Barbados Achieves Major Milestone in Combating Financial Crimes
Paris, October 27, 2023
The Financial Action Task Force (FATF) has announced that Barbados has substantially completed its action plan to combat money laundering, financing of terrorism, and proliferation of weapons of mass destruction. This decision paves the way for an onsite visit early next year, which is the final step towards removal from the FATF list of jurisdictions under enhanced monitoring.
History of Efforts
The action plan was agreed upon in 2020, and Barbados’ removal from the list would signify significant progress made by the country in strengthening the effectiveness of its regime to combat financial crimes. The decision was announced at the FATF plenary meeting last week, following a review of Barbados’ efforts to implement the recommendations from its fourth round mutual evaluation report.
Measures Implemented
According to Attorney General Dale Marshall, who represented Barbados at the FATF meetings, the country has put in place a comprehensive range of measures to address the recommendations from its 4th Round Mutual Evaluation Report. These measures include:
- Statutory changes
- Improvements to regulatory and law enforcement frameworks
The onsite visit is necessary to confirm that these measures are tangible and sustainable.
Onsite Visit
The Americas Joint Group, a subgroup of the FATF’s International Cooperation Review Group, will conduct the onsite visit early next year. During the visit, assessors will engage with:
- Regulatory agencies
- Law enforcement
- The judiciary
- Government officials
- The private sector
to verify the effectiveness and sustainability of the measures implemented by Barbados.
Final Stage of Process
The assessors’ report will be submitted to the FATF at its February 2024 plenary meeting, where Barbados will receive confirmation on whether it will be delisted. Attorney General Marshall welcomed this final stage of the process, affirming his country’s intention to continue cooperating fully with the FATF and the assessment team.
Congratulatory Remarks
Barbados congratulated the Cayman Islands on being de-listed by the FATF and Jamaica and Haiti for making progress on their action plans.