General Manager of the Securities Exchange of Barbados, Virginia Mapp was quick to reassure the jurisdiction's business community this week that no evidence of rampant corruption and wrongdoing has been found in the system, after remarks made by the head of Barbados' Financial Intelligence Unit (FIU) at a recent conference caused something of a stir.
The Barbados Daily Nation reports that addressing a meeting of the Barbados Association of Insurance and Financial Advisors, Guyson Mayers announced that the Anti-Money Laundering Unit was keeping a close eye on business people purchasing unusually large amounts of shares on the stock exchange, and warned that once 'dirty money' is invested in a local business, it becomes difficult to separate from clean income.
However, commenting on Mr Mayers' remarks on Sunday, Ms Mapp explained that: 'The disclosure by the head of the FIU is just an example of its due diligence procedures, having analysed the reports received from the relative institutions, and is not an example of any rampant wrongdoing or crisis.'
She added that the FATF's anti-money laundering recommendations have been fully implemented in Barbados through the Anti-Money Laundering Authority.
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