Barbados rejects ‘money laundering country’ label

The Barbados government has described as “misleading” the decision by the United States to list the island as a major money laundering base.

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Attorney General Adriel Brathwaite said that “Barbados is duty bound to state its position on this finding, which it considers to be misleading”.

The statement issued by the Office of the Attorney General noted that Bridgetown had become aware of the 2016 report by the US State Department naming Barbados among a number of countries which Washington regards as major money laundering countries.

“In respect of Barbados, the report cited a number of generic methods of money laundering that may be found in any country.  While the areas of criminal activity cited are present in the country, Barbados’ best intelligence does not support the view that they are at proportions which would have a significant impact on the local economy, or cause the faintest ripple in the international financial sector.”

The statement said that Barbados has deployed significant resources to combat criminal activity of every description. In particular, major resources have been directed to combating financial crime, including money laundering and fraud.The statement from the Office of the Attorney General noted that the illegal drugs trade is the crime which is of greatest concern in the country.“This trade gives birth to other criminal activity. For instance, it is believed that the importation and use of unlicensed firearms is closely connected to the drugs trade. The drugs trade is also the most profitable acquisitive crime on the island; hence, it has potential implications for the financial sector. These threats are understood and are being addressed with some degree of success.”

“This emphasis was thought necessary because the competent authorities have recognized that the trade in illegal drugs and its offshoots have the greatest potential to distort the local economy.  However, there is a big gap between potential and actuality.  Policies and programmes are in place to ensure that this potential never becomes reality.”