Barbados off FATF grey list

Barbados has been removed from the Financial Action Task Force’s (FATF) money
laundering-related grey list.
That list, also known as jurisdictions under increased monitoring, is for those that “are
actively working with the FATF to address strategic deficiencies in their regimes to counter
money laundering, terrorist financing, and proliferation financing”. 
The decision was announced by the global anti-money laundering watchdog today at the
conclusion of its latest plenary in Paris, France.
Attorney General Dale Marshall said it “now paves the way for Barbados to be removed
from the European Union Blacklist and the United Kingdom blacklist”, adding that “Barbados
looks forward to positive spin-offs from the delisting; and will sustain efforts to ensure an
effective AML regime consistent with FATF standards”.
Other countries removed are Gilbraltar, Uganda and the United Arab Emirates. With
Barbados’ exit, Haiti and Jamaica are the only Caribbean countries still on the grey list.
A 12-member team of assessors from Americas Joint Group – a sub-group of the FATF’s
International Cooperation Review Group – conducted an on-siite visit here from January 9 to
11 and met with officials, including Prime Minister Mia Amor Mottley ahead of the February
21 to 23 plenary.
“The FATF plenary congratulated Barbados, Gibraltar, Uganda and the United Arab Emirates
for their significant progress in addressing the strategic [anti-money laundering/combatting
the financing of terrorism] deficiencies previously identified during their mutual
evaluations,” the FATF said in a statement sharing the main outcome of its latest meeting.
“These jurisdictions had committed to implement an action plan to resolve swiftly the
identified strategic deficiencies within agreed timeframes. These countries will no longer be
subject to the FATF’s increased monitoring process.
“This comes after a successful on-site visit to each of these countries. Each country will work
with the FATF-Style Regional Body (Caribbean Financial Action Task Force), of which it is a
member, to continue strengthening their [anti-money laundering/combating the financing
of terrorism/countering proliferation financing] regimes,” it added. (SC)

The post Barbados off FATF grey list appeared first on nationnews.com.