Free Zone business” or “CFZ business” means a private or public party which has been granted approval to operate such a business under the Commercial Free Zone Act and any regulations and which conducts a trade or business, including but not limited to manufacturing, commercial, office, warehousing, professional or other activity, primarily within any Commercial Free Zone. The First Schedule of the Money Laundering and Terrorism Prevention Act, 2008 has been amended to include a business operating in a free zone area.” FIU Belize Website

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The CFZ has made drastic changes to meet international regulations and standards. All free zone entities have to register with the Financial Intelligence Unit, which will monitor the financial international services sector such as money laundering and other financial crime invariably. This has been implemented since February 2014. All businesses will be accountable to this unit, which will audit any company at any given time. CFZ businesses have to report Import, Sales and Financial audits annually.

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ICT also plays a major role in the increased control of all the activities of the CFZ.These activities may include: movement of goods, control of imports and sales and security. It outputs detailed reports needed for decision making.