Barbados’ Financial Intelligence Unit: Protecting the Pearl of the Caribbean

In the crystal-clear waters of the Caribbean Sea, Barbados stands as a beacon against the dark currents of money laundering and terrorist financing. The Financial Intelligence Unit (FIU) of Barbados plays a pivotal role in safeguarding the island’s economy and maintaining its international reputation.

Background

• The Anti-Money Laundering Authority (AMLA) and the FIU
  • AMLA came into being in 2011 under the Money Laundering and Financing of Terrorism (Prevention and Control) Act.
  • Primary mandate: supervising financial institutions and designated non-financial businesses and professions.
  • The FIU is the central agency for financial intelligence collection, analysis, and dissemination.

Role and Responsibilities

The Barbados FIU is a critical component of the national AML/CFT framework. In line with the Egmont Group’s definition, it is:

• Receiving and requesting financial information concerning suspected proceeds of crime and potential financing of terrorism.
• Analyzing and distributing the information as required by national legislation.
• Engaging in intelligence sharing with other FIUs.

Administrative Model FIU

The FIU follows the “Administrative Model,” acting as an independent administrative authority:

• A buffer between the financial and law enforcement communities.
• Receives information from the financial sector.
• Transmits disclosures to law enforcement and judiciary institutions for further investigation and potential prosecution.

Supervisory Role

• The AMLA’s primary responsibilities: supervising financial institutions and designated non-financial businesses and professions.
• The FIU’s role: receives reports from financial institutions, analyzes them, and shares results with competent authorities for action.