Regulatory Alerts2011-01-01
Money Laundering and Financing of Terrorism (Prevention and Control) Act, 2011
The Parliament of Barbados enacted this legislation to reform laws preventing money laundering and terrorism financing while establishing the Anti-Money Laundering Authority for supervision. The Act defines money laundering offenses with severe penalties and mandates that financial institutions and designated non-financial professionals implement strict customer identification and due diligence procedures. It further empowers the Authority to issue guidelines and requires the Financial Intelligence Unit to manage the receipt and analysis of suspicious transaction reports.
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