BRIDGETOWN, Barbados, CMC – The chairman of the Anti-Cash Laundering Community, Reginald Farley, says Barbados is vigorously persevering with its anti-money laundering work to maintain off the Monetary Motion Job Drive’s (FATF) Gray Checklist.
“We’re into spherical 5 of the FATF program. The following mutual analysis for Barbados is already scheduled for June 2027. We’ve lately chosen the 2 weeks that can be accomplished in June, and we have now communicated that to the Caribbean Monetary Motion Job Drive,” Farley informed a regional convention of the Anti-Cash Laundering Authority, which ends right here on Friday.
“We, due to this fact, are working now in direction of a three-year plan to make sure that in 2027, when the Barbados mutual analysis is performed, we are able to get the end result that claims – progress on all fronts; suggestions – all compliant; effectiveness – all compliant; and that we are going to be superb,” he added.
The assembly is being attended by professionals within the Anti-Cash Laundering compliance fields for Designated Non-Monetary Companies and Professions (DNFBPs).
Barbados was faraway from the FATF’s Gray Checklist on February 23 this yr after efficiently implementing its Motion Plan, and Senator Farley mentioned the island has continued to work diligently to do what is important.
“We don’t plan to do something or fail to do something that may trigger us to return into the state of affairs of being a jurisdiction beneath enhanced monitoring. We don’t need to go on any gray listing, blocklist, or listing.
“We don’t need anybody to name our title, a lot so that we are going to guarantee that we do every thing proper as a result of we’ve felt the ache; we all know what was required to get us off these lists, and we don’t plan to return there,” he informed the convention.
Farley spoke of plenty of initiatives to be undertaken over the following three years, together with conducting a number of outreach periods for stakeholders to introduce any modifications to the FATF requirements and the procedures for the fifth-round mutual analysis.
He thanked all stakeholders for his or her involvement in eradicating Barbados from the listing. He added that the island is lucky to have such a “devoted, gifted group of execs” engaged on its behalf.
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