Financial Crime World

Barbados Takes Proactive Measures Against Money Laundering, Terrorist Financing

Strengthening Financial System and Compliance with International Standards

The government of Barbados has taken a proactive approach to safeguard its financial system by implementing various measures to combat money laundering and terrorist financing. As an island nation that serves as a transit point for illegal activities, Barbados is particularly vulnerable to these threats.

At the heart of Barbados’ anti-money laundering efforts lies a robust legal framework. The Anti-Terrorism Act, enacted in 2002, aligns with United Nations and Security Council resolutions aimed at combating terrorist financing. Additionally, the Money Laundering (Prevention and Control) Act, established in 1988, criminalizes money laundering and imposes severe penalties.

Regulatory Bodies and Authorities

To ensure compliance with these laws, Barbados has created a range of regulatory bodies and authorities. The Anti-Money Laundering Authority (AMLA) serves as the country’s Financial Intelligence Unit, while the Central Bank of Barbados plays a key role in maintaining financial stability.

Compliance Measures for Financial Institutions

Barbados’ financial institutions are subject to strict compliance measures, including:

  • Client verification policies
  • Suspicious activity reporting
  • Know-your-customer standards

The AMLA requires all financial institutions to report transactions exceeding $5,000 USD and maintain detailed records of all transactions.

Regulations for Global Threats

Barbados’ regulators and regulations are designed to combat global threats related to money laundering, terrorism financing, and weapons proliferation. These include:

  • Financial Institutions Act
  • Money Laundering and Terrorist Financing Act
  • Anti-Terrorism Act

National Risk Assessment

Despite these efforts, Barbados is aware of the need for continued improvement. The country has initiated a national risk assessment to identify potential weaknesses in its anti-money laundering regime and develop targeted strategies to address them.

Sanction Scanner’s AML Solutions

In light of these challenges, Sanction Scanner offers a range of AML solutions designed to empower responsible entities in Barbados to comply with local and global AML legislation. These tools include:

  • KYC (Know Your Customer)
  • Customer due diligence
  • Transaction screening
  • Transaction monitoring

By leveraging these solutions, financial institutions and other organizations can ensure the integrity of their operations and contribute to the overall stability of Barbados’ financial system.

Contact Sanction Scanner Today

Contact Sanction Scanner today to learn more about our AML solutions and how they can help you navigate the complex landscape of anti-money laundering regulations in Barbados.