Overview
BARBADOS: 5th FOLLOW-UP REPORT AND TECHNICAL COMPLIANCE RE-RATING (CFATF)
Barbados has made significant progress in addressing the technical compliance deficiencies identified in Recommendations 8, 21, 23, 24, 36 and only minor deficiencies remain. Barbados has been re-rated Compliant on Recommendations 8 and 23 and re-rated Largely Compliant for Recommendations 21, 24 and 36.
There are four possible levels of technical compliance: compliant (C), largely compliant (LC), partially compliant (PC), and non-compliant (NC).
The report can be found at the link: Barbados (cfatf-gafic.org)
This 5th Follow Up Report was Barbados’ last Follow-Up Report in the Fourth Round Mutual Evaluation process.
BARBADOS: 5th FOLLOW-UP REPORT AND TECHNICAL COMPLIANCE RE-RATING (CFATF)
Barbados has made significant progress in addressing the technical compliance deficiencies identified in Recommendations 8, 21, 23, 24, 36 and only minor deficiencies remain. Barbados has been re-rated Compliant on Recommendations 8 and 23 and re-rated Largely Compliant for Recommendations 21, 24 and 36.
The current ratings are as follows:
| Recommendation | Description of Rating | Rating |
| R.1 | Assessing risks and applying the risk-based approach | LC |
| R.2 | National Coordination and Cooperation | LC |
| R.3 | ML Offence | LC |
| R.4 | Confiscation and Provisional Measures | C |
| R.5 | Terrorist Financing Offence | LC |
| R.6 | Targeted Financial Sanctions related to terrorism and terrorist financing | LC |
| R.7 | Targeted Financial Sanctions related to proliferation | LC |
| R.8 | Non-Profit Organisations | C |
| R.9 | Financial Institution Secrecy Laws | C |
| R.10 | Customer Due Diligence (CDD) | LC |
| R.11 | Record-Keeping | C |
| R.12 | Politically Exposed Persons | LC |
| R.13 | Correspondent Banking | C |
| R.14 | Money or Value Transfer Services | LC |
| R.15 | New Technologies | PC |
| R.16 | Wiren Transfers | LC |
| R.17 | Reliance on Third Parties | LC |
| R.18 | Internal Controls & Foreign Branches and Subsidiaries | LC |
| R.19 | Higher-Risk Countries | LC |
| R.20 | Reporting of suspicious transactions | C |
| R.21 | Tipping off and confidentiality | LC |
| R.22 | Designated Non- Financial Businesses and Professions (DNFBPs): CDD | |
| R.23 | DNFBPs: Other Measures | C |
| R.24 | Transparency & Beneficial Ownership of Legal Persons | LC |
| R.25 | Transparency & Beneficial Ownership of Legal Arrangements | LC |
| R.26 | Regulation & supervision of financial institutions | C |
| R.27 | Powers & supervisors | C |
| R.28 | Regulation & supervision of DNFBPs | LC |
| R.29 | FIUs | LC |
| R.30 | Responsibilities of Law enforcement and investigating authorities | LC |
| R.31 | Powers of law enforcement and investigative authorities | PC |
| R.32 | Cash Couriers | LC |
| R.33 | Statistics | LC |
| R.34 | Guidance & feedback | LC |
| R.35 | Sanctions | LC |
| R.36 | International Instruments | LC |
| R.37 | Mutual Legal Assistance | LC |
| R.38 | Mutual Legal Assistance: Freezing & confiscation | LC |
| R.39 | Extradition | LC |
| R.40 | Other forms of international cooperation | LC |
