Barbados' financial services industry is built on a solid basis of regulation and supervision. When the jurisdiction achieved political independence in 1966, it had already achieved a high level of fiscal maturity as a result of the well run and established safeguards and policies instituted under British rule. Present day Barbados is reflective of that legacy and its supervisory ethos is often the envy of many small - and large - jurisdictions.
Institutionally, the pillars of regulation and supervision are reflected in the following: The Central Bank of Barbados; the Financial Services Commission; the Anti Money Laundering Authority and its Financial Intelligence Unit; and the Ministry of International Business and its Licensing Division. These institutions along with our legislation provide for a fair and consistent regulatory environment for international business.
Barbados introduction of captive insurance legislation in 1983 was a recognition that its economic diversification required a well regulated and competitive captive insurance sector. For inasmuch as the jurisdiction had continued to experience a long tradition of a vibrant and transparent domestic insurance industry, it was only natural that a foray into this new product line was a sine qua non. This history of domestic insurance in the jurisdiction was supported by major local companies with strong global reinsurance partnerships as well as a local supervisory framework which gave strong support and guidance to all the elements within the insurance market place.
Barbados is easily differentiated from other Caribbean financial centers because of a commitment to a low tax jurisdiction philosophy. It focuses on treaties and active businesses as opposed to volume driven, zero tax international business companies. The Barbados brand is one of transparency and trust, and it has the ability to engender confidence and certainty.
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