Barbados inches closer to exiting FATF Grey List

Barbados could soon find itself removed from the Financial Action Task Force (FATF) Grey List, as indicated by an assessment from an International Monetary Fund (IMF) delegation. 

The delegation’s findings underscore the significant 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 assessment during the October 2023 Plenary session. 

During this session, the Financial Action Task Force made a preliminary determination, signaling that Barbados has effectively completed the action plan designed to bolster the effectiveness of its AML/CFT regime. 

This outcome has prompted an impending on-site assessment to verify the plan’s implementation.

Implications of European Union’s blacklist and the FATF Grey List 

Barbados Attorney General Dale Marshall has emphasized the adverse repercussions that the country’s presence on both the European Union’s blacklist and the FATF Grey List has had on several aspects. 

Notably, it has cast a shadow over the ability of certain businesses to operate smoothly in various jurisdictions.

Additionally, these listings have hindered some Barbados diplomatic offices from establishing bank accounts in select jurisdictions.