Opposition legislator rejects US money laundering report

An Opposition legislator has joined Government in slamming a recent United States State Department report which characterized Barbados as a major domicile for money laundering.

Former Attorney General and Opposition Barbados Labour Party (BLP) Member of Parliament for St Joseph Dale Marshall said the report was a “total mischaracterisation” of the island.

“I couldn’t agree that Barbados is in anyway a major money laundering domicile. I think that would be a total mischaracterisation of what we do. I have to say that I have not seen anywhere in the report, which is over 200 pages long, any reference that would support that,” Marshall told Barbados TODAY.
He also expressed concern about the impact which the report could have on the financial services sector, adding that it was a disservice to the due diligence work put in by both BLP and Democratic Labour Party administrations over the years to safeguard the country’s reputation.
“Any time that a foreign state or an international regulatory agency speaks negatively about a jurisdiction it is bound to have some impact. Barbados is 75 per cent a services economy and a significant chunk of those services are related to the financial services sector,” Marshall said.
“International businesses are under pressure if they operate in a domicile that is not deemed well–regulated and therefore it has been the thrust of the Barbados Government under both administrations to try to ensure that Barbados has a regulatory framework which would allow international agencies and multi-national organizations to feel comfortable in the area in which they are operating,” he added, noting that Barbados has met the criteria in all but one area of the compliance table included in the document.

Marshall said the Government should continue developing new non-conviction-based asset forfeiture laws to increase the efficacy of asset recovery procedures.

The International Narcotics Control Strategy Report on Money Laundering and Financial Crimes Volume II, which listed over 80 countries and territories, did not say how the U.S. State Department had determined the countries that appeared on the list, which did not include the United States.

However, the report said an anti-money laundering deficiency here was that the criminal law limited Government’s ability to seize assets acquired through criminal activity, without first obtaining a conviction.
In an earlier response, Attorney General Adriel Braithwaite said while the report cited a number of “generic methods” of money laundering that may be found in any country, the island’s best intelligence did not support the view that they were at proportions which would have a significant impact on the local economy, or cause the faintest ripple in the international financial sector.

10 Responses to Opposition legislator rejects US money laundering report

  1. Jennifer April 28, 2017 at 5:07 pm

    Based on what officials who have read this report have said that there is no evidence to prove any money laundering. We all know about many trumped up dossiers etc. One can only conclude this report is similar to the accusation made by the USA that Saddam had weapons of mass destruction. Invaded, assassinated Saddam and has not found one piece of evidence up to this day. Unlike Iraq, Barbados has nothing the US wants. So the USA should try for once cleansing their own back yard and get on with your terror drills, Gotham shield etc……………………………………………

  2. Milli Watt April 28, 2017 at 6:28 pm

    International business and the US want the money home at them. I always had a problem with this industry its money based on finance which is money making money ssstttuuupppssseeeee. I have no love for the Americans but this is more trouble than anything else I suggest the persons who want the big payday with the gucci and fendi etc go find a job that meaningfully contribute to the country instead of a select few

  3. louis walker April 28, 2017 at 8:14 pm

    The city of London is awashed today with so-called Dirty-money.It is sanitised in the purchase of london properties;old and new.
    If America really wanted to tackle money laundering,and dismantle tax-havens,then they should be seeking out the real HOT SPOTS.
    Instead ,once again they have gone for an easy kill in targettng little contries like Barbados whose Breadfruits hang low.
    What is ironic is that Bajans have a high regard for America and all things American; to the detriment of their own culture.

    • Jennifer April 29, 2017 at 3:26 am

      @Louis Walker – Well said. Preach!!!!!!!!!!!!!!!!!!!!!!!!!! But why would they attack Britain, that would be like attacking/accusing your own Mother. Or own kind. Instead, do that old time thing. To the detriment of their health too.

  4. Gregory. April 29, 2017 at 2:27 am

    Louis Walker;
    The Americans picked out Barbados and you just picked out London, where I live the UK being the island where Barbados receives most of its tourist, only mentioned because of the “irony”
    With regards to money laundering, I suspect it goes on everywhere to some extent properties purchased in London and “condos” in Barbados and New York. I have seen them going up and being sold quite quickly in all three places although for the most part quite legitimately and probably the result of wealth or someone becoming financially successful.

  5. deMarlehole April 29, 2017 at 4:32 am

    The Barbados Government does not control their national banking system anymore. Barbados banking is very porous, so therefore this is what happens.
    Who Barbadian is on the board of any of the banks operating in Barbados. How can he object to something he knows not the inner workings. Does he think it’s a coincident the T&T administration now has foreign reserves issues as well; after funneling their dealings through the Barbados Central Bank depleting our reserves and now has to turn to their own Central Bank. He disappoints me now he feels the right to represent this administration. It truly scares me now.

  6. jrsmith April 29, 2017 at 9:40 am

    @, Jennifer, hail, hail, good shot , but look beyond this issue these people are not fools who is accusing barbados ….
    Our politicians has allowed barbados to be used as a guinea pig in many ways, they have sold us out to (T&T)… who is now in trouble , which politician for caused that …….
    Our crooked politicians are the ones who has exposed Barbados to the world financial institutions and others , to be downgraded and treated as like we are leapers ……………………..
    *************************************************** Think back the ( AUDIT GENERAL’S) report , which shows 700 to 800 millions plus bds dollars cannot be accounted for, no government minister or politician commented about this , because they disrespect the masses in Barbados , this doesn’t worry them ….. they interest the 1% so long they okay………

  7. Alex Alleyne April 29, 2017 at 10:18 am

    You all can say what you want , please remember you all sign those papers where the USA can get you at will so one day a plane load of wanna will be having a flight to New York and it won’t be for shopping.
    “Chew on that”.

    • Jennifer April 29, 2017 at 1:52 pm

      They will start home first, remember that.

  8. Kevin April 29, 2017 at 1:48 pm

    How come when the current AG rejected the money laundering report, the comments were not as kind as these. hmmmmm.


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