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Government Work To Get Off FATF’s Grey List

Government is continuing to work diligently to get off the Financial Action Task Force’s (FATF) grey list. And, Attorney General Dale Marshall is optimistic the removal should occur after the on-site assessment with the FATF’s representatives in Barbados, in January 2024.

Mr. Marshall gave this update today as he addressed the website launch of the Compliance Unit of the Anti-Money Laundering Authority, at the Lloyd Erskine Sandiford Centre.

The Attorney General told his audience: “We’ve had to devote all of our resources to get to this point, and I’m optimistic that in January we shall have reason to celebrate. But the bad news is that as soon as we get out of this round there’s another one coming, so the Compliance Unit is going to be around for a long, long time.”

After the launch, he explained to the media that the purpose of the on-site meeting was to make sure that all of the measures put in place by Government were effective and sustainable.

He continued: “We’ve spent the last three years working our way through all of the requirements of the FATF. We have now advanced to the final stage where the FATF actually sends out assessors…for an on-site meeting….

“Once we satisfy them, …then they will make a recommendation to the plenary meeting in February, and the plenary will hopefully accept that recommendation that Barbados be removed from the grey list. So we’re very optimistic that the assessors, in January, will be fully satisfied that we have covered…all of the things that we have to cover.”

Mr. Marshall explained that removal from the EU’s blacklist did not automatically follow deletion from the FATF’s grey list. However, he pointed out that Barbados’ expectation, based on the bilateral meetings with EU representatives, is that once it is removed from the grey list, then removal from the blacklist will follow.

“Removal from the blacklist is key, because a lot of our businesses – reinsurance and others – have major clients in Europe, and therefore they have to transact financial business with them. The problem with being on these lists is that it affects… correspondent banking….

“It is especially important for Barbados that we get off of these lists so that the countries with whom we have to do business are comfortable that we are not sending tainted money to their jurisdiction,” he stated.

During the website launch, the Attorney General underscored the importance of the Compliance Unit and told the Designated Non-Financial Business entities or Professionals (DNFBPs) its work “is invaluable”.

“The Compliance Unit is not your enemy; the Compliance Unit has not been set up to be the bane of your existence. The Compliance Unit has been set up to provide you with the necessary know how and resources to be able to so structure your business that you meet the minimum standards, and when you meet the minimum standards, then you’re good to go.

“But if one of you fall, then it imperils the entire standing of Barbados. So I want to urge you to accept the entreaties of the Compliance Unit…. The work of the Compliance Unit is invaluable. It is a new unit; we’re going to… make a few missteps along the way; but never with malice…,” Mr. Marshall stated.

To access the website, persons should log on to https://complianceunit.gov.bb. They will be able to view training materials and video recordings, including a step-by-step guide on the filing of a Suspicious Transaction Report (STR); and international sanctions lists which will allow the DNFBPs to screen potential and existing clients to ensure that criminals do not penetrate financial institutions.

In addition, they will have access to questionnaires, which the Unit uses to determine whether an entity can be classified as a DNFBP; a direct link to the Financial Intelligence Unit for the submission of STRs; and information on upcoming training sessions. (PR/GIS)

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Remembrance Day Parade On November 10, 2024

Barbados will remember the servicepeople who lost their lives during World Wars I and II, with the customary Remembrance Day Parade and a short inter-denominational service at the Cenotaph, National Heroes Square, The City, on Sunday, November 10.

The parade will commence at 8:00 a.m. and will be broadcast live on national television and radio.

Several armed and unarmed uniformed groups will be on parade, including the Barbados Defence Force, The Barbados Police Service, the Barbados Legion, the Barbados Fire Service, the Barbados Prison Service, the Boy Scouts, and Girl Guides.

Wreaths will be laid at the Cenotaph by the President of Barbados, Her Excellency The Most Honourable Dame Sandra Mason; Prime Minister Mia Amor Mottley, Chief Justice Leslie Haynes, members of the diplomatic corps, and other dignitaries.

The service will be followed by an informal inspection of veterans and a march-past by uniformed groups. Members of the public desirous of attending the event are asked to collect tickets from the receptionist at Government Headquarters, Bay Street, St. Michael, from Monday, November 4, between 8:30 a.m. and 4:30 p.m.

