International Business Companies To Lose Barbados Licences over Corruption

Minister of Industry and International Business Donville Inniss

 

BRIDGETOWN, Barbados, Thursday October 19, 2017 – Minister of Industry and International Business Donville Inniss says his ministry is in the process of revoking the international business licences of four international business companies in Barbados, as he urged regulators who have concerns with any of their clients to have those clarified quickly or “dump them”.

In a recent address to scores of stakeholders in the sector attending a Corporate Trust and Service Providers Seminar, the Minister revealed that the licences would be revoked shortly, over allegations of money laundering, corrupt practices and defrauding citizens in foreign jurisdictions.

“It was recently drawn to the ministry’s attention that we were able to identify a few companies that have not been cooperating as they should, or have beneficial owners who have been charged and found guilty of some activity which we do not wish to be associated with in Barbados. Therefore, I as Minister shall…be revoking the licences of such associated companies,” he revealed.

“We were advised by two of our service providers that the beneficial owners of the entities have either been charged or found guilty of some illicit activities in foreign jurisdictions which the entities may or have been involved in such acts. We are duty bound when we receive such information to investigate in a timely manner and take decisive action.”

Inniss further pointed out that the ministry’s International Business Division, as a regulator, had a duty to investigate companies from time-to-time for acts that were considered not in the best interest of Barbados as a domicile for international business.

He said there was too much at stake, given the overseas entities and individuals who were watching Barbados and analyzing its business activities.

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