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.
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Barbados Joint AML/CFT Regulatory Response to the COVID-19 Pandemic
TERRORIST DESIGNATION, COUNTER PROLIFERATION AND FREEZING ORDERS
- Final Perfected Order CV229 of 2022 - issued March 10, 2022
- Final Order - CIV0201 of 2022 - issued March 9, 2022
- Order - CIV0057 of 2022 - issued February 3, 2022
- Order UNKN0001 of 2022 - issued January 31, 2022
- CV0010 of 2022 - Order - issued January 7, 2022
- CIV 1150 of 2021 - Order - issued December 31, 2021
- CV 1127 of 2021 - Order - issued December 24, 2021
- CV 1033 of 2021 Counter Proliferation Order - issued November 26, 2021
- Certified CV 1448 of 2019 - issued September 08, 2021
- Order CV463 of 2021 - issued June 21, 2021
- Order CV193 of 2021 (Iran) - issued April 1, 2021
- Order CV192 of 2021 (North Korea) - issued April 1, 2021
- Order CV 1448 of 2019 - issued February 23, 2021 (Delisting)
- Order CV 1057 of 2020 - issued October 13, 2020
- Certified CV 693 of 2020 - issued July 18, 2020
- Certified CV 1448 of 2019 - issued June 23, 2020 (Variation)
- Certified CV 323 of 2020 - issued June 24, 2020
- Certified CV 430 of 2020 - issued June 22, 2020
- Certified CV 285 of 2020 - issued June 8, 2020
- Certified CV 479 of 2020 - issued June 8, 2020
- Certified CV 150 of 2019 - issued February 6, 2020
- Certified CV 1448 of 2019 - issued November 14, 2019
LEGISLATION AND GUIDELINES
NATIONAL RISK ASSESSMENT
UNITED NATIONS SECURITY COUNCIL SANCTIONS