Gazette December 11, 2025 Part A VOL. CLX No. 133 with Bills & S.I #150

Dec 11, 2025 | Bills, Part A, Statutory Instruments (SI's)

CENTRAL BANK OF BARBADOS (AMENDMENT) ACT, 2025
OBJECTS AND REASONS
This Bill would amend the Central Bank of Barbados Act, 2020 (Act 2020-30) to
(a)
harmonise the definition of “National Payment System” with that in the National Payment System Act, 2021 (Act 2021-1);

(b)
make better provision for the Bank to be exempt from tax and regulatory requirements; and

(c)
give guidelines and directives issued by the Bank’s Board of Directors the force of law.

CENTRAL BANK OF BARBADOS (AMENDMENT) ACT, 2025
Arrangement of Sections

  1. Short title
  2. Amendment of section 2 of Act 2020–30
  3. Repeal and replacement of section 52 of Act 2020–30
  4. Repeal and replacement of section 72 of Act 2020–30

BARBADOS
A Bill entitled
An Act to amend the Central Bank of Barbados Act, 2020 (Act 2020-30). ENACTED by the Parliament of Barbados as follows:

Short title

  1. This Act may be cited as the Central Bank of Barbados (Amendment) Act, 2025.

Amendment of section 2 of Act 2020–30

  1. Section 2 of the Central Bank of Barbados Act 2020 (Act 2020-30), in this Act referred to as the principal Act, is amended by inserting the following in alphabetical order:
    “ “National Payment System” has the meaning assigned to it by section 2 of the National Payment System Act,2021 (Act 2021-1);”.

Repeal and replacement of section 52 of Act 2020–30

  1. Section 52 of the principal Act is deleted and the following substituted:

“Payment system
52.(1) The Bank shall have the sole authority for the supervision, operation and administration of the National Payment System.
(2)
The Board may, pursuant to the National Payment System Act, 2021 (Act 2021-1) make Regulations and issue guidelines and directives to govern the operation and regulation of the National Payment System as the Bank deems fit.

(3)
The Bank may participate in, own, operate, or establish any system in pursuit of the public interest and for the benefit of the National Payment System. ”.

Repeal and replacement of section 72 of Act 2020–30

  1. Section 72 of the principal Act is deleted and the following substituted:

“Exemptions

  1. Notwithstanding any other enactment, the Bank is exempt from
    (a)
    the payment of income tax and any other tax imposed on the income or profits of persons;

(b)
the payment of stamp duty on any document resulting from transactions with persons resident outside Barbados;

(c)
the payment of value added tax on any goods and services obtained for the direct benefit of the Bank;

(d)
the payment of import duty on any goods obtained for the direct benefit of the Bank; and;

(e)
the requirements of the Financial Institutions Act, Cap. 324A.

Guidelines and directives to have force of law
72A. Where an enactment provides that the Board may make guidelines or give directives, such guidelines shall have the force of law. ”.
Read three times and passed the House of Assembly this day of , 2025.

Speaker
Read three times and passed the Senate this day of , 2025.
President
ECONOMIC DIVERSIFICATION AND GROWTH FUND ACT, 2025

OBJECTS AND REASONS
This Bill would establish a fund, to be known as the Economic Diversification and Growth Fund, to provide financial support to certain companies to increase employment and economic growth in Barbados.
ECONOMIC DIVERSIFICATION AND GROWTH FUND ACT, 2025
Arrangement of Sections

  1. Short title
  2. Interpretation
  3. Establishment of Fund
  4. Resources of Fund
  5. Establishment and functions of Committee
  6. Application for disbursement
  7. Determination of application
  8. Agreement on disbursement
  9. Accountant General to administer Fund
  10. Audit of Fund
  11. Amendment of Schedule
  12. Regulations SCHEDULE

Economic Diversification and Growth Fund Committee
BARBADOS
A Bill entitled
An Act to establish a fund, to be known as the Economic Diversification and Growth Fund, to provide financial support to certain companies to increase employment and economic growth in Barbados.
ENACTED by the Parliament of Barbados as follows:

Short title

  1. This Act may be cited as the Economic Diversification and Growth Fund Act, 2025.

Interpretation

  1. In this Act, “Committee” means the Economic Diversification and Growth Fund Committee established by section 5; “company” includes a society with restricted liability and any other body corporate; “Fund” means the Economic Diversification and Growth Fund established by
    section 3(1); “qualifying company” has the meaning assigned to it by section 3(3).

Establishment of Fund
3.(1) There is established a fund, to be known as the Economic Diversification and Growth Fund.
(2)
The purpose of the Fund is to provide financial support to qualifying companies to increase employment and contribute to economic growth.

(3)
In subsection (2), “qualifying company” means a company which

(a)
has a real and substantial economic presence in a jurisdiction other than Barbados; and

(b)
also engages in, or intends to engage in, real and substantial economic activity in Barbados.

Resources of Fund

  1. The resources of the Fund shall consist of
    (a)
    the sum of $225 000 000 to be drawn from the Consolidated Fund over a three-year period in annual instalments of $75 000 000; and

(b)
such other sums as are

(i)
approved by Parliament by Resolution;

(ii)
made available to the Fund by way of gift, grant or otherwise.

Establishment and functions of Committee
5.(1) There is established a committee, to be known as the Economic Diversification and Growth Fund Committee, which shall be responsible for
(a)
considering applications from qualifying companies for disbursements from the Fund and making recommendations to the Minister on such applications; and

(b)
monitoring qualifying companies which receive disbursements from the Fund to determine whether they are in compliance with the terms and conditions of the disbursement.

(2) The Schedule has effect with respect to the composition of the Committee and otherwise in relation to the Committee.

Application for disbursement

  1. A qualifying company may apply in such form as the Minister determines for a disbursement from the Fund and shall submit with its application
    (a)
    a summary of its current business operations in Barbados, if any, including the number of employees;

(b)
its plans for expansion and diversification of business including

(i) any facilities to be established or developed;
(ii) projected increases in employment; and
(iii) projected timelines for the completion of the matters set out in subparagraphs (i) and (ii); and
(c) the total sum requested from the Fund and, where relevant, the duration over which the sum is to be disbursed and the amount to disbursed annually.

Determination of application
7.(1) Subject to subsection (2), the Committee may recommend to the Minister that the Minister agree to a disbursement from the Fund in respect of a company that submits an application pursuant to section 6 where the Committee is satisfied that the company is a qualifying company that
(a)
provides or will provide senior managerial, coordination, or shared corporate services or any other services associated with corporate headquarters;

(b)
employs or will employ, and will maintain in employment for no less than 7 years, a staff of at least 100 persons, including senior management and professionals, who are citizens or permanent residents of Barbados; and;

(c)
has complied, where applicable, with its obligation to file returns and pay tax under the Income Tax Act, Cap. 73 and the Value Added Tax Act, Cap. 87.

(2) The Committee shall, in determining whether to make a recommendation to the Minister pursuant to subsection (1), take into account, where applicable
(a)
the current size and scope of the company’s operations in Barbados, including the number of employees;

(b)
the scale of the proposed increase in employment, in both absolute and relative terms;

(c)
any proposal for expansion of the company’s operations; and

(d) the number of years that the company has maintained operations in Barbados,
and shall give preference to companies that have substantial business operations in Barbados.

Agreement on disbursement
8.(1) The Minister may enter into an agreement with a qualifying company for a disbursement from the Fund on such terms and conditions as the Committee may recommend.
(2)
Without prejudice to the generality of subsection (1), it is a condition of an agreement referred to in that subsection that the qualifying company provide to the Committee such reports and other information at such times as the Committee may require to determine whether the company is in compliance