Barbados Takes Step towards Enhanced Anti-Money Laundering Regulations

Barbados has taken significant steps in recent years to strengthen its financial sector’s defenses against money laundering and terrorism financing, aligning with international standards set by the Financial Action Task Force (FATF).

Recent Developments

• On March 1, 2022, Barbados issued the FATF Recommendations, providing a framework for countries to prevent money laundering and terrorism financing.
• In November 2021, the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) guideline was released, outlining specific requirements for financial institutions and other businesses to comply with AML/CFT regulations.
• The FATF Methodology, issued in October 2021, serves as a guide for countries to assess their anti-money laundering and combating the financing of terrorism systems.

Key Regulations

• Anti-Terrorism (Amendment) Act, 2019: Issued in May 2019, this act strengthens Barbados’ anti-terrorism framework.
• Money Laundering & Financing of Terrorism (Prevention and Control) Amendment Act, 2019-22: Issued in August 2019, this act further reinforces the country’s anti-money laundering and anti-terrorism laws.

History of Regulations

• The initial anti-money laundering law was passed in 2011, with the Money Laundering & Financing of Terrorism (Prevention and Control) Act, 2011 being implemented on July 11, 2011.
• The Anti-Terrorism Act, CAP 158, was first issued in May 2002.

Conclusion

Barbados’ commitment to maintaining a robust anti-money laundering and anti-terrorism framework is essential for maintaining the integrity of its financial system and protecting its economy from illicit activities. These regulations demonstrate the country’s dedication to staying ahead of the curve and adhering to international standards set by the FATF.