Abstract
The public interest theory of regulation sees the role of regulation as intervening to correct market failures and protect the public interest. In the case of anti-money laundering and countering the financing of terrorism (AML/CFT) regulation in a small international financial centre (IFC), preserving the reputation of the jurisdiction as a compliant domicile for international business is also top of mind for the regulator. This chapter provides a preliminary overview of the impact of the novel Coronavirus disease 2019 (COVID-19) pandemic on AML/CFT regulation in Barbados’ second largest foreign exchange-earning sector, the global business sector. It also preliminarily examines how regulators in that sector responded to that challenge. This qualitative study involved a review of legislation, regulatory guidelines and other official guidance provided by regulators to the sector during the period January 2020 to May 2022, as well as regulators’ annual reports and publicly accessible statements. The study found that despite the unprecedented challenges posed by the COVID-19 pandemic and the high reputational stakes, regulators in Barbados’ global business sector were able to adapt their working arrangements and regulatory methods in accordance with international guidance. In some cases, the pandemic occasioned greater efficiencies in their regulatory and supervisory approaches.
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Nicholls, A.D. (2023). COVID-19 and AML/CFT Regulation of the Barbados Global Business Sector. In: Roberts, S., DeShong, H.A.F., Grenade, W.C., Devonish, D. (eds) Interdisciplinary Perspectives on Covid-19 and the Caribbean, Volume 1. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-30889-5_20
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