Over the last 20 years the Government of Barbados has sought to diversify its economy through the promotion and development of an international business and financial services sector.

In its efforts towards this goal, the government is very much aware of its international obligations and especially the need to ensure that the jurisdiction maintains its reputation as one of quality and integrity and is not used by persons for money laundering and other improper purposes.

To this end, Barbados has sought to ensure that its regulatory and supervisory practices are consistent with the highest international standards.

In addition to this, Barbados established an Anti-Money Laundering Authority in 2000 in accordance with provisions of the Money Laundering and Financing of Terrorism (Prevention and Control) Act, Cap 129. The operational arm of the Authority, the Financial Intelligence Unit, in its efforts to detect and prevent money laundering in Barbados has been instrumental in assisting various agencies in this area of activity. One instrument with which the Unit has been giving assistance is the development of anti-money laundering guidelines and know-your-customer rules.

This document is a culmination of work between the Unit and the Division of Industry & International Businesss in developing guidelines especially for service providers in the international business and financial services sector dealing with investment business and fiduciary services.

In keeping with the requirements of the Money Laundering and Financing of Terrorism (Prevention and Control) Act, Cap 129 and government's wish to maintain Barbados as a reputable jurisdiction adhering to the highest international standards, we strongly encourage the widest readership of these guidelines among those involved in fiduciary and investment services. These guidelines will be used by the Division of Industry & International Business in the assessment of the adequacy of anti-money laundering systems and procedures which service providers have put in place.

The Authority also actively encourages all institutions to develop and maintain links with it to ensure that their internal systems and procedures are effective and up to date thus enabling them to carry out their duty of vigilance.