Barbados' progress in strengthening measures to tackle money laundering and terrorist financing

Publication details

Language

English

Country

Barbados

Topic

Mutual Evaluations

Barbados: 2nd Enhanced Follow Up Report with Technical Compliance Re-Ratings, Barbados: 2nd Enhanced Follow Up Report with Technical Complianc

CFATF Follow-Up Report of Barbados - 2021

Filename: CFATF-2nd-Follow-Up-Report-Barbados-2021.pdf
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Format: application/pdf

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Overall, Barbados has made good progress in addressing the technical compliance deficiencies identified in its MER.

This follow-up report looks at the actions Barbados has undertaken to address the weaknesses identified in the report and
to meet the requirements of FATF Recommendations that have changed since their 2018 mutual evaluation.

To reflect the actions they have taken, Barbados' technical compliance has been re-rated on the following 13 Recommendations:

Recommenation 4 is re-rated as Compliant
Recommenation 20 is re-rated as Compliant

Recommenation 1 is re-rated as Largely Compliant
Recommenation 7 is re-rated as Largely Compliant
Recommenation 19 is re-rated as Largely Compliant
Recommenation 29 is re-rated as Largely Compliant
Recommenation 32 is re-rated as Largely Compliant
Recommenation 33 is re-rated as Largely Compliant
Recommenation 34 is re-rated as Largely Compliant
Recommenation 38 is re-rated as Largely Compliant

Recommenation 8 is re-rated as Partially Compliant

Recommenations 15 and 21 have been rated down to Partially Compliant

According to the enhanced follow-up process, Barbados will continue to report back to the CFATF on its progress to strengthen its implementation of AML/CFT measures.

CFATF Mutual Evaluation of Barbados - 2018

Technical Compliance

Ratings which reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.

C = compliant | LC = largely compliant | PC = partially compliant | NC = non-compliant

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CFATF

The FATF Recommendations

The FATF Recommendations are the basis on which all countries should meet the shared objective of tackling money laundering, terrorist financing and the financing of proliferation. The FATF calls upon all countries to effectively implement these measures in their national systems.

Mutual Evaluations

The FATF conducts peer reviews of each member on an ongoing basis to assess levels of implementation of the FATF Recommendations, providing an in-depth description and analysis of each country’s system for preventing criminal abuse of the financial system

Read more Consolidated assessment ratings

The 2022 and 2013 Methodologies for Assessing Technical Compliance with the FATF Recommendations and the Effectiveness of AML/CFT/CPF Systems

These documents are guides intended for use by assessors who are tasked with conducting a mutual evaluation. They provide a structured framework of analysis that ensures a level of consistency and high quality of the mutual evaluation reports produced. Latest update: August 2024