Barbados intensifying efforts to avoid international negative listings

Added: 2026-05-16

[00:00:00]The rules have changed. We were what was called the fourth grade. We're now in the fifth grade. We're the rules have strengthened to ensure that not only must we have laws, regulations, and practices in place, but we have to prove that they actually work. So, it's now called effectiveness. So, technically the plans was one thing, right? That That's expected. No marks for that. We have to show, for example, that based on the laws that we have, we're able to investigate financial crimes, prosecute, confiscate the proceeds of crime, that we have measures to detect persons who are conducting ancillary business activity, and a whole range of of of of infractions, pretty much.

[00:00:40]For that purpose, we have to submit several written submissions along the way over these several months. And in June next year, as part of the final test, there'll be an international team visiting to interview private sector folks, law enforcement, financial regulators to check to see if what we have submitted as our written structure in terms of our laws, regulations, proof that we'll be able to fight money laundering, the combating of financial terrorism, and the proliferation of weapons of mass destruction. Cuz here's it, we are part of the international community. And you would say we don't have any terrorists or nuclear weapons. Here is this rule that one of the new requirements is that all countries in the world must show that they're not even unwittingly being used as a means of funneling money to fund terrorist activity.