Effective June 01, 2004, commercial banks in Barbados may, without the prior approval of the Central Bank, approve all investment transactions in private unlisted equities in CARICOM countries without reference to the Central Bank.
Commercial banks must ask for and examine the relevant
supporting documentation to ensure authenticity (e.g. sale/purchase agreements, proforma of the investment transactions, confirmation slips, etc.) and to document details of the parties to the investment.
The Central Bank reserves the right to call for and/or inspect any such support documentation from time to time.
Also, effective June 01, 2004, commercial banks in Barbados may, without the prior approval of the Central Bank, approve applications to transfer funds from Barbados to CARICOM countries in respect of personal loans, maintenance and financial assistance.
Where Authorised Dealers are not satisfied with the authenticity of the transactions, such transactions must be referred to the Central Bank of Barbados.
The abovementioned measure is designed to continue the process of exchange control liberalization so as to facilitate the execution of foreign exchange transactions in the CARICOM region.