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Barbados Cracks Down on Money Laundering with Enhanced Detection Measures

In a bid to combat money laundering, terrorism financing, and proliferation financing, Barbados’ Financial Services Commission (FSC) has intensified its efforts to detect and deter illicit financial activities. As a member of the global community, Barbados is committed to adhering to international standards set by the Financial Action Task Force (FATF) and the Caribbean Financial Action Task Force (CFATF).

Enhanced Detection Measures

Financial institutions regulated by the FSC are now required to implement robust controls to prevent the flow of illicit funds through the country’s financial system. These measures include:

• Identifying and verifying customer information
• Conducting regular account reviews
• Monitoring transactions for suspicious activity

The FSC has issued guidelines outlining these requirements, which financial institutions are expected to follow closely. Additionally, institutions are encouraged to consult the FATF Guidance, a sector-specific document developed in partnership with the private sector and reflecting best practices from within the industry.

Strengthening Legislative Framework

Barbados’ legislative framework is also being strengthened through the enactment of laws such as:

• Anti-Terrorism Act Cap 158
• Money Laundering & Financing of Terrorism (Prevention & Control) Act
• Money Laundering & Financing of Terrorism (Prevention & Control) Amendment

Furthermore, the country has implemented targeted financial sanctions guidelines, with a reporting form for suspicious transactions also in place.

Compliance and Protection

The FSC is urging all financial institutions to take their responsibilities seriously and ensure compliance with these regulations, as part of the ongoing effort to protect Barbados’ financial system from money laundering and other illegal activities.