Minister of Labour Colin Jordan is adamant that Barbados’ financial reputation is one of its most valuable assets, and that it can only be protected if legislation keeps pace with fast-moving technology.
He made that clear while speaking in the House of Assembly yesterday during debate on the Virtual Asset Service Providers Bill, 2026.
The MP for St Peter said the legislation, which aims to combat money laundering and terrorist financing, matters to “every single Barbadian.”
Cubana Air Flight
He noted that the debate fell on the 50th anniversary of a terrorist act, namely the bombing of Cubana Air Flight 455 just off the west coast of Barbados. Terrorism, he argued, disrupts prices and the supply of goods, and ultimately damages the standard of living in small island developing states like Barbados.
Jordan said technology is evolving rapidly, and only those “who live on the rocks” would fail to see it.
Virtual currencies
He pointed to the spread of virtual currencies, noting that Bitcoin was once the only name most people knew, while many others have since emerged. Central banks worldwide, he said, are working to avoid being left behind in the new financial system.
Barbados, as a small country, must not become a victim of those advances or complicit in their illegal or immoral uses, he added.
“Barbados trades on its reputation,” Jordan said, recalling the 2018 debt default shortly after the Mia Amor Mottley administration took office at the end of May. He added the Government survived that period because the international financial system and local creditors had confidence in its plans for recovery.
Jordan recalled late-night negotiations with commercial banks, saying the debate’s lead speaker, Minister of Finance Ryan Straughn was among those who worked until midnight and beyond.
That credibility, the accountant said, must be guarded “with everything that we have.” He noted that Parliament must be ready to return from time to time with new or amended laws, and that both the Central Bank of Barbados and the Financial Services Commission need all the tools necessary to govern and ensure transparency.
He said the Bill would help preserve the integrity of the financial system, which, although small globally, is vital to everyone living in Barbados. If it collapsed, he warned, every resident would feel the impact.
(BA)