Barbados Advances Regulatory and Compliance Measures Amidst Global Financial Trends

Barbados, a leading player in the international business sector for over four decades, is reinforcing its regulatory and compliance framework in response to global financial trends that push for enhanced regulatory measures.

Baribados’ Commitment to Responsible Business Practices

Since the inception of its international business sector, Barbados has prided itself on its unwavering commitment to promoting responsible, transparent, and competitive business practices. The following initiatives are a testament to this dedication.

Derrick Cummins, Chief Executive Officer of the Barbados International Business Corporation, outlined the details of these measures in a recent press conference. Cummins underscored the importance of maintaining highest regulatory standards while ensuring a favorable business environment for investors.

Comprehensive Regulatory Review

Barbados plans to conduct a comprehensive regulatory review, focusing on its corporate legislation and international taxation rules. This review is expected to incorporate the latest international best practices and is part of a broader strategy to strengthen the country’s financial system.

Enhanced Compliance and Enforcement Mechanisms

The regulator has pledged more resources towards enhancing its compliance and enforcement mechanisms. This includes the expansion of its team of inspectors and investigators, as well as the introduction of advanced technology tools designed to detect and deter potential non-compliant activities.

New Licensing Framework for Trust and Corporate Service Providers

The government has recently approved a new licensing framework for trust and corporate service providers, effectively strengthening the regulatory oversight of these critical professional groups. The new framework requires applicants to meet enhanced eligibility criteria, including minimum capital requirements and a commitment to adhere to best practices in governance and risk management.

Support for the International Tax Landscape Improvement

Barbados has expressed its support for the ongoing efforts to improve the international tax landscape. The country has already signed numerous tax information exchange agreements (TIEA) and intends to continue its active participation in the global dialogue on tax matters.

Positioning as a Destination of Choice

With these new measures, Barbados continues to demonstrate its resolve as a responsible international financial jurisdiction, committed to fostering a strong and sustainable business environment. As global trends push for enhanced financial regulation and transparency, Barbados is positioning itself as a destination of choice for investors seeking a well-regulated, compliant, and competitive investment environment.