Barbados Tackles Money Laundering and Terrorism Financing with Vigilance

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The global threat of money laundering, terrorism financing, and the proliferation of weapons of mass destruction has prompted financial sector regulators and institutions to increase their surveillance in support of governments’ efforts to combat these threats. The Central Bank of Barbados is at the forefront of combating money laundering and terrorism financing as a key player in this fight.

Intensifying Surveillance

The bank assesses the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) frameworks and compliance with relevant legislation, including:

• The Money Laundering and Financing of Terrorism (Prevention and Control) Act, 2011-23
• The Money Laundering and Financing of Terrorism (Prevention and Control) Amendment Act, 2019-22
• The Anti-Terrorism Act, Cap. 158
• The Anti-Terrorism (Amendment) Act, 2019

Key Role in Combating Financial Crimes

As the supervisory and regulatory agency for financial institutions licensed under the Financial Institutions Act, Cap. 324A, the Central Bank of Barbados plays a crucial role in combating money laundering and terrorism financing. The bank’s efforts aim to minimize the risk of jurisdictions or institutions being drawn into these illegal activities.

By intensifying its surveillance and ensuring compliance with relevant legislation, the Central Bank of Barbados is taking a proactive approach to tackling the global menace of money laundering, terrorism financing, and the proliferation of weapons of mass destruction.