Financial Stability and Financial Regulation

ANTI-MONEY LAUNDERING/ COMBATTING THE FINANCING TERRORISM

The global threats of money laundering, the financing of terrorism and proliferation of weapons of mass destruction have required financial sector regulators and financial institutions to strengthen their vigilance in support of the efforts of governments to counter these threats and to minimize the possibility that their jurisdictions or institutions becoming involved.

The Central Bank of Barbados (Bank), plays a central role in the fight against money laundering and terrorism financing. The Bank is the supervisory and regulatory agency for institutions licensed under the Financial Institutions Act, Cap. 324A (FIA) and assesses these licensees’ AML/CFT framework and compliance with the Money Laundering and Financing of Terrorism (Prevention and Control) Act, 2011-23 (MLFTA), the Money Laundering and Financing of Terrorism (Prevention and Control) Amendment Act, 2019 -22 (MLFTAA), the Anti-Terrorism Act, Cap. 158 (ATA) and the Anti-Terrorism (Amendment) Act, 2019 (ATAA).

The Central Bank of Barbados (“CBB”), Financial Services Commission (“FSC”), Ministry of International Business & Industry - International Business Unit (“IBU”), Corporate Affairs and Intellectual Property Office (“CAIPO”) and the Financial Intelligence Unit (“FIU”), (collectively referred to as “the Competent Authorities”) recognise the challenges faced by financial institutions as they address issues that arise as a result of the COVID-19 Pandemic. We are cognisant of the importance of continuing to provide essential financial services while operating under restricted conditions, and to ensure adherence to the established protocols.

This note highlights ML/FT risks associated with Covid-19 responses and reminds entities of their AML/CFT responsibilities even in these challenging times.

Click link to view full document:
Barbados Joint AML/CFT Regulatory Response to the COVID-19 Pandemic

TERRORIST DESIGNATION, COUNTER PROLIFERATION AND FREEZING ORDERS

LEGISLATION AND GUIDELINES

• "New" The Anti-Money Laundering/ Combating the Financing of Terrorism (AML/CFT) Guideline
• Money Laundering & Financing of Terrorism (Prevention and Control) ACT, 2011 - 23
• Money Laundering & Financing of Terrorism (Prevention and Control) AMENDMENT ACT, 2019 - 22
• Anti-Terrorism ACT, CAP 158
• Anti-Terrorism (AMENDMENT) ACT, 2019
• FATF Recommendations
• FATF Methodology

NATIONAL RISK ASSESSMENT

• Barbados National Risk Assessment Report (December 2019)

UNITED NATIONS SECURITY COUNCIL SANCTIONS

• Sanctions List for ISIL (Da'esh) & Al-Qaida
• Sanctions List Materials

REPORTING FORMS

• Guidance Note on Preparing and Submitting High Quality STRs/SARs
• Suspicious / Unusual Transaction Report

OTHER LINKS

• FATF: High-risk and other monitored jurisdictions
• Financial Action Task Force
• Caribbean Financial Action Task Force
• Barbados Mutual Evaluation
• Barbados: 2nd Follow-Up Report and Technical Compliance Re-Rating