AG: Barbados bound by world rules
BARBADOS OFTEN FINDS ITSELF at the mercy of shifting international regulations, which is why it can no longer be business as usual.
Attorney General Dale Marshall, in explaining the recent move to more closely monitor charities, said the island had to comply or risk its financial security. He was speaking during a media conference on Friday in Parliament Buildings.
“Barbados has worked tirelessly over the last 18 months to improve our rating with FATF [the Financial Action Task Force], which had been quite dismal in 2017.
“We have put in a tremendous amount of work to transform how we regulate all of Barbados’ sectors. So when we talk about fighting money laundering, it’s not just banks and companies, it’s also arrangements in relation to attorneys and real estate agents, a whole raft of individuals have to subject themselves now to a more intense supervisory framework,” he said.(CA)