Saturday 8 August, 2020

Inniss: Strengthen anti-money laundering regulations

Minister of International Business, Donville Inniss. 
(PHOTO: Richard Grimes)

Minister of International Business, Donville Inniss. (PHOTO: Richard Grimes)

International Business Minister, Donville Inniss, has issued a fresh call to those who operate within the international business sector to strengthen their Anti-Money Laundering (AML) and Counter-Terrorism (CFT) regulations.

The Minister’s comments come on the heels of an announcement he had made just a week ago, giving notice of the termination of licenses of four international business entities that are alleged to be involved in a number of illegal activities including money laundering and other corrupt practices. Inniss told those at Thursday opening of the Barbados International Business Association Conference to ensure they were adequately equipped to deal with the regulatory challenges of the sector. 

“You need to take a proactive stance and equip businesses and staff with the necessary skills, technologies and knowledge to address these new changes. You too must put measures in place to strengthen your AML CFT frameworks for we in Barbados firmly believe that we are as strong as our weakest link.”

Inniss said Barbados will have the opportunity to engage in mutual evaluation of the legislative requirements when the Caribbean Financial Action Taskforce comes off next month in Guyana and from this meeting, revise and updates the existing framework. 

Inniss also said one other area of operations within the sector which can also be strengthened on government's end include the elimination of uncertainties and delivery of service. He said the constant runaround and misinformation businesses are forced to endure make for a very uncomfortable business facilitation process. 

“If we don’t make it clear as to what is required to obtain licenses and approval; if there is inconsistencies in what is requested… then we really and truly are just frustrating the system.”

He said it was time for Government to stop operating in the “dark ages” with the filing of unneccessary paperwork and move instead to a “seamless electronic relationship” through the creation of an online filing system.

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