Strengthening Anti-Money Laundering Efforts through Compliance Training Programs in Barbados
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Introduction
The Compliance Unit of Barbados has announced its commitment to protecting the country’s financial system by implementing effective compliance training programs for businesses operating within the Designated Non-Financial Businesses and Professions (DNFBP) sector. This initiative comes as a response to Barbados’ removal from the Financial Action Task Force’s (FATF) List of Jurisdictions Under Increased Monitoring, also known as the Grey List.
Background
Barbados was removed from the FATF’s Grey List due to the hard work of various stakeholders involved in implementing anti-money laundering measures. The country’s commitment to combating financial crimes has been recognized by the international community, and it is now focused on ensuring that its compliance training programs are robust enough to prevent any future lapses.
Quote
“The recent removal from the FATF’s Grey List is a testament to our commitment to combating financial crimes. We are now focused on ensuring that our compliance training programs are robust enough to prevent any future lapses.” - The Most Honourable Reginald Farley, Chairman of the Anti-Money Laundering Network and President of the Senate
Regional Conference
The Compliance Unit has scheduled a Regional Conference at Wyndham Grand Barbados, Sam Lords Castle from October 17th to 18th, 2024. The event aims to bring together experts and stakeholders to discuss best practices in anti-money laundering compliance.
Objectives
- Protect the vision of a fully compliant AML network in the Caribbean
- Share knowledge and expertise on anti-money laundering compliance
Outreach Training Sessions
The unit has organized a series of outreach training sessions, including:
- “Fundamentals of AML/CFT/CPF” session held on March 8, 2022
- Other sessions to be announced
These sessions aim to educate DNFBP sector businesses on the importance of adhering to anti-money laundering regulations.
Benefits
- Improved understanding of anti-money laundering regulations
- Enhanced compliance with international standards
- Reduced risk of financial crimes
Collaboration and Partnerships
The Compliance Unit is collaborating with other organizations, such as Courtyard by Marriott, to host events like “Bridge to Success: Legal & Real Estate Collaboration” on June 12, 2024. This event will explore ways to strengthen legal and real estate collaboration.
Benefits
- Increased understanding of the importance of anti-money laundering regulations in the legal and real estate sectors
- Enhanced cooperation between stakeholders
Action Center
The Compliance Unit has established an Action Center, where stakeholders can access important forms, questionnaires, and links related to DNFBP sectors. The center also features a section for latest news and information, including press releases and announcements.
Resources
- Forms and questionnaires for DNFBP sector businesses
- Links to relevant documents and guidelines
- Latest news and information on anti-money laundering compliance
Call to Action
The Compliance Unit invites all interested parties to reach out and share their thoughts on how to improve anti-money laundering compliance in Barbados.
How to Get Involved
- Attend the Regional Conference or outreach training sessions
- Participate in online forums and discussions
- Share your ideas and suggestions with the Compliance Unit