Statement from Attorney General Dale Marshall on the UK Government’s listing of Barbados as a High-Risk Third Country
The recent action taken by the Government of the United Kingdom listing Barbados as a High-Risk Third Country with respect to money laundering and the financing of terrorism is unfortunate and disappointing, but not surprising.
We have been tracking the potential for this development since earlier this year and we were given the assurance by the UK, that their list would simply mirror the Financial Action Task Force’s (FATF) list of jurisdictions with strategic deficiencies. Barbados has been on this list since February last year.
However, the UK’s use of the term “High-Risk” elevates the situation to one that is not merited, especially since it is using the FATF’s list. Nowhere does the FATF refer to the listed jurisdictions as being High Risk.
The FATF makes it clear that a country’s appearance on the list of jurisdictions with strategic deficiencies is not a call for other FATF member countries to take enhanced due diligence measures, since the listed countries are actively working with the FATF to resolve the issues identified.
In February 2020, the FATF and Barbados agreed a multi-year Action Plan to address identified deficiencies and we have been working assiduously on the implementation of that plan, with the aim of being removed from the FATF in the shortest possible time. Barbados’ first progress report to the FATF is due in September this year.
Attorney General and Minister of Legal Affairs, Dale Marshall