Barbados Barbados

New Documents

Barbados’ financial intelligence unit, the Anti-Money Laundering Authority, published a guidance note for Barbadian attorneys on preparing and submitting high-quality suspicious activity and transaction reports in fulfillment of their anti-money laundering and counterterrorism financing obligations.

The Financial Intelligence Unit of Barbados released guidance for regulated entities on submitting suspicious transaction reports to the regulator.

News

Enforcement Actions

0 Items Found


Important Facts

  • The U.S. State Department labels Barbados as a major money laundering jurisdiction. Barbados is a major financial center and the most prominent source of illicit funds in the country is drug trafficking. Also, the extensive use of cash in routine business transactions and the commingling of illicit and legitimate funds in the financial system pose additional money laundering challenges in Barbados. As of October 2019, there are 23 international banks and 10 trust, finance, and merchant banks. The country is working on undertaking a comprehensive National Risk Assessment (NRA) after its previous NRA may not have been sufficient in identifying significant national money laundering risks and vulnerabilities. Barbados maintains know-your-customer and suspicious transaction regulations that cover the international financial services sector.
Source: 2021 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 6 High : 0
Largely Compliant : 27 Substantial : 0
Partially Compliant : 7 Moderate : 4
Non-Compliant : 0 Low : 7

Barbados' technical compliance was re-rated in a Feb. 10, 2021 follow-up report.

BASEL i

Rank : 77/110
Score : 5.82/10

TRANSPARENCY INTERNATIONAL i

Rank : 29/179
Score : 64/100

Tax Justice Network i

Rank : 63/133
Score : 74/100