Financial Crime World

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FATF Recommendations Implemented in Barbados: A Comprehensive Review

The Financial Action Task Force (FATF) has released its latest report on the implementation of anti-money laundering and combating the financing of terrorism (AML/CFT) recommendations in Barbados. The country’s technical compliance rating reflects its progress in implementing the 40 FATF Recommendations.

Progress Made by Barbados

Barbados has made significant strides in:

  • Assessing risk and applying a risk-based approach (R.1)
  • National cooperation and coordination (R.2)
  • Targeted financial sanctions related to terrorism and terrorist financing (R.6)
  • Regulations and supervision of financial institutions (R.26) and powers of supervisors (R.27)

Challenges Faced by Barbados

However, Barbados faces challenges in certain areas, including:

  • Confiscation and provisional measures (R.4)
  • Terrorist financing offence (R.5)
  • Customer due diligence (R.10)
  • Record keeping (R.11)
  • Treatment of non-profit organizations (R.8) and financial institution secrecy laws (R.9)

Additionally, Barbados has shown limited progress in implementing certain recommendations, including those related to:

  • New technologies (R.15)
  • Wire transfers (R.16)
  • Reliance on third parties (R.17)
  • Transparency and beneficial ownership of legal persons (R.24) and arrangements (R.25)

Areas for Improvement

The FATF report highlights areas where Barbados needs to strengthen its AML/CFT framework, including:

  • Regulation and supervision of DNFBPs (R.28)
  • Financial intelligence units (R.29)
  • Law enforcement and investigative authorities (R.30)
  • Sharing statistics (R.33) and providing guidance and feedback (R.34)

Conclusion

Despite the challenges faced by Barbados, the country has made significant progress in implementing the FATF Recommendations, particularly in areas such as international cooperation and coordination. The country’s technical compliance rating reflects its commitment to combating money laundering and terrorist financing.

The FATF report serves as a roadmap for Barbados to address outstanding issues and strengthen its AML/CFT framework. It is essential that the country implements the necessary reforms to prevent financial crimes and maintain a robust regulatory environment.