Barbados will enter its next Caribbean Financial Action Task Force (CFATF) evaluation round in less than a year, the Attorney General Wilfred Abrahams revealed on Tuesday, warning that the country must strengthen its regulatory framework to maintain compliance with international standards.

As he backed a new bill to identify the people who own all companies registered in Barbados, Abrahams told the House of Assembly that it was a critical part of Barbados’ efforts to meet the requirements of the international anti-money-laundering and counter terrorism financing framework.

Barbados had completed its fourth-round mutual evaluation with CFATF and had come off enhanced scrutiny lists, but the next evaluation would focus on how effectively the country uses the systems it has put in place, Abrahams said.