Thirty members of the Financial Action Task Force (FATF ), and the International Business Unit Economic Substance Team (IBUEST) were honoured for their successful implementation of the FATF Action Plan.
They were presented with the gold award of achievement under the Barbados National Honours and Decorations for 2025 at State House yesterday.
The group’s efforts resulted in Barbados’ removal from the FATF Grey list and the European Union Black List and their technical work also ensured continued compliance with the Organisation for Economic Co-operation and Development’s standards required for international business and financial searches sector.
President of Barbados, The Most Honourable Jeffrey Bostic thanked the members for their outstanding work in returning the country to the required compliance.
“I want to thank you for your outstanding service because that is what brought you this very honour, years of outstanding dedicated service, years of sacrifice on behalf of the country and we all are very proud of what you have been able to prove and achieve,” the president said.
The FATF action plan involved 11 agencies across governments, supervisors institutions and law enforcement.
Among the awardees were General Dale Marshall and Madam Justice Corlita Babb Speaking after receiving Senator, the Most Honourable the only recognition they the list, and noted that there national recognition when on the task.
supervisors and regulators of financial enforcement. were former Attorney and High Court Judge, Babb Schaefer receiving his award, an elated Honourable Reginald Farley said they hoped for was to be off there was no expectation of when the team embarked
Two things achieved achieved
Farley said they stepped understanding that they ensure Barbados compliance money-laundering standards.
“We worked with the national at the end of the day, two were able to achieve our FATF list, and secondly, we human, technical and legal, skilled, better able to deal that we’re in,” he said.
The senator explained stepped into the role with an had a commitment to compliance with international standards. national consultants, and two things were achieved. We goal of a removal of the we have an infrastructure, legal, where people are better deal with this current realm explained that the group still holds the responsibility to redouble their efforts to ensure that the country does not find itself on the list again, under the new tightening rules of this next fiscal year.
“We have to show, for example, that based on
the laws that we have, we’re able to investigate financial crimes, prosecute and confiscate the proceeds of crime. That we have measures to detect persons who are conducting unsavoury business activity, and a whole range of infractions,” he added.
Chief Compliance Officer of the Compliance Unit, Shari Squires noted that it was a great honour to receive the award, and detailed their duties as part of the body put in place to oversee the anti-money laundering compliance standards.
“We spend numerous nights as well as long days, working to have our policies and procedures in place, establishing a framework for this sector, because this is a new area of supervision for them.
“As one of the action items for Barbados to get off the grey list, we had to create the compliance unit, we oversee the designated non-financial businesses, so we have guidelines. So, we need to update those guidelines and make sure that our procedures and our framework are tight and they are strong and ready for the fifth round,” she stated. ( JRN)
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