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The Barbados Financial Intelligence Unit / Anti-Money Laundering Authority

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The Anti-Money Laundering Authority (AMLA) is the body established under Section 8 of the Money Laundering and Financing of Terrorism (Prevention and Control) Act, 2011-23 to supervise financial institutions in an effort to prevent money laundering and terrorist financing. The Anti-Money Laundering Authority (AMLA) maintains oversight of the national Anti-Money Laundering/Counter-Financing of Terrorism (AML/CFT) framework.

In accordance with Section 9(1), the executive functions of the Authority are carried out by the Financial Intelligence Unit (FIU) which is headed by the Director and comprised of other public officers. This Unit is responsible for the day to day work of the Authority.

In adherence with the Egmont Group of Financial Intelligence Units’ definition, the Financial Intelligence Unit of Barbados is the central, national agency responsible for receiving (and requesting), analyzing and disseminating to the competent authorities, disclosures of financial information: (i) concerning suspected proceeds of crime and potential financing of terrorism, or (ii) required by national legislation or regulation, in order to counter money laundering and terrorism financing. This is in essence the core work of the FIU. The Unit also engages in the sharing of financial intelligence with other Financial Intelligence Units.

The FIU is an Administrative Model FIU. The Administrative Model is a centralized, independent, administrative authority, which receives and processes information from the financial sector and transmits disclosures to judicial or law enforcement authorities for prosecution. It functions as a “buffer” between the financial and the law enforcement communities.

The Money Laundering and Financing of Terrorism (Prevention and Control) Act, 2011-23 ascribes to AMLA the responsibility of supervising financial institutions, making it the principal supervisory entity in the fight against money laundering in Barbados. The Financial Intelligence Unit on behalf of the Authority receives reports of suspicious or unusual transactions from financial institutions. The reports are then analysed and information disseminated to the relevant competent authorities.

COMPOSITION OF AMLA

The AMLA is made up of eleven 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 University of the West Indies
  • Deputy Chairperson – from the private sector
  • 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
  • Head of the Banking and Supervision Department, Central Bank of Barbados
  • Two additional members from the private sector with experience in law and insurance regulation.

 


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