WASHINGTON, CMC – An Worldwide Financial Fund (IMF) delegation has discovered that Barbados has made vital progress in strengthening its anti-money laundering and counter-terrorist financing (AML/CFT) framework and that the island could possibly be faraway from the Monetary Motion Process Power (FAFT) Gray Record in 2024.
In a press release issued Monday, following the one-week digital mission to Barbados, the top of the delegation, Pablo Morra, stated that at its October 2023 Plenary, the FATF made the preliminary dedication that Barbados has considerably accomplished its motion plan to strengthen the effectiveness of its AML/CFT regime and warrants an on-site evaluation to confirm its implementation.
“Verification of the progress made on its motion plan may permit Barbados to be faraway from the FATF Gray Record in 2024,” Morra stated.
The FATF identifies jurisdictions with weak measures to fight AML/CFT in two FATF public paperwork issued thrice a 12 months.
The FATF stated its course of to checklist nations with weak AML/CFT regimes publicly has proved efficient.
It stated that as of October 2023, the FATF has reviewed 129 nations and jurisdictions and publicly recognized 102. Of those, 76 have since made the required reforms to handle their AML/CFT weaknesses and have been faraway from the method.
In line with the Gray checklist issued then, Barbados, Jamaica, and Haiti are the three Caribbean Group (CARICOM) nations “beneath elevated monitoring.”
Final week, Legal professional Normal Dale Marshall stated that Barbados was near being faraway from the FATF Gray Record and, after that, the European Union’s blocklist.
He informed a one-day regional Anti-Cash Laundering and Cybercrime convention that being positioned on the European Union’s blocklist and the FATF Gray Record was negatively impacting some Barbados-based companies’ capacity to conduct enterprise in some jurisdictions and stopping some Barbados diplomatic workplaces from opening financial institution accounts in some jurisdictions.
Associated