Barbadians are being advised to verify any financial offer that sounds suspicious before acting on it, as the Anti-Money Laundering Authority steps up public education on scams and fraud.
Speaking during the Compliance Unit’s open day in Independence Square, The City, yesterday, chief compliance officer Sharice Squires said the public should treat overly attractive offers with scepticism.
“If something sounds too good to be true, it very likely is too good to be true,” she said, adding that anyone unsure about an offer should consult a friend for a second opinion or contact the Compliance Unit directly, or through the Social Media Compliance Unit, Barbados.
She said the authority’s website also listed current fraud trends and typologies for the public to review.
The open day, held in observance of Compliance Officer Day, saw tents and information booths set up across the square as officers fielded questions from the public and distributed pamphlets outlining the authority’s mandate and tips for avoiding fraud.
“Our thing is to train and do outreach and let individuals know that we are trying to protect dirty money from coming into the financial system and trying to stop money laundering from happening,” Squires said. She explained that banks, credit unions and insurance companies acted as “gatekeepers” to the financial system, and that the authority’s supervisory role was aimed at preventing illicit funds from entering those institutions. Squires called on the public to play its part by providing accurate personal information when dealing with financial institutions, noting that such checks were a legal requirement, not an intrusion.
“There’s different information that we’re asking the public to be aware of, so they’re not hesitant and can provide that information. They’re obligated to collect that information by law, and all of it is to protect Barbados’ overall financial sector.”
The requirement extends beyond banks to accountants, attorneys, real estate agents, and dealers in precious metals and stones, all of whom are required to conduct due diligence on clients.
“What I would like individuals to know is to be honest when you are providing that information,” Squires said. “They’re going to ask you some questions, but don’t feel that they’re trying to get off in your business. They still need to understand who they’re getting involved with, because they themselves have to determine if it’s a risk worth taking.
Where the risk of money laundering is concerned, she said they could not indicate whether or not the crime had become more or less prevalent, but the entity had gone through several assessments by tightening legislation and safeguarding the system.
The legislation, known as the Money Laundering And Financing Of Terrorism (Prevention And Control) (Amendment) Act, 2026, gives the Compliance Unit greater teeth to supervise lawyers, accountants, real estate agents, dealers in precious metals and stones, and gaming institutions, categories of professionals known in the Act as designated non-financial business or professions.
(JRN)