The Barbados Financial Intelligence Unit has issued its Report on the risks associated with money laundering and terrorist financing in Barbados.
According to the Report the national risk assessment is a critical component of achieving compliance with the Financial Action Task Force (FATF) Recommendations. The first of the 40 FATF Recommendations requires jurisdictions to identify, assess and understand the risks posed by money laundering and terrorist financing.
This in turn allows for the development of risk informed mitigants that are reflected in the legal, administrative and operational frameworks implemented. Barbados’ financial system came under review and is driven by certain dynamics and exhibits characteristics that define the outcome of this national risk assessment. Barbados completed its first NRA report in June 2016.
The Report is an updated report and is intended to inform and raise awareness among the private sector, public sector and supervisors of evolving risks of money laundering and terrorist financing.
The FIU stated that the exercise has deepened collaboration and cooperation among all stakeholders. Of particular importance is that the results inform the private sector of inherent risks in their operations, thus shaping implementation of appropriate controls.
Additionally, the Government has implemented and refined policies and procedures; and directed resources based on risk.
Barbados' Treaty starts with Europe as it was a British Colony. DTAs exist with the United Kingdom, Finland, Norway, Sweden and Switzerland. Barbados also has treaties with Canada and the United States of America. Within the Caribbean there is a CARICOM Double Taxation Agreement. as well as an agreement with Cuba. In Africa Barbados has agreements with Rwanda and Botswana. Further afield Barbados has negotiated an agreement with China.
The full list includes Austria, Bahrain, Botswana, Canada, CARICOM, China,, Cuba, Cyprus, Czech Republic, Finland, Iceland, Italy, Luxembourg, Malta, Mauritius, Mexico, Netherlands, Norway, Panama, Portugal, Qatar, Rwanda San Marino, Seychelles, Singapore, Spain, Sweden, Switzerland, UAE, United Kingdom, United States. of America and Venezuela.
Barbados is a nation which fully embraces its role in the international community. Its membership includes CARICOM, the Organisation of American States, the United Nations and the World Trade Organisation.
Barbados has modern business legislation, much of it based on English and Canadian law.
The Financial Services Commission and the Central Bank of Barbados are the key regulatory authorities for financial services.
Barbados' infrastructure is strong and implements the recommendations coming out of such bodies as the Financial Stability Forum, the OECD on tax matters as well as the Financial Action Task Force. .