Barbados Amends Laws to Combat Money Laundering and Terrorism
Strengthening the Fight Against Financial Crimes
Bridgetown, Barbados - The Government of Barbados has taken significant steps to strengthen its laws and regulations aimed at combating money laundering and terrorist financing.
Amendments to Key Acts
The amendments include changes to several key acts, including:
- Proceeds and Instrumentalities of Crime Act, 2019
- Mutual Assistance in Criminal Matters Act, Cap.140A
- Anti-Terrorism Act, Cap.158
- Anti-Terrorism (Amendment) Act, 2015 and 2019
- Money Laundering and Financing of Terrorism (Prevention and Control) Act, 2011-23
- Money Laundering and Financing of Terrorism (Prevention and Control) (Amendment) Act, 2019
- Criminal Assets Recovery Fund Act, 2016
Objectives of the Amendments
The measures are designed to:
- Improve financial intelligence gathering capabilities
- Enhance international cooperation in combating money laundering and terrorist financing
- Increase the effectiveness of investigations and prosecutions
According to the Central Bank of Barbados and the Anti-Money Laundering Authority (AMLA), the amendments aim to strengthen the legal framework for preventing money laundering and terrorist financing by:
- Improving customer due diligence and ongoing monitoring requirements
- Enhancing reporting obligations for financial institutions and designated non-financial businesses and professions
- Increasing cooperation between law enforcement agencies and financial institutions
- Strengthening penalties for non-compliance with anti-money laundering and counter-terrorism financing regulations
New Guidelines for Financial Institutions
The AMLA has issued a new guideline for financial institutions, outlining the minimum requirements for implementing effective anti-money laundering and counter-terrorism financing controls. The guideline emphasizes the importance of:
- Robust risk assessments
- Customer due diligence
- Ongoing monitoring
- Reporting suspicious transactions
“We recognize that money laundering and terrorist financing are significant threats to our financial system and national security,” said a senior official at the Central Bank of Barbados. “These amendments demonstrate our commitment to strengthening our legal framework and international cooperation in combating these crimes.”
International Recognition
The government’s efforts have been praised by international organizations, including the Financial Action Task Force (FATF), which has acknowledged Barbados’ progress in implementing its anti-money laundering and counter-terrorism financing recommendations.
In a statement, FATF said: “Barbados has made significant progress in strengthening its anti-money laundering and counter-terrorism financing framework. The country’s efforts to improve its legal framework, enhance international cooperation, and increase the effectiveness of investigations and prosecutions are commendable.”
Effective Date
The government’s amendments take effect immediately, and financial institutions are required to comply with the new regulations by a specified deadline.
By strengthening its laws and regulations, Barbados is demonstrating its commitment to combating money laundering and terrorist financing, and ensuring the integrity of its financial system.