Senate passes anti-money laundering amendments ahead of 2027 review

The Senate on Wednesday moved to strengthen enforcement against money laundering and terrorist financing, passing bills aimed at demonstrating that the country’s safeguards work in practice ahead of an international review next year.

The Money Laundering and Financing of Terrorism Prevention and Control (Amendment) Bill and the Financial Services Commission (Amendment and Validation) Bill were intended to keep pace with global regulation.

Attorney General Wilfred Abrahams told the Upper Chamber that failure to meet obligations could place Barbados back on international grey or blacklists.