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Barbados Nears Removal from Grey List as FATF Approves On-Site Visit

In a significant development, Barbados has been cleared to undergo an on-site visit by the Financial Action Task Force (FATF) early next year, marking a major step towards its removal from the list of jurisdictions under enhanced monitoring.

Substantial Progress Recognized The country’s substantial progress in strengthening its anti-money laundering and counter-terrorism financing regime was recognized at the FATF Plenary meeting in Paris last week. This recognition is a testament to Barbados’ hard work and commitment to combating money laundering, financing of terrorism, and proliferation of weapons of mass destruction.

On-Site Visit Details The on-site visit, scheduled for early 2024, will be conducted by the Americas Joint Group - a subgroup of the FATF’s International Cooperation Review Group. During the assessment, representatives from regulatory agencies, law enforcement, the judiciary, government officials, and the private sector will engage with assessors to confirm the effectiveness and sustainability of measures implemented since Barbados’ Action Plan was agreed in 2020.

Attorney General’s Comments “Barbados has put in place a significant body of measures to address recommendations from its 4th Round Mutual Evaluation Report,” said Attorney General Dale Marshall. “We have addressed all areas outlined in our Action Plan, and the FATF now needs to be satisfied that these measures are tangible and sustainable.”

Next Steps The on-site visit will culminate in a formal report submitted to the FATF at its February 2024 Plenary meeting, after which Barbados is expected to receive confirmation of its removal from the grey list. The country’s Attorney General welcomed this final stage of the process, reiterating his commitment to continued cooperation with the FATF and assessment team.

Congratulations to Other Countries Barbados also extended congratulations to the Cayman Islands for being de-listed by the FATF, as well as Jamaica and Haiti for making progress on their Action Plans.