Barbados: 5th Enhanced Follow-Up Report and Technical Compliance Re-Rating

Port of Spain, Trinidad and Tobago, June 7, 2024 – As a result of Barbados’ progress in strengthening its framework to tackle money laundering and terrorist financing since their 2017 mutual evaluation, the Caribbean Financial Action Task Force (CFATF) has re-rated the country on 5 of the 40 Recommendations. Barbados has been in an enhanced follow-up process, following the adoption of the CFATF mutual evaluation report, which assessed the effectiveness of its anti-money laundering and counter-terrorist financing (AML/CFT) measures and the country’s compliance with the FATF Recommendations. In line with the CFATF Procedures for the Fourth Round of AML/CFT Mutual Evaluations, Barbados has reported back to the CFATF on the progress it has made to strengthen its AML/CFT framework. This report analyses Barbados’ progress in addressing the technical compliance deficiencies identified in the mutual evaluation. To reflect this progress, the CFATF has re-rated Barbados on the following Recommendations:

• 8 - Non-profit organisations from partially compliant to compliant 
• 21 - Tipping-off and confidentiality from partially compliant to largely compliant
• 23 - DNFBPs: Other Measures from partially compliant to compliant
• 24 - Transparency and Beneficial Ownership of Legal Persons from partially compliant to largely compliant
• 36 – International Instruments from partially compliant to largely compliant

The report also looks at whether Barbados’ measures meet the requirements of FATF Recommendations that have changed since its 2016 mutual evaluation, taking into  account any new measures since the mutual evaluation. Barbados is now rated as Compliant or Largely Compliant with 38 out of the 40 FATF Recommendations. Click here to access the FUR.