An Official Website of the Barbados Government.
Financial Intelligence Unit Typology Report on Fraud
WITHIN A COVID-19 CONTEXT (MARCH 2019 – FEBRUARY 2021)
In June 2021, the FIU carried out an assessment of the Suspicious Transaction/Activity Reports (STRs/SARs) submitted by financial institutions during the period March 2019 to February 2021.
The objective was to examine the prevalence of fraud in the financial services sector within the context of the
COVID-19 pandemic. Specifically, our efforts were geared at:
1. Determining if there was an increase in fraud as a result of the COVID-19 pandemic;
2. Determining if there was an increase in the types of fraudulent activity;
3. Extrapolating indicators of fraud for the benefit of law enforcement and financial services regulators; and
4. Providing the financial services community with insight into an area that poses a high money laundering threat in Barbados and so promote the strengthening of policy and control frameworks, where necessary.
Broad findings are captured in this public report with substantive, specific findings redacted for confidentiality purposes.
Download the Typology Report on Fraud March 2019 to February 2021 – An FIU Perspective
Barbados National Risk Assessment Report
ALL FINANCIAL INSTITUTIONS AND DNFBP’s
The FATF Recommendations requires jurisdictions to identify, assess and understand the risks posed by money laundering and terrorist financing. In 2019, Barbados embarked on a second National Risk Assessment (NRA) exercise to better achieve this objective, which saw the collaboration of all AML/CFT competent authorities under the umbrella of the Anti-Money Laundering Authority of Barbados. The results are documented in the REPORT ON ASSESSMENT OF NATIONAL MONEY LAUNDERING & TERRORIST FINANCING RISK – BARBADOS.
The NRA report can be viewed by downloading the below report and is intended to inform and raise awareness among the private sector, public sector and supervisors of evolving risks of money laundering and terrorist financing. All licensees [financial institutions and non-financial business entities and professionals] are encouraged to access the report and utilise the results in their AML/CFT risk-based programmes.
The national risk assessment exercise will be repeated on a 2-year cycle, that is, in 2020.
