Government is continuing to work diligently to get off the Financial Action Task Force’s (FATF) grey list. And, Attorney General Dale Marshall is optimistic the removal should occur after the on-site assessment with the FATF’s representatives in Barbados, in January 2024.
Mr. Marshall gave this update today as he addressed the website launch of the Compliance Unit of the Anti-Money Laundering Authority, at the Lloyd Erskine Sandiford Centre.
The Attorney General told his audience: “We’ve had to devote all of our resources to get to this point, and I’m optimistic that in January we shall have reason to celebrate. But the bad news is that as soon as we get out of this round there’s another one coming, so the Compliance Unit is going to be around for a long, long time.”
After the launch, he explained to the media that the purpose of the on-site meeting was to make sure that all of the measures put in place by Government were effective and sustainable.
He continued: “We’ve spent the last three years working our way through all of the requirements of the FATF. We have now advanced to the final stage where the FATF actually sends out assessors…for an on-site meeting….
“Once we satisfy them, …then they will make a recommendation to the plenary meeting in February, and the plenary will hopefully accept that recommendation that Barbados be removed from the grey list. So we’re very optimistic that the assessors, in January, will be fully satisfied that we have covered…all of the things that we have to cover.”
Mr. Marshall explained that removal from the EU’s blacklist did not automatically follow deletion from the FATF’s grey list. However, he pointed out that Barbados’ expectation, based on the bilateral meetings with EU representatives, is that once it is removed from the grey list, then removal from the blacklist will follow.
“Removal from the blacklist is key, because a lot of our businesses – reinsurance and others – have major clients in Europe, and therefore they have to transact financial business with them. The problem with being on these lists is that it affects… correspondent banking….
“It is especially important for Barbados that we get off of these lists so that the countries with whom we have to do business are comfortable that we are not sending tainted money to their jurisdiction,” he stated.
During the website launch, the Attorney General underscored the importance of the Compliance Unit and told the Designated Non-Financial Business entities or Professionals (DNFBPs) its work “is invaluable”.
“The Compliance Unit is not your enemy; the Compliance Unit has not been set up to be the bane of your existence. The Compliance Unit has been set up to provide you with the necessary know how and resources to be able to so structure your business that you meet the minimum standards, and when you meet the minimum standards, then you’re good to go.
“But if one of you fall, then it imperils the entire standing of Barbados. So I want to urge you to accept the entreaties of the Compliance Unit…. The work of the Compliance Unit is invaluable. It is a new unit; we’re going to… make a few missteps along the way; but never with malice…,” Mr. Marshall stated.
To access the website, persons should log on to https://complianceunit.gov.bb. They will be able to view training materials and video recordings, including a step-by-step guide on the filing of a Suspicious Transaction Report (STR); and international sanctions lists which will allow the DNFBPs to screen potential and existing clients to ensure that criminals do not penetrate financial institutions.
In addition, they will have access to questionnaires, which the Unit uses to determine whether an entity can be classified as a DNFBP; a direct link to the Financial Intelligence Unit for the submission of STRs; and information on upcoming training sessions.