Share the article
twitter-iconcopy-link-iconprint-icon
share-icon
AmericasJuly 1 2003

Weighed down by money laundering controls

Share the article
twitter-iconcopy-link-iconprint-icon
share-icon

Bankers and government officials are worried that hasty decisions in the war against money laundering could threaten the financial services industry in small jurisdictions like Barbados. Charles Piggot reports.

Barbadian banks have clearly got the message on money laundering controls, right down to the smallest branch office. Since tougher controls came into force last year under the threat of international sanctions against unco-operative offshore financial centres, customers must present full identification and all cash transactions involving more than B$10,000 ($5025) must be treated as potentially suspicious.

To continue reading, join our community and benefit from

  • In-depth coverage across key markets
  • Comments from financial leaders and policymakers worldwide
  • Regional/country bank rankings and awards
Activate your free trial