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FATF Recommendations in Barbados Face Scrutiny

A report released on January 29, 2009 has highlighted the need for Barbados to strengthen its anti-money laundering (AML) and combating the financing of terrorism (CFT) systems. The Financial Action Task Force on Money Laundering (FATF-40) recommendations were found to be under-resourced in key areas, including law enforcement authorities and the Office of Director of Public Prosecutions.

Challenges Ahead

Despite this challenge, it was revealed that competent authorities are engaged in various joint law enforcement initiatives aimed at combating money laundering and terrorist financing. The report noted that these efforts could be further strengthened through increased resources and cooperation.

Strengthening AML/CFT Systems

The FATF-40 recommendations provide a framework for countries to implement effective AML/CFT systems, which is crucial in the fight against financial crimes. Barbados, like many other countries, must comply with these standards to avoid being placed on a list of non-cooperative jurisdictions by the FATF.

Urgent Action Required

In light of this report, it is imperative that the government and relevant authorities take immediate action to address the identified shortcomings and ensure that Barbados meets its international obligations in AML/CFT. This includes:

• Providing sufficient resources to law enforcement agencies
• Strengthening cooperation between different stakeholders involved in combating financial crimes

Commitment to Prevention

By doing so, Barbados can demonstrate its commitment to preventing money laundering and terrorist financing, and maintain a reputation as a responsible and cooperative member of the international community.

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