Financial Crime World

Barbados Removed from FATF’s Grey List in Major Milestone

Breaking News: February 23, 2024

Barbados has achieved a significant milestone by being removed from the Financial Action Task Force’s (FATF) List of Jurisdictions Under Increased Monitoring, commonly referred to as the FATF Grey List. This development was announced at the organization’s first Plenary meeting of the year on Friday, February 23, 2024.

Successful Implementation of Action Plan

The removal comes after Barbados successfully implemented its Action Plan, according to a consensus reached by the FATF. The country’s Attorney General, Dale Marshall, congratulated members of the local Anti-Money Laundering (AML) Network for their dedication and commitment over the past four years.

Key Stakeholders in the AML Network

The AML Network comprises several key stakeholders, including:

  • Central Bank of Barbados
  • International Business Unit
  • Financial Services Commission
  • Compliance Unit
  • Corporate Affairs and Intellectual Property Office
  • Financial Intelligence Unit
  • Financial Crimes Investigations Unit of the Barbados Police Service
  • Office of the Director of Department of Public Prosecutions
  • Office of the Attorney General

Positive Spin-Offs

Marshall emphasized that this significant development should alleviate concerns among financial institutions, businesses, professionals, and citizens. This will lead to an ease in doing business locally and internationally, as investors gain renewed confidence in Barbados as a safe place to invest, thanks to its strengthened AML regime.

Pathway to Removal from EU and UK Blacklists

The removal from the FATF Grey List paves the way for Barbados to be removed from the European Union’s Blacklist and the United Kingdom’s Blacklist. The Attorney General expressed hope that the UK will immediately remove Barbados from its blacklist, with removal from the EU Blacklist expected to follow shortly thereafter.

Looking Ahead

Barbados looks forward to positive spin-offs from the delisting and will continue to work towards maintaining an effective AML regime consistent with FATF standards. This achievement is a testament to the country’s commitment to combating money laundering and terrorist financing, and it will undoubtedly boost its reputation as a responsible and trustworthy financial jurisdiction.