Barbados inches nearer to exiting FATF Gray Listing 

Barbados may quickly discover itself faraway from the Monetary Motion Activity Drive (FATF) Gray Listing, as indicated by an evaluation from an Worldwide Financial Fund (IMF) delegation. 

The delegation’s findings underscore the numerous strides made by Barbados in fortifying its anti-money laundering (AML) and counter-terrorist financing (CFT) framework.

IMF delegation acknowledges progress

Headed by Pablo Morra, the IMF delegation delivered its evaluation in the course of the October 2023 Plenary session. 

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Throughout this session, the Monetary Motion Activity Drive made a preliminary dedication, signaling that Barbados has successfully accomplished the motion plan designed to bolster the effectiveness of its AML/CFT regime. 

This end result has prompted an impending on-site evaluation to confirm the plan’s implementation.

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Implications of European Union’s blacklist and the FATF Gray Listing 

Barbados Lawyer Basic Dale Marshall has emphasised the antagonistic repercussions that the nation’s presence on each the European Union’s blacklist and the FATF Gray Listing has had on a number of elements. 

Notably, it has solid a shadow over the power of sure companies to function easily in varied jurisdictions.

Moreover, these listings have hindered some Barbados diplomatic workplaces from establishing financial institution accounts in choose jurisdictions.

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