Financial Intelligence Unit

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WELCOME TO AMLA WEBSITE

The Anti-Money Laundering Authority (AMLA) is the body established under section 5 of the Money Laundering (Prevention and Control) Act, 1998-38 to supervise financial institutions in an effort to prevent money laundering. This website attempts to provide general information about money laundering and the efforts of Barbados to combat it. Persons functioning in the financial sector should also find this site to be a useful source of pertinent information.

ABOUT AMLA

The AMLA is made up of nine members, drawn mainly from the key public sector agencies that relate directly to anti-money laundering activity. The composition of the Authority is as follows:

Chairperson – from the private sector
Deputy Chairperson – from the University of the West Indies
The Solicitor General, or representative
The Commissioner of Police, or representative
The Commissioner of Inland Revenue, or representative
The Comptroller of Customs, or representative
The Supervisor of Insurance, or representative
The Registrar of Corporate Affairs and Intellectual Property, or representative
Representative of the Central Bank of Barbados

The Money Laundering (Prevention and Control) Act, 1998-38, which establishes the Anti-Money Laundering Authority, ascribes to that body the responsibility of supervising financial institutions, making it the principal supervisory entity in the fight against money laundering in Barbados. The legislation requires the Authority to receive reports of suspicious or unusual transactions from financial institutions.
Such reports are then analysed and directed in accordance with the findings of the financial analysts. The executive functions of the Authority are carried out by the Financial Intelligence Unit. This unit is headed by a Director and is responsible for the day to day work of the Authority. Thus, all reports of suspicious activity are sent to the FIU from where they are managed.