The Barbados Mutual Evaluation Report was carried out by the FATF in December 2016 with the report being published in December 2018. Unfortunately, the fall-out from the report has been exacerbated in recent times with the EU listing Barbados along with Jamaica and the Bahamas as being “High Risk Third Jurisdictions which have strategic deficiencies in their Anti-Money Laundering and Countering the financing of terrorism (AML/CFT) regimes that pose significant threats to the financial system of the 27-nation bloc.”

Being on this list has potential ramifications as it relates to perceived reputation risks by investors and other financial implications. One could argue the hypocrisy of the EU casting judgement toward other jurisdictions but ultimately the FTF report can be used to conclusively justify their ratings.

So, the buck still stops at us. Let’s take a look at how these issues are to be remediated and the on-the-ground efforts that have begun within our business environment.

Already there have been significant efforts to remedy some of the shortcomings highlighted in the 2018 report. As it relates to the noticeable efforts recognised by licensees, such efforts have included:

Is there still a long way to go? Of course, the path ahead will require significant resource support to address the identified issue in the FATF report. In the midst of the economic downturn because of COVID, along with the ongoing IMF programme we are already in, there will be hurdles to be crossed. However, I am confident in the resourcefulness and intelligence of the Barbadian people. We have always risen to the occasion and overcome every hurdle before. I look at the glowing report the Bermuda received in their recent FATF evaluation. I know we can get there too and even during our current hardships. Let’s all play our part towards building a robust and sustainable national compliance framework that can stand the test of any examination in the years to come.