Barbados

New Documents

The Caribbean Financial Action Task Force jointly hosted the Domestic Financial Institutions Conference with the Central Bank of Barbados to discuss financial institutions’ regulatory obligations.

The Supreme Court of Barbados issued an order pursuant to the application of the Director of Public Prosecutions of Barbados who sought a joint Terrorist Designation and Counter Proliferation Order against one individual, Noor Wali Mehsud, also known as Abu Mansoor Asim.

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Enforcement Actions

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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