Barbados has been given the all clear by the international Financial Action Task Force, the agency that leads global action to tackle money laundering and terrorist financing.
The FATF today removed Barbados from its Grey List of Jurisdictions Under Increased Monitoring.
A statement from the office of the Barbados Attorney General, Dale Marshall, describes the development as an important milestone.
Barbados’ removal from the FATF list occurred today at the organisation’s first plenary meeting for the year.
The Attorney General says the achievement reflects the consensus of the FATF that Barbados has successfully implemented its Action Plan.
Mr. Marshall also congratulated the members of the local Anti-Money Laundering Network saying their dedication and commitment over the last four years was responsible for the country’s success.
This network includes the Central Bank of Barbados, the International Business Unit, the Financial Services Commission, The Barbados Police Service, the Office of the Attorney General and various other state agencies.
The Attorney General says the development should quell the concerns of the country’s financial institutions, businesses, professionals and citizens who can now look forward to an ease in doing business locally and internationally.
He added that investors will now have the renewed confidence that the country is a safe place to invest.
