Establishment

The Compliance Unit was established by an amendment to the Money Laundering and Financing of Terrorism (Prevention and Control) Act, 2011-23 by the Money Laundering and Financing of Terrorism (Prevention and Control) (Amendment)(No.2) Act, 2019-58. The Compliance Unit is the supervisory body for the Designated Non-Financial Businesses and Professionals (DNFBPs) i.e. accountants, attorneys-at-law, real estate agents and dealers in precious metals and stones.

Functions

The Functions of the Unit are to:

• Administrate the relevant Acts, including the registration of DNFBPs;
• Supervise and regulate the AML/CFT/PF operations of DNFBPs;
• Establish standards for institutional strengthening, for the control and management of ML/TF risk in the DNFBP sector;
• Issue guidelines for establishing codes of conduct; modernizing the DNFBP sector; promoting international standards and best practices as it relates to AML/CFT/PF;
• Promote stability, public awareness and public confidence in the operations of DNFBPs;
• Advise AMLA in respect of matters relating to the MLFTA;
• Provide technical assistance and advise to any other government agency in relation to its responsibilities under any law to supervise, regulate or monitor any business operating in Barbados; and
• Perform any other function that may be necessary to effectively carry out the purposes of the MLFTA.