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Barbados No Longer Under Increased Monitoring by the FATF

Following an onsite visit conducted January 9-11, 2024, the Financial Action Task Force has removed Barbados from its list of jurisdictions under increased monitoring (formerly referred to as the “grey list”) related to its anti-money-laundering/combatting the financing of terrorism/countering proliferation financing (AML/CFT/CPF) financing regimes. This was confirmed in a publication released by the organisation at the conclusion of its February 21-23 plenary. 

In the report, the FATF revealed that Barbados “had committed to implement an Action Plan to resolve swiftly the identified strategic deficiencies within agreed timeframes,” and that, having successfully done so, the island “will no longer be subject to the FATF’s increased monitoring process.”

In a statement issued after the FATF announced Barbados’ removal from the list, Attorney General Dale Marshall said that 

“This achievement now paves the way for Barbados to be removed from the European Union Blacklist and the United Kingdom (UK) Blacklist, which meant that as far as the UK and the EU were concerned, we did not have adequate systems to fight money laundering and represented a significant risk to their respective financial markets. 

“Having Barbados on those two blacklists therefore created significant difficulties for investors and businesses which rely on correspondent banking relationships to effectively do business. I now expect that we will immediately be removed by the UK, and that removal from the EU Blacklist will follow shortly thereafter.”

Read the Attorney General’s full statement.