AML Bill Passed
Wednesday July 13 2011 | 07:23 AM

The Money Laundering and Financing of Terrorism (Prevention and Control) Act 2011 passed in the House of Assembly yesterday (Tuesday), is not an attempt to reinvent the wheel, but rather to bring Barbados in line with internationally accepted norms.

That is according to Attorney General and Minister of Homes Affairs, Adriel Brathwaite. Speaking in the House of Assembly yesterday afternoon as the House resumed the debate on the Money Laundering and Financing of Terrorism (Prevention and Control) Bill 2011, the Attorney General said that the Act should see enhanced business in Barbados as well as an easier transaction of business between Barbadian entities and entities from other parts of the world. With that in mind, Minister Brathwaite said, the onus is on Government to ensure that whenever the Bill becomes law they have the complement of staff that is required to discharge the responsibilities under the Act.

He explained that the Act is needed to address deficiencies in the country’s anti-money laundering programme, which were identified as far back as 2006, when an evaluation was conducted by the Caribbean Financial Action Task Force.

Meanwhile, responding to some concerns raised about the Bill, he referred to the insurance sector in particular, which he said was worried that the Bill as it relates to exempt insurance companies was putting a higher onus in terms of due diligence on them than was previously required. However, he stated that is not the case.

“Indeed Sir I looked at that with great concern because I like my colleagues on this side recognised that the importance of the insurance industry to the development of Barbados and the development of Barbados as a domicile for financial services. I am therefore pleased after my review to note that the Bill does not place any higher onus on the insurance industry than it did previously. Indeed Sir, I have before me the guidelines that were issued in 2006 by the Anti-Money Laundering Authority in consultation with the Supervisor of Insurance, who at that time would have responsibility for insurance matters and these 2006 guidelines would indicate to me that even with the passage of this Act today that we would not have changed significantly the due diligence requirements of the insurance industry,” he said.