Barbados

New Documents

The Central Bank of Barbados published its annual report for the year 2019, which summarizes key regularity developments with respect to the regulator’s oversight responsibilities and the changing financial services market.

The Supreme Court of Barbados issued a final order based on the application by the Director of Public Prosecutions of Barbados to add a designation under the jurisdiction’s Islamic State of Iraq and the Levant and al-Qaida sanctions regime.

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. 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.
Source: 2020 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 5 High : 0
Largely Compliant : 20 Substantial : 0
Partially Compliant : 13 Moderate : 4
Non-Compliant : 2 Low : 7

BASEL i

Rank : 40/141
Score : 5.87/10

TRANSPARENCY INTERNATIONAL i

Rank : 30/180
Score : 62/100

Tax Justice Network i

Rank : 63/133
Score : 74/100