Money Laundering (Prevention and Control) Act, 1998

The Money Laundering (Prevention and Control) Act 1998-38 of Barbados was adopted on 18 December 1998, and provides for the prevention and control of money-laundering and for related matters.

The Act, which establishes the Anti-Money Laundering Authority, ascribes to that body the responsibility of supervising financial institutions, making it the principal supervisory entity in the fight against money laundering in Barbados. The legislation requires the Authority to receive reports of suspicious or unusual transactions from financial institutions.