More changes to company laws

Barbados is making more changes to its laws governing the setting up of companies and charities under pressure from international agencies setting strict new anti-money laundering guidelines.

Attorney General Dale Marshall, led off debate in the House of Assembly today on the companies amendment bill.

While he felt that some of the mandates from international agencies like the OECD impinge on Barbados’ national sovereignty, he says Barbados has no choice but to comply or risk even more severe blacklisting and being unable to transact business internationally.

In supporting the measure, Opposition leader, Bishop Joseph Atherley, stressed that the measures were not just needed because of pressure from international agencies. He feels that the threat of local corruption make such moves  essential.