Barbados’ Removal From EU Blacklist Clears Way for Business in Europe

• Attorney General Dale Marshall has welcomed the long-awaited removal of Barbados from the European Union (EU) list of high-risk third countries, saying it clears a major hurdle for Barbadian individuals and companies doing business in the EU.
• Marshall confirmed in a statement that the required delegated legislation was published in the EU’s Official Journal, giving effect to the decision. Barbados will be officially removed from the blacklist on 5 August.
• The practical effect of now being removed from this blacklist is that EU financial institutions no longer need to conduct enhanced due diligence on parties and transactions from Barbados. The need for enhanced due diligence has caused many EU banks to refuse to do business with Barbadian companies, which has not only hindered personal transactions but also hurt the country’s ability to conduct business with EU entities.
• The AG noted that removal from the EU list had been delayed because some EU members objected to the removal of other jurisdictions from the list, and under their “all or nothing” procedures, no other country could be removed.
• He highlighted the administration’s significant investments in institutions, the creation and staffing of new entities, enhanced training, updated legislation, and the adoption of new standards to strengthen Barbados’s fight against money laundering and terrorist financing.

(Source: Barbados Today)