The Financial Intelligence Unit (FIU) is responsible for the day to day work of the Anti-Money Laundering Authority (AMLA).
The Anti-Money Laundering Authority (AMLA) is the body established under the Money Laundering and Financing of Terrorism (Prevention and Control) Act, 2011-23 to supervise Barbados’ 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 Counter-Proliferation Financing (AML/CFT/CPF) framework making it the principal supervisory entity in the fight against money laundering, terrorist financing and proliferation financing in Barbados.
The executive functions of the Authority are carried out by the Financial Intelligence Unit (FIU) which is headed by a Director and comprised of other public officers.
The Money Laundering and Financing of Terrorism (Prevention and Control) Act, 2019 ascribes to AMLA the responsibility of supervising financial institutions and Designated Non-Financial Businesses and Professions (DNFBPs.)
The Financial Intelligence Unit receives reports of suspicious or unusual transactions from financial institutions. The reports are then analysed and information disseminated to the relevant competent authorities.
The Barbados 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.
Barbados is currently the Chairman of the Caribbean Financial Action Task Force in the person of The Honourable Dale Marshall, QC, MP, Attorney-General and Minister of Legal Affairs.
To contain and control the incidence and effect of money laundering, the financing of terrorism, proliferation financing within Barbados and to assist in the global combative efforts through the receipt, collection and analysis and dissemination of financial intelligence.
To be a centre of excellence in the receipt, analysis and the timely dissemination of financial intelligence within and outside of Barbados in order to effectively contribute to Barbados’ reputation as a financially sound and stable jurisdiction for investment.