Help from World Bank for NRA

REPRESENTATIVES of the World Bank are in Barbados this week to assist the country as it seeks to undertake its National Risk Assessment (NRA), as it relates to Anti Money Laundering and Terrorism Financing.

Addressing those attending a NRA two-day workshop at the Radisson Aquatica, Lisa Bostwick, Senior Financial Sector Specialist, Financial Market Integrity, the World Bank, noted that by selecting the support of the World Bank, Barbados has joined 72 other countries who are using the World Bank’s tool and methodology to conduct their National Risk Assessment.

“32 countries to date have concluded this process, and I am pleased to tell you that 14 of your neighbouring countries in the Caribbean Financial Action Task Force are using the World Bank’s methodology. My team and I have been working with at least eight of those countries in CFATF, so we are very familiar with some of the concerns that you might be facing.

“And we are here to share with you the lessons that we have learned in working with countries all over the world, not only in the region and CFATF member countries, but in offshore financial centres in other smaller jurisdictions, who face the same concerns about the possible restraints and correspondent banking, and also understanding how terrorism financing or money laundering may affect the development of the financial sector in Barbados,” she said.

Guiding role
Bostwick made it clear that her team is not here on the island to assess, rank or judge, or in any way put Barbados on a list with any other countries. Their role, she said, is solely to provide the stakeholders with the methodology so that Barbados can conduct its own national risk assessment.

“We will guide you in how to use the methodology, but ultimately your findings and conclusions are those of Barbados. The World Bank will not pressure you to change your conclusions in anyway, we will simply tell you how the methodology can be used, and it will be up to you to support your own conclusions. After all, you are the experts here on the situation in Barbados, not the World Bank’s team,” she said. (JRT)