Financial Crime World

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Combating Money Laundering, Terrorism Financing and Proliferation Financing: Barbados’ AML/CTF Software Solutions

The Financial Services Commission (FSC) of Barbados plays a crucial role in supporting regional and global efforts to combat money laundering, terrorism financing, and proliferation financing. As a participant in the Financial Action Task Force (FATF) and the Caribbean Financial Action Task Force (CFATF), the FSC engages in sharing best practices and other activities designed to strengthen support for member countries’ anti-money laundering and anti-terrorist financing regimes.

Regulatory Requirements

Financial institutions regulated by the FSC are required to implement robust controls to detect and deter the flow of illicit funds through Barbados’ financial system. These controls include:

  • Identifying and knowing customers, including beneficial owners
  • Conducting regular account reviews
  • Monitoring and reporting any suspicious transactions

The requirements for financial institutions are outlined in the FSC’s guidelines.

Additional Resources

In addition to the FSC’s guidelines, financial institutions should refer to:

  • The Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) guidelines and reminders for good practices and other news
  • The sector-specific FATF guidance, developed in partnership with the private sector and reflecting expertise and good practices from within the industry

Legislative Framework

Barbados has enacted several legislations to combat money laundering, terrorism financing, and proliferation financing, including:

  • Anti-Terrorism Act Cap 158
  • Money Laundering & Financing of Terrorism (Prevention & Control) Act
  • Money Laundering & Financing of Terrorism (Prevention & Control) Amendment

Additionally, the country’s Targeted Financial Sanctions Omnibus Guidelines, published in November 2019, outline the requirements for reporting suspicious or unusual transactions. The Reporting Form - Suspicious/Unusual Transaction Report has been amended as of May 2020.

Accessing AML/CTF Software Solutions and Guidelines

For more information on Barbados’ AML/CTF software solutions and guidelines, financial institutions can access the following files:

  • Anti-Terrorism Act Cap 158
  • Money Laundering & Financing of Terrorism (Prevention & Control) Act
  • Money Laundering & Financing of Terrorism (Prevention & Control) Amendment
  • Barbados’ Targeted Financial Sanctions Omnibus Guidelines (November 2019)
  • Reporting Form - Suspicious/Unusual Transaction Report [Amended May 2020]