The global threats of money laundering, the financing of terrorism and proliferation of weapons of mass destruction have required financial sector regulators and financial institutions to strengthen their vigilance in support of the efforts of governments to counter these threats and to minimize the possibility that their jurisdictions or institutions become involved.

The purpose of the International Business Division’s Revised AML Guideline 2021 is to provide guidance to all licensees and registrants of the International Business Division on how they can fulfill their obligations in relation to the Money Laundering and Financing of Terrorism Prevention and Control Act 2011-23 and in doing so comply with the anti-money laundering and financing of terrorism and proliferation requirements of the Recommendations of the Financial Action Task Force (FATF). The Guideline should be read in conjunction with the MLFTA.

This Guideline was issued in conjunction with the Anti-Money Laundering Authority (Authority) pursuant to its powers under Section 26 of MLFTA, and replaced any previous Guidance Notes of the International Business Division. It is updated to reflect the changes in the MLFTA. The definitions appearing in the MLFTA apply mutatis mutandis to this Guideline.

Please see below Barbados’ regulatory framework to combat these threats.