Barbados Strengthens Fight Against Money Laundering and Terrorist Financing with FATF Recommendations

Enhancing Risk Assessment and Understanding of Financial Threats

In an effort to better identify, assess, and understand the risks posed by money laundering and terrorist financing, Barbados has taken significant steps towards implementing the Financial Action Task Force (FATF) recommendations. This move is a crucial step in maintaining the island nation’s reputation as a responsible financial jurisdiction.

National Risk Assessment Exercise

In 2019, Barbados embarked on its second National Risk Assessment exercise, bringing together all competent authorities under the Anti-Money Laundering Authority of Barbados to collaborate and share expertise. This comprehensive exercise aimed to identify, assess, and understand the risks posed by money laundering and terrorist financing.

Report Outlines Findings

The resulting report, titled “REPORT ON ASSESSMENT OF NATIONAL MONEY LAUNDERING & TERRORIST FINANCING RISK - BARBADOS”, outlines the findings of the assessment. The report provides a critical step towards enhancing Barbados’ ability to combat money laundering and terrorist financing.

Key Takeaways

• The National Risk Assessment exercise brought together all competent authorities under the Anti-Money Laundering Authority of Barbados to collaborate and share expertise. • The comprehensive report outlines the findings of the assessment, providing a critical step towards enhancing Barbados’ ability to combat money laundering and terrorist financing.

By implementing FATF recommendations and conducting regular risk assessments, Barbados is demonstrating its commitment to maintaining its reputation as a responsible financial jurisdiction.