Barbados

New Documents

The Supreme Court of Barbados issued an order adding designations to the jurisdiction’s sanctions list with respect to Iran.

The Supreme Court of Barbados issued an order, amending the jurisdiction’s sanctions list with respect to the Democratic People’s Republic of North Korea.

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 : 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 : 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