Barbados

New Documents

Barbados Publishes Guidance on Beneficial Ownership Identification, Verification

The Corporate Affairs and Intellectual Property Office in Barbados published guidance on the application and interpretation of the term “beneficial ownership” and on identifying, verifying and keeping beneficial ownership data up-to-date.

March 16, 2022

Barbados Regulator Releases STR Guidance

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

February 18, 2022

Barbados Supreme Court Issues Order to Designate Individual to Sanctions List

January 6, 2022

Barbados High Court Adds Individual to Terrorism Sanctions List

January 6, 2022

Barbados High Court Removes Individual from Sanctions List

October 6, 2021

News

Legal Brief: Catching up with Caribbean Beneficial Ownership Initiatives

In this installment, the ACAMS moneylaundering.com legal team covers moves by six Caribbean nations to increase corporate transparency.

March 30, 2022

Midweek Roundup: Former Manafort Partner Details Alleged Tax Evasion Scheme, US Prosecutors Target South Florida Condo, and More

New York federal prosecutors weigh charges against former Goldman Sachs banker, Malaysia’s former prime minister pleads not guilty to money laundering, and more, in the midweek roundup.

August 8, 2018

Caribbean Banks Found Workarounds After Losing Correspondent Accounts

August 7, 2018

Weekly Roundup: Spain Details Accusations Against ICBC, Alleged JPMorgan Hacker Denies Charges, and More

June 10, 2016

Weekly Roundup: U.S. Regulators to Enhance Scrutiny of Brokerages, Canadian Lawmakers Weigh in On Digital Currencies, and More

June 19, 2015

Enforcement Actions

0 Items Found

Key Documents

Barbados Issues Revised Version of AML/CFT Legislation

August 4, 2011

Barbados Criminalizes Terrorism, Financing of Terrorist Acts

May 30, 2002

Barbados Passes Legislation Regulating Proceeds of Illicit Activities

August 15, 1990

Barbados Revises AML/CTF Guideline for Financial Institutions

May 9, 2011

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