Financial Crime World

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Barbados Ranked as a Low-Risk Jurisdiction for Money Laundering and Terrorist Financing

A recent assessment by competent authorities has rated Barbados as a low-risk jurisdiction for money laundering and terrorist financing. This positive outcome is attributed to the island nation’s robust legislative framework, effective regulatory bodies, and strong anti-money laundering (AML) and combating the financing of terrorism (CFT) regime.

The Assessment

The assessment was conducted in accordance with the Financial Action Task Force (FATF) Recommendations, which provide a global standard for combating money laundering and terrorist financing. The FATF is an inter-governmental organization that sets standards and promotes effective implementation of AML/CFT measures globally.

Barbados’ Strong Commitment to Prevention

Barbados’ low-risk rating reflects its strong commitment to preventing money laundering and terrorist financing. The island nation has implemented a comprehensive AML/CFT regime, which includes:

  • Customer due diligence
  • Reporting suspicious transactions
  • Freezing of assets

The country’s financial sector is also subject to strict regulations, with all financial institutions required to comply with AML/CFT requirements.

Key Initiatives and Reforms

Several key initiatives and reforms have been implemented in recent years, including:

  • The National Action Plan (NAP), which aims to improve ML/TF mitigation measures in Barbados
  • An updated suite of legislation
  • Enhanced cooperation between regulatory bodies and law enforcement agencies

The NAP is monitored by a Cabinet Sub-Committee and reviewed and updated regularly. Progress is reported to the Attorney General at least once a month.

Conclusion

Barbados’ low-risk rating reflects its commitment to combating money laundering and terrorist financing, as well as its robust AML/CFT regime. The country’s financial sector is considered a safe haven for investors, and the government remains committed to maintaining a strong and effective AML/CFT regime.