Financial Crime World

Financial Crimes on the Rise in Barbados: Officials Warn Public and Businesses

Barbados’ authorities held a joint press conference this week to address the rise of financial crimes in the country. Representatives from the Financial Intelligence Unit (FIU), Central Bank of Barbados, Financial Services Commission, and the Royal Barbados Police Force discussed their concerns and urged vigilance from the public and businesses.

Concerns of Financial Crimes in Barbados

FIU Director, Dwayne Holder, reported an increase in financial crimes, such as identity theft, credit card fraud, and money laundering. He stressed the importance of public awareness and the necessity of reporting suspicious activity.

  1. Rising financial crimes in Barbados
  2. Identity theft, credit card fraud, and money laundering

Protecting Yourself from Cybercriminals

Central Bank of Barbados Governor, Dr. DeLisle Worrell, emphasized the significance of strong cybersecurity measures for individuals and businesses. With the increasing reliance on technology for financial transactions, the following steps are crucial:

  1. Strong cybersecurity measures
  2. Protection for both individuals and businesses

Robust Anti-money Laundering Provisions

Financial Services Commission Chairman, Charles Forde, highlighted the importance of financial institutions’ robust anti-money laundering provisions and close collaborations with law enforcement agencies.

  1. Robust anti-money laundering provisions
  2. Cooperation between financial institutions and law enforcement

Reporting Suspicious Activity

Royal Barbados Police Force Superintendent, Seymorne Sinckler, accentuated the importance of reporting suspicious activity to the authorities. Unreported crimes challenge effective investigations and successful prosecutions.

  1. Public reports essential for investigations
  2. Report any suspicious financial activity to the FIU at 236-4873 or nearest police station

Strengthening Capacity to Investigate and Prosecute

Authorities have taken steps towards strengthening their capacity to investigate and prosecute financial crimes through public awareness campaigns and cooperation, such as the recent MOU between the FIU and Central Bank of Barbados.

  1. Enhanced cooperation between FIU and Central Bank
  2. Public awareness campaigns

In conclusion, the rising number of reported financial crimes necessitates a collective effort from the public and businesses in protecting themselves and collaborating with authorities. Stay vigilant and report any suspicious activity to the appropriate authorities.