Barbados Tightens AML Regulations to Combat Global Threats

The Central Bank of Barbados has strengthened its vigilance to support government efforts in combating global threats such as money laundering, terrorism financing, and the proliferation of weapons of mass destruction.

Enhanced Supervision and Regulation

As the supervisory and regulatory agency for institutions licensed under the Financial Institutions Act, Cap. 324A, the Central Bank assesses licensees’ anti-money laundering/combating the financing of terrorism (AML/CFT) framework and compliance with relevant legislation.

Focus on Compliance with Relevant Legislation

The Central Bank is particularly focused on ensuring that financial sector regulators and institutions comply with:

• The Money Laundering and Financing of Terrorism (Prevention and Control) Act, 2011-23, as well as its subsequent amendments
• The Anti-Terrorism Act, Cap. 158, and its amendment in 2019

Objectives

These measures aim to:

• Minimize the possibility of Barbados’ jurisdictions or institutions becoming involved in illicit activities
• Support international efforts to combat global threats

By strengthening its AML regulations, the Central Bank is committed to preventing money laundering, terrorism financing, and the proliferation of weapons of mass destruction, ultimately protecting the integrity of the financial system and ensuring a safe and stable economy for Barbados.