BARBADOS’ AML/CFT UPDATE REPORT

On 10 February, the FATF-style regional body CFATF issued a news release saying that, as a result of Barbados’ progress in strengthening its framework to tackle money laundering and terrorist financing since their 2018 mutual evaluation, the Caribbean Financial Action Task Force re-rated the country on 13 of the FATF 40 Recommendations.  Barbados has been in an enhanced follow-up process, following the adoption of their CFATF mutual evaluation report.  Following the new report, Barbados will remain in enhanced follow-up on the basis that it has a low or moderate level of effectiveness for 7 or more of the 11 effectiveness outcomes (11 in total) – and follow-up reports do not address effectiveness ratings. According to the enhanced follow-up process, Barbados will continue to report back to the CFATF on its progress to strengthen its implementation of AML/CFT measures.

https://www.cfatf-gafic.org/home/cfatf-news/704-barbados’-progress-in-strengthening-measures-to-tackle-money-laundering-and-terrorist-financing

https://www.cfatf-gafic.org/home-test/english-documents/4th-rd-follow-up-reports/barbados-4/15070-barbados-2nd-enhanced-follow-up-report-and-technical-compliance-re-rating/file

I would be grateful for any modest contribution for my time and ongoing costs of computer, relocation, and (still ongoing) removal costs, I have a page, where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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