Barbados Lawyers Warned Over Money Laundering

by Amanda Banks, Tax-News.com, London

08 November 2001

Barbados' new Attorney General, Mia Mottley, warned on Tuesday that lawyers in the jurisdiction will have their professional privileges revoked if they attempt to hide money in the accounts of their clients, following the introduction of new provisions which are being added to the country's anti-money laundering legislation.

Introducing an amendment to the 1998 Money Laundering (Prevention and Control) Act, Ms Mottley stated that new money laundering provisions under development will allow the Anti-Money Laundering Authority to freeze suspect accounts for an initial 5 day period, penalise directors of financial institutions which fail to report to the authorities, and extend the definition of a financial institution to cover any person or institution whose business involves financial transmissions, such as the post office.

In Barbados, some legal professionals hold funds and securities, and conduct property transactions for clients, and offer loans at attractive rates of interest. 'So it does not take a Solomon to realise that if we place such weight on banks and others, that persons may want to hide behind solicitors,' explained the Attorney General.

She added: 'I do not believe any attorney would try to hide funds in their clients' accounts. But if it happens, Government won't sit as a lame duck and refuse to amend the law.'

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