About Barbados FIU/AMLA
Our Goal & Objectives
The goal of the FIU is to prevent or control money laundering and the financing of terrorism through the collection and analysis of financial intelligence and the facilitation of all legitimate and appropriate anti-money laundering and anti-terrorism funding efforts.
The FIU outlines and pursues a number of objectives that were intended to facilitate the attainment of this goal. These objectives are to:
1. establish close working relationships with financial institutions and other relevant local and international agencies in order to combat money laundering and the financing of terrorism and their prevention.
2. provide relevant feedback to the FIU’s constituents where appropriate.
3. develop and maintain intelligence sharing structures and systems.
4. effectively supervise the anti-money laundering and prevention of terrorism efforts of financial institutions.
5. encourage compliance with the guidelines for financial institutions as issued by the Anti-Money Laundering Authority.
6. educate special interest groups and the general public about the prevention of money laundering and terrorist financing.
7. cooperate with international agencies and countries to prevent money laundering and terrorist financing.
The Government of Barbados has enacted several pieces of legislation aimed at preventing and detecting drug trafficking, money laundering, terrorist financing and other serious crimes. These include:-
Drug Abuse (Prevention and Control) Act, 1990-14, CAP131;
Proceeds of Crime Act, 1990-13, CAP143;
Anti-Terrorism Act, 2002-6; and
Money Laundering and Financing of Terrorism (Prevention and Control) Act, 2002-6, CAP129.
Transnational Organised Crime Act, 2010
International Corporate and Trust Service Providers, 2010
The Organizational Structure of the Financial Intelligence Unit
General Duties of the Anti-Money Laundering Authority
The Authority is mandated to:
Establish training requirements and provide any necessary training for financial institutions in respect of the business transaction, record keeping and reporting obligations under the Act.
Receive the reports issued by the FIU, pursuant to Section 8 (1) (b) of the Act, as well as disclosures of information from any state or any other service, which is relevant to the administration, and enforcement of the Act.
Conduct such investigations as are necessary for the purpose of the Act.
Retain a record of all information that it receives under the Act for five years after the information is received.
Compile statistics and records
information within or outside of
Instruct financial institutions to take such steps as may be appropriate to facilitate any investigation by the Authority.
Require from any file the production of any information except information subject to legal professional privilege which the Authority considers relevant to fulfill its functions.
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