Member of Parliament (MP) for St James North Edmund Hinkson has expressed unhappiness with the number of financial obligations placed on non-profit organizations and has complained that it is stumping growth of charitable foundations.
The Barbados Labour Party (BLP) MP last night made known his concern while delivering brief remarks at a fundraising event for the Clarkson Foundation, held at the Apes Hill Country Club in St James.
“A lot of financial demands and paperwork are being placed on non-profit companies,” said Hinkson, the Clarkson Foundation patron.
“Some of the restrictions are too tight.”
Noting that some of the demands for financial information are, “imposed by entities outside of Barbados in terms of money laundering”, Hinkson, a veteran attorney-at-law, said the impositions for information are at times so burdensome as to make donors hesitant, and potential directors of charitable organizations unwilling to take up posts on boards of the directorate.
“Largely these are non-profit companies that are trying to advance the cause of [needy people],” Hinkson said.
“We have too many restrictions in terms of establishment and the future progress of foundations and non-profit companies.”