Those involved in the designated non-financial businesses and professionals (DNFBPs) sector have been told that their “strong and sustained cooperation” with the Compliance Unit of the Anti-Money Laundering Authority will go a long way in keeping Barbados off the “multi-colored lists”.
Minister of Home Affairs and Information, Wilfred Abrahams, who was speaking on behalf of the Attorney General, stressed this point as he delivered the keynote address on Wednesday, at the official launch of the Compliance Unit, at Sandals Barbados Resorts and Spa, Dover, Christ Church. Those involved in the DNFBP sector include lawyers, accountants, real estate agents, and dealers in precious metals.
Mr. Abrahams told the audience that the participation of those in the sector was necessary. “I encourage you to complete the questionnaires and surveys being sent by the Compliance Unit in a timely manner. These are not nuisance forms and questions being forced on you…. These forms are necessary to secure and evidence the integrity of our processes. I urge you to provide the necessary information requested during on-site inspections and desk-based reviews.
“This information will assist the Unit in providing the best supervision for you. It will allow the staff to have a better understanding of the risk associated with each business entity or professional,” he explained.
The Minister noted that the Compliance Unit had produced a significant volume of work in a reasonably short time. He added that it was incumbent on those in the sector to help the Unit achieve even more and offer them the best services that it could.
“In so doing, you are also serving your country by helping us to get off and stay off the various grey and black lists that can cripple our economy, and … can also cripple your individual sectors and businesses,” he pointed out.
In giving some background to the setting up of the Compliance Unit, Mr. Abrahams said that in February 2020, Barbados made a high level commitment to the Financial Action Task Force (FATF), signalling its intention to remain a good international partner in the fight against money laundering and terrorist financing, by implementing an agreed Action Plan.
He continued: “It is heartening to note that earlier this year, in an assessment of Barbados’ progress on the Action Plan, the FATF judged that the work undertaken so far was sufficient to address those initial deficiencies of the DNFBP sector….
“This is not the time to be complacent. In our estimation, progress so far has barely scratched the surface. We must now move on to engage in a more proactive oversight of the DNFBP sector.”
Minister Abrahams stated that Government was continuing to honour its commitment to the FATF and was providing more resources to the Unit.
The Unit’s functions include identifying emerging risk and compliance trends on a macro basis, identifying specific entities that may merit increased scrutiny through an inspection or targeted follow-up, and increasing the knowledge of the DNFBP sector.