FATF DECISION REMOVING BARBADOS FROM ITS "GREY LIST" RAISES RISK THAT UK, U.S. AND CANADIAN BANKS WILL UNWITTINGLY LAUNDER THE PROCEEDS OF THE COUNTRY'S RAMPANT ATTORNEY-ORCHESTRATED PROBATE AND REAL ESTATE FRAUD

This week's news, from the Financial Action Task Force (FATF), included a decision removing Barbados from its high-risk "Grey List." The impact of that action, regarding increased risk that it will now present Western financial institutions that bank Barbados nationals abroad, especially its professionals and PEPs (Politically Exposed Persons), cannot be understated. Many Barbados attorneys, who have grown in number to the point where there is simply not enough legal work available there to sustain them at the high rate of income which they expect to earn, engage in probate and real estate fraud, to deprive the lesser educated working class of much of their valuable oceanfront land, which they inherit through probate. These attorneys, who act with impunity due to a corrupt government composed of lawyers, then often move their criminal profits abroad, in Western banks.

The FATF act creates a false low-risk posture for funds originating in Barbados, which could be, in truth and in fact, the proceeds of attorney fraud. Source of Funds and Source of wealth inquiries will now be perfunctory, at best, and American, British & Canadian compliance officers will approve accounts, and subsequently-made large deposits, for Barbados attorneys, without questioning them. This is a classic case of the Law of Unintended Consequences raising the level of risk for onshore banks.