Financial Crime World

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Compliance vs Regulatory in Barbados: A Delicate Balance

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As a responsible player in the global financial sector, Barbados has been unwavering in its commitment to being a competitive and compliant jurisdiction for international business. The island’s contribution to the global economy may be significant, but it is equally important to ensure that the sector remains robust and resilient.

Emphasis on Compliance

Derrick Cummins, CEO of Amicorp Barbados and Immediate Past President of BIBA - The Association for Global Business, emphasized the importance of compliance in the financial sector. “We are a proud people for whom stability, continuity, and common-sense regulation are paramount,” he said. “Our regulatory stance is one that seeks to attract reputable businesses of substance.”

Regulatory Initiatives

Barbados has taken several steps to ensure regulatory compliance:

  • Economic Substance Reporting: Companies are required to provide detailed information about their financial activities and operations.
  • Beneficial Ownership Register: A register aimed at providing competent authorities and law enforcement agencies with timely access to accurate beneficial ownership information for all legal persons in Barbados.

Strengthening Regulatory Framework

Barbados has also:

  • Overhauled its network of bilateral and investment treaties, making them more effective and fit for purpose in the new global environment.
  • Ensured that systems are effective and regulations are practised through cohesive efforts from regulatory authorities.

Combating Money Laundering and Terrorism Financing

Barbados’ commitment to international efforts to stop money laundering and the financing of terrorism is unwavering. Prime Minister Mia Mottley has reiterated on several occasions that the country is “unflinching” in its support of these efforts.

Progress on FATF Action Plan

The island’s regulatory authorities have taken steps to address some of the items in the FATF/Barbados approved Action Plan ahead of agreed timelines, including:

  • The establishment of a new Compliance Unit under the Anti-Money Laundering Authority with appropriate resources.
  • The commencement of Barbados’ risk-based approach to on-site and off-site inspections.

Conclusion

In conclusion, Barbados is a jurisdiction that seeks to attract reputable businesses of substance while ensuring regulatory compliance and robust representation in the global financial space. The country’s commitment to high standards of operation is unwavering, making it an attractive destination for international business.