Financial Crime World

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Barbados Cracks Down on Money Laundering and Terrorism Financing with Robust Anti-Financial Crime Policies

The Financial Services Commission (FSC) of Barbados has been at the forefront of regional and global efforts to combat money laundering, terrorism financing, and proliferation financing. As a member of the Financial Action Task Force (FATF) and the Caribbean Financial Action Task Force (CFATF), the FSC is actively engaged in sharing best practices and implementing measures to strengthen support for anti-money laundering and anti-terrorist financing regimes in its member countries.

Implementing Robust Controls

To prevent illicit funds from flowing through Barbados’ financial system, financial institutions regulated by the FSC are required to implement robust controls. These controls include:

  • Identifying and knowing their 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.

Guidance and Resources

The FSC has published guidance on anti-money laundering and combating the financing of terrorism (AML/CFT) to help financial institutions comply with these regulations. Additionally, the sector-specific FATF Guidance is available for review by financial institutions to ensure the effectiveness of their AML/CFT framework.

Legislation

Barbados has enacted several pieces of legislation aimed at preventing money laundering and terrorism financing, including:

  • 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

Financial institutions are encouraged to refer to these guidelines and resources for good practices and news on AML/CFT. For more information, click on the files below:

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