Barbados Makes Progress in Addressing Technical Compliance Deficiencies Identified by FATF

A recent follow-up report has revealed significant strides made by Barbados in addressing technical compliance deficiencies identified in its Mutual Evaluation Report (MER). The report assesses the island nation’s progress in implementing Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures, as outlined by the Financial Action Task Force (FATF).

Progress in Implementing AML/CFT Measures

According to the report, Barbados has taken actions to address weaknesses identified in its MER and meet the requirements of revised FATF Recommendations since 2018. As a result, the island’s technical compliance rating has been re-evaluated on 13 key recommendations.

Rating Breakdown

• Recommendation 4 and 20: Compliant
• Recommendation 1, 7, 19, 29, 32, 33, 34, and 38: Largely compliant
• Recommendation 8: Partially compliant
• Recommendation 15 and 21: Downgraded to partially compliant

Enhanced Follow-up Process

Under the enhanced follow-up process, Barbados will continue to report back to the Caribbean Financial Action Task Force (CFATF) on its progress in strengthening the implementation of AML/CFT measures. This ongoing monitoring will ensure that the island nation remains committed to combating money laundering and terrorist financing.

By continuing to address technical compliance deficiencies, Barbados demonstrates its commitment to maintaining a robust anti-money laundering and combating the financing of terrorism framework, which is essential for protecting its financial system and reputation.