FATF Recommends Barbados to Address Strategic Deficiencies in Anti-Money Laundering Regime
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The Financial Action Task Force (FATF) has recommended that Barbados, along with several other jurisdictions, take immediate action to address strategic deficiencies in their anti-money laundering and counter-terrorism financing regimes. The FATF’s latest report highlights a list of countries under increased monitoring for failing to meet international standards.
Countries with Strategic Deficiencies
The FATF, an intergovernmental organization that sets global standards for combating money laundering, terrorist financing, and proliferation financing, has identified the following jurisdictions as having strategic deficiencies in their anti-money laundering regimes:
- Albania
- Burkina Faso
- Cambodia
- Cayman Islands
- Haiti
- Jamaica
- Jordan
- Mali
- Morocco
- Myanmar
- Nicaragua
- Pakistan
- Panama
- Philippines
- Senegal
- South Sudan
- Türkiye
- UAE
- Uganda
FATF’s Recommendations
The FATF has been working closely with these jurisdictions to address the identified deficiencies, which include:
- Weaknesses in laws and regulations
- Ineffective enforcement mechanisms
- Lack of transparency and accountability
The organization has called on these countries to complete their action plans expeditiously and within agreed timeframes.
Barbados’ Progress Review
Barbados had its progress reviewed by the FATF since June 2022. While some jurisdictions have made significant progress in combating money laundering and terrorist financing, others still need to address outstanding deficiencies.
FATF’s Commitment to International Standards
The FATF has welcomed the progress made by these countries in spite of the challenges posed by the COVID-19 pandemic. The organization is working closely with these jurisdictions to ensure that they meet international standards and effectively combat money laundering and terrorist financing.
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