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Key Reminders When Considering Investment Opportunities

The Financial Services Commission (FSC) is reminding the public to exercise caution when considering investments in Multi-Level Marketing (MLM) schemes. While MLMs may present themselves as legitimate business opportunities, some can be risky or even illegal, leading to significant financial losses.

Here are some key things to consider before making any investments:

1. Research the Company/Person(s): Thoroughly investigate the background, business model, and reputation of any of the company or persons involved. Verify whether the company or persons associated with the investment are registered and regulated by relevant authorities like the Financial Services Commission.

2. Understand the Business Model: Genuine businesses generate revenue primarily through the sale of products or services, not recruitment of participants. Be wary of models that emphasise recruitment over product sales.

3. Check for Red Flags: Promises of high returns with little effort, emphasis on recruiting others, or pressure to make large upfront investments are warning signs.

4. Consult with Experts: Seek advice based on your financial goals and wherewithal from regulated individuals or companies set up to provide such guidance.

The public is urged to approach all investment opportunities with caution and conduct their due diligence to safeguard their financial well-being.

It is an offence for persons not registered or licensed with the Commission to offer investment advice, sell financial products or deal in securities.

The public is encouraged to notify the Commission of any situations where entities or individuals engage in these practices without being duly registered and/or licensed. (PR/GIS)

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Barbadians Continue To Benefit From UNESCO Training In Cuba

Barbadians continue to benefit from UNESCO training courses in Cuba, despite the country experiencing an island-wide blackout from Friday, October 18.

Three Barbadians are currently in Cuba participating in the Caribbean Cultural Training Hub of the UNESCO Programme Transcultura: Integrating Cuba, the Caribbean and the European Union through Culture and Creativity, which was organised by the UNESCO Regional Office in Havana, and funded by the European Union.

Historian and Genealogical Researcher, Stacia Martindale, is participating in the course Designing Small Businesses in Heritage Tourism Destinations, while Landscape Architectural Technician, Kodi Husbands, and Assistant Coordinator and Researcher of the Barbados National Register of Historic Places, Rhianna Smith, are participating in the course Introduction to the Management of Integrated Development of Historic Centers.

They shared their experiences of being in Cuba and about the courses they are studying.

Ms. Martindale said: “So far, the experience has been very amazing. I’ve been loving the culture of Cuba and the general experience in class.

It’s really been exciting for me. It’s my first time in Cuba. I think I know quite a bit about Cuba just because I’m really interested in History. I’m actually a History teacher, so to come here, where that history has happened, is really, really exciting for me.”

Mr. Husbands, who is on his second visit to Cuba, shared that the first time he visited was on a vacation. “It really resonated with me. I got to understand the culture a lot more [and] I was able to identify with the people after speaking to them about their experiences and how they live. That’s what inspired me to continue working in sustainable architecture and design, and cater for society and the people, rather than doing it for money.

“So far, I’ve found different methods or techniques and practices which can be useful for back home in my field of architecture. And different ways I can further develop my country, whether it’s towns like Bridgetown, Speightstown, or Oistins. Or even smaller communities like in the East Coast, or in St. George or more rural areas as well,” he remarked.

It is also the second time for Ms. Smith, who previously benefitted from a course in June, this year, at the prestigious International Film and Television School of San Antonio de Los Baños, on the outskirts of Havana.

“This experience has been a lot different compared to when I was in San Antonio. Havana is a lot more active and has a lot more to see. And so, I’ve been able to immerse in the culture in ways that I was not able to the first time around,” Ms. Smith said.

She added: “We have been having some tours where we have been seeing examples of not only the restoration of historic sites and buildings, but also the repurposing of those buildings for uses that really fit the community. For instance, earlier this week we visited a daycare. But it was a day care for the elderly which doubles as a day care for babies, and so on.

“And so, what they are trying to do is to integrate those two generations and, of course, develop a consciousness of caring for the elderly. Things like that have led me to conclude that it’s been nothing short of inspiring so far, and I’m just looking forward to seeing where things go.” (PR/GIS)

Caption: From left to right – Rhianna Smith, Barbados’ Ambassador to Cuba, Dr. Sharon Marshall; UNESCO Director Anne Lemaistre; Stacia Martindale; and Kodi Husbands pose for a photograph