Regulatory Alerts2019-01-01
Money Laundering and Financing of Terrorism (Prevention and Control) (Amendment) Act, 2019
The Parliament of Barbados enacted this amendment to update the Money Laundering and Financing of Terrorism (Prevention and Control) Act, 2011, by replacing the term 'unlawful activity' with 'criminal conduct' and expanding the definition of property. The legislation mandates that the Director of Financial Intelligence promptly forward reports to public authorities and allows for spontaneous information sharing with the Royal Barbados Police Force and other agencies. It also modernizes the regulatory framework by substituting references to the Registrar of Co-operatives and Securities Commission with the Financial Services Commission and updating the scope of designated non-financial businesses and professions.
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