Barbados will officially be removed from the European Union’s list of high-risk third countries on August 5, paving the way for smoother financial transactions and improved business relations with European institutions.
Attorney General Dale Marshall confirmed the development, noting that the relevant legislation was published in the EU’s Official Journal this week.
“This move brings welcome stability and predictability for Barbados in doing business with EU-based companies and individuals,” said Marshall. “It will reduce the compliance burdens previously faced by our financial institutions and corporate sector.”
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What It Means for Barbados
As a result of the change, European financial institutions will no longer be required to apply additional checks when handling transactions involving Barbados. For businesses and individuals, this means fewer delays, lower costs, and fewer restrictions when engaging with partners in EU member states.
“This is particularly good news for local companies that had difficulty maintaining or establishing relationships with European banks,” Marshall added. “In some cases, operations were disrupted or discontinued altogether.”
A Long-Awaited Outcome
Barbados was previously removed from the UK’s equivalent list in early 2023 after meeting international standards. However, removal from the EU’s list was delayed due to procedural challenges. Under current EU rules, multiple countries are assessed together, and disagreement over any one country can delay decisions for all.
“This should have happened a year ago,” Marshall said. “But we’re pleased to see that the process is now complete.”
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Reform and Institutional Investment
The Attorney General emphasized that Barbados has taken significant steps over the past few years to strengthen its institutions and align with international standards. This included legislative reforms, new regulatory structures, investment in training, and adoption of modern compliance frameworks.
“This administration has made extraordinary investments in our systems to ensure Barbados is aligned with global best practices,” Marshall said.
EU Confirmation and Broader Changes
Barbados was one of eight jurisdictions recommended for removal from the list by the European Commission in June. The European Parliament gave its approval on July 9. Other countries being removed include Jamaica, Panama, the Philippines, the United Arab Emirates, Uganda, Senegal, and Gibraltar.
The Commission confirmed that each country had strengthened its systems and addressed previously identified deficiencies.
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A Boost for Business
Marshall said the delisting enhances Barbados’ ability to attract investment and conduct cross-border business, particularly with European partners.
“This is a win for our financial sector, our exporters, and all Barbadians who rely on stable international connections,” he noted. “It restores confidence and improves our global standing.”
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