PM: Regulations not across board

Prime Minister Mia Amor Mottley has joined other CARICOM leaders voicing objection to the imposition of the harsh sanction and regulation of their financial sectors, while money launderers are taking advantage of opportunities in larger, more powerful jurisdictions that are not similarly regulated.

The matter got the ear of the chairwoman of the US House Committee on Financial Services, Maxine Waters who headed a United States congressional delegation attending a Caribbean Financial Access Roundtable in Barbados yesterday.

Declaring that the Government of Barbados was dedicated to the international fight against financial crime, Mottley said: “We are unflinching in our support for international efforts to stop crime, to stop terrorism and to stop their financing.”

But she noted that countries where financial crimes were more prevalent, were subject to fewer consequences in terms of sanctions, compared to smaller countries like Barbados.

“We do not hear any of these centres being sanctioned, neither do they face the spectacle of enhanced due diligence. On the other hand countries like Barbados must face this. . .” (GC)

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