G20 places Barbados on financial watch list

Barbados minister of Finance, Chris Sinckler has revealed that Barbados has been placed on a watch list by the Financial Stability Board, an offshoot of the Group of 20 (G20).

Barbados is in the process of setting up an Institute of Financial Risk and Regulation – and is seeking to access millions of dollars in European funding for this project.

Sinckler made the disclosure at a press briefing following a full day of discussions with European Union (EU) officials, during a country portfolio review regarding more than US$100 million in EU funding for various projects, including budget support.

“The Financial Stability Board, an offshoot of the G20 process for the regulation and examination of financial centres, has placed Barbados on their list of countries for examination and for watch, even though we only control less than 1 percent of the resources flowing through in terms of the global financial architecture and structure,” the Finance Minister noted.

Source: NationNews Barbados