Work continues to keep Barbados off FATF Grey List

Barbados is vigorously continuing its anti-money laundering work to keep off the Financial Action Task Force’s (FATF) Grey List.

Chairman of the Anti-Money Laundering Network and President of the Senate, The Most Honourable Reginald Farley, shared some of what is currently being done as he addressed the two-day Regional Conference of the Compliance Unit, Anti-Money Laundering Authority, on Thursday. The meeting at Wyndham Grand Barbados, Sam Lord’s Castle Resort and Spa brings together professionals in the Anti-Money Laundering compliance fields for Designated Non-Financial Businesses and Professions (DNFBPs).

Senator Farley told the gathering: “We are into round five of the FATF programme. The next mutual evaluation for Barbados is already scheduled for June 2027. We have recently chosen the two weeks in June that that will be done, and we have communicated that to the Caribbean Financial Action Task Force.

“We, therefore, are working now towards a three-year plan to ensure that in 2027, when the Barbados mutual evaluation is conducted, that we are able to get the result that says – progress on all fronts; recommendations – all compliant; effectiveness – all compliant; and that we will be fine.”

Barbados was removed from the FATF’s Grey List on February 23, this year, after it had successfully implemented its Action Plan, and Senator Farley said the island has continued to work diligently to do what is necessary.

“We do not plan to do anything or fail to do anything that will cause us ever to go back into the situation of being a jurisdiction under enhanced monitoring. We don’t want to go on any grey list, any blacklist, any list of any kind,” Senator Farley said.

“In fact, we don’t want anyone to call our name, so much so that we will make sure that we do everything right because we’ve felt the pain; we know what was required to get us off those lists, and we do not plan to go back there.”

Senator Farley said several things would be done over the next three years, including conducting several outreach sessions for stakeholders, to introduce any changes to the FATF standards, as well as the procedures for the fifth-round mutual evaluation.

He again praised the hard work of all involved in the removal of Barbados from the list, saying that this island was fortunate to have such a “dedicated, talented group of professionals” working on its behalf.

(BGIS)