Barbados’ real estate sector could be facing greater scrutiny related to how it is managing money laundering and terrorist financing risks.
That is because the Financial Action Task Force (FATF) is seeking to update its guidance to the real estate sector “as a matter of priority to reflect the evolution of money laundering and terrorist financing and to ensure that the sector remains well-placed to counter such activity”.
The global money laundering watchdog has given countries until April 22 to respond to the recommended changes, which it said “was primarily developed for the sector to outline the principles and benefits of adopting a risk-based approach to tackling money laundering/terrorist financing”.
“The guidance emphasises the importance of a comprehensive understanding of the risk-based approach and the threats real estate professionals might be exposed to in carrying out their day-to-day functions, whilst recognising that legal and regulatory frameworks vary by country, making a ‘one-size-fits-all’ approach to anti-money laundering and countering the financing of terrorism unfeasible,” it explained. (SC)
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