Barbados has been faraway from the Monetary Motion Process Drive’s (FATF) Record of Jurisdictions Below Elevated Monitoring (additionally known as the FATF Gray Record).
This essential milestone was reached at the moment, Friday, February 23, 2024, on the organisation’s first Plenary assembly for the 12 months. Lawyer Common Dale Marshall heralded this achievement, which displays the consensus of the FATF that Barbados has efficiently applied its Motion Plan.
The Lawyer Common additionally congratulated the members of the native Anti-Cash Laundering (AML) Community whose dedication and dedication over the past 4 years was answerable for the nation’s success.
This community consists of the Central Financial institution of Barbados, the Worldwide Enterprise Unit, the Monetary Providers Fee, the Compliance Unit, Company Affairs and Mental Property Workplace, the Monetary Intelligence Unit, the Monetary Crimes Investigations Unit of The Barbados Police Service, the Workplace of the Director of Division of Public Prosecutions, and the Workplace of the Lawyer Common.
AG Marshall additional said that this essential improvement ought to quell lots of the considerations of our monetary establishments, companies, professionals and residents, who can now sit up for an ease in doing enterprise regionally and internationally. Traders will now have the renewed confidence that with our strengthened AML regime, the nation is a protected place to take a position.
He continued: “This achievement now paves the way in which for Barbados to be faraway from the European Union Blacklist and the UK (UK) Blacklist, which meant that so far as the UK and the EU had been involved, we didn’t have ample methods to struggle cash laundering and represented a big danger to their respective monetary markets.
“Having Barbados on these two blacklists due to this fact created vital difficulties for traders and companies which depend on correspondent banking relationships to successfully do enterprise. I now anticipate that we are going to instantly be eliminated by the UK, and that removing from the EU Blacklist will observe shortly thereafter.”
Barbados seems ahead to optimistic spin-offs from the delisting, and can maintain efforts to make sure an efficient AML regime according to FATF requirements.
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