Financial Crime World

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Barbados Meets FATF Recommendations 2022: A Mixed Bag

The Financial Action Task Force (FATF) has released its assessment of Barbados’ compliance with its recommendations for 2022. The report shows a mixed bag, with some areas of strength and others that require improvement.

Assessment Highlights

According to the report, Barbados received ratings in various areas, ranging from “Compliant” (C) to “Non-Compliant” (NC). Here are some key highlights:

  • Assessing risk and applying a risk-based approach: Largely Compliant (LC)
  • National cooperation and coordination: Largely Compliant (LC)
  • Money laundering offence: Partially Compliant (PC)
  • Terrorist financing offence: Partially Compliant (PC)

Areas for Improvement

Barbados received NC ratings in several areas, including:

  • Regulation and supervision of DNFBPs
  • Transparency and beneficial ownership of legal persons and arrangements
  • Statistics

Progress Made and Areas for Reform

The report highlights some areas where Barbados has made significant progress, such as:

  • Financial institution secrecy laws
  • Customer due diligence
  • Record keeping
  • Reliance on third parties

However, it also identifies areas that require improvement, including:

  • Confiscation and provisional measures
  • Targeted financial sanctions related to proliferation
  • Reporting of suspicious transactions

Government Response

Barbados has been working to address these concerns and implement the necessary reforms to meet FATF standards. The report is a critical step in this process, providing a roadmap for the country’s anti-money laundering and counter-terrorism financing efforts.

In response to the report, Barbados’ authorities have pledged to continue working towards full compliance with the FATF recommendations. The government has committed to implementing additional measures to strengthen its financial sector and combat illicit activities.

Implications

The FATF’s assessment is widely seen as a key factor in determining the country’s ability to attract foreign investment, maintain good relations with international partners, and combat global threats such as money laundering and terrorist financing.