BARBADOS HAS FOUND ITSELF on another unenviable list, as the island prepares to access millions of dollars in European funding to set up an Institute of Financial Risk and Regulation.
Minister of Finance Chris Sinckler revealed yesterday that Barbados and The Bahamas had been placed on a watch list by the Financial Stability Board, an offshoot of the Group of 20 (G20).
Sinckler made the disclosure at a Press briefing following a full day of discussions with European Union officials at the Lloyd Erskine Sandiford Centre, during a country portfolio review regarding more than $100 million in EU funding for various projects, including budget support.
“The Financial Stability Board, an offshoot of the G20 process for the regulation and examination of financial centres, has put Barbados and The Bahamas on their list of countries for examination and for watch, even though we only control less than one per cent of the resources flowing through in terms of the global financial architecture and structure,” the Finance Minister noted.
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