Preparing for CFATF evaluation exercise

BARBADOS has made deliberate strides in strengthening its Anti Money Laundering and Countering Financing of Terrorism (AML CFT) regime.

That’s according to Chairman of the Anti-Money Laundering Authority, Jefferson Cumberbatch, who explained that such steps were taken in the wake of the country’s last Caribbean Financial Action Task Force (CFATF) evaluation exercise, conducted in 2006, and of which the final report was completed in 2008.

He made comments yesterday while delivering remarks at the opening of the Money Laundering and Terrorism Financing National Risk Assessment Workshop at the Radisson Aquatica Hotel.

Cumberbatch noted that such steps included the enactment or amendment of certain laws, including the flagship piece of legislation, the Money Laundering and Financing of Terrorism Prevention and Control Act, which was repealed and replaced with a more detailed statute of the same title in 2011. He added that the legislative framework has also been improved with the enactment of, or amendments to several pieces of legislation, including the Corporate and Trust Service Provider Act; the Transnational Organised Crime Prevention and Control Act, the Financial Services Commission Act, the Anti Terrorism (Amendment) Act and the Proceeds of Crime Act.

“Barbados’ improvement and strengthening of the AML CFT Regime has been systematic and deliberate. We are acutely aware that it may be required to further bolster its AML CFT Regime in this the fourth round of mutual evaluations, with further amendments to certain laws and the improvement of processes,” he said.

He noted that Barbados’ latest CFATF evaluation exercise in the Anti Money Laundering and Financing of Terrorism regime is scheduled for December 5-16, 2016. He said the country is among one of the first Commonwealth countries that will be evaluated in this fourth round, and has indicated the Anti-Money Laundering Authority’s commitment to ensuring that not only does Barbados successfully makes it through this process, but that the country performs well in the exercise.

With that in mind, the Anti Money Laundering Authority Chairman said Barbados is required to provide information by June 3, 2016 on the country’s risks relative to money laundering and terrorist financing. This, he said, is in keeping with the technical requirements, one of the new recommendations put forward by Financial Action Task Force. To assist in this work, he disclosed that the country has chosen to purchase The World Bank’s National Risk Assessment Tool.

Meanwhile, noting the negative effects that neighbouring countries have experienced due to “grave loopholes” in their AML CFT regimes, he told the participants that the workshop will be time well spent. (JRT)