Bridgetown, Barbados – June 18, 2025
A leading global expert on regulatory compliance is urging Barbados’ public and private sectors to work together and approach the upcoming Caribbean Financial Action Task Force (CFATF) mutual evaluation with urgency and seriousness.
The warning comes from Calvin Wilson, a former longtime Executive Director of the CFATF and now Principal Consultant at Calvin Wilson & Associates. In a presentation at the 2025 Global Industry Update Virtual Seminar, hosted by BIBA, the Association for Global Business, Wilson delivered a candid assessment of Barbados’ preparedness in maintaining its current standing for the next CFATF Review and other watchdogs agencies.
Wilson, who is based in the United Kingdom, reminded participants that Barbados was only removed from the CFATF’s grey list last year, after spending four years under increased monitoring.
“Fast approaching is the fifth round of mutual evaluations, which may start in December 2027, and the first reading of the Mutual Evaluation Report will be in June 2028. . . . People in Barbados, the private and the public sector, may think that you have lots of time to prepare . . . but that time goes by very, very quickly,” Wilson urged.
He warned that in addition to CFATF scrutiny, Barbados is increasingly facing pressure from a range of global standard-setters—including the United States, European Union, Amnesty International, and Transparency International—focused on issues such as anti-money laundering (AML), financing of terrorism, tax compliance, human rights, anti-corruption, and the proceeds of crime.
Failure to meet evolving global standards, Wilson cautioned, could lead to serious consequences such as reputational damage, sanctions, derisking, and the loss of correspondent banking relationships. These outcomes could significantly raise compliance costs and discourage foreign investment.
Of particular concern, Wilson emphasised, is a shift in focus for the next evaluation from merely assessing laws and regulatory frameworks to verifying actual and effective implementation and enforcement.
This round will be more demanding, Wilson explained, stressing that it was not just about having the right laws in place, but about showing they are being enforced, he explained.
That is where the absence of reliable data becomes a major obstacle, the expert noted.
He cautioned that without consistent data collection and monitoring, Barbados will struggle to demonstrate key enforcement metrics such as investigations initiated, successful prosecutions, asset confiscations, and reports of suspicious transactions.
He stressed that were there is better data, the island could more effectively show progress whether through evidence on the number of investigations or outcomes of prosecutions. “Data capture and monitoring” must become a national priority he urged.
His remarks serve as a call to action for all stakeholders to begin preparing now—well ahead of formal assessments—to protect Barbados’ financial reputation and standing on the global stage. (BIBA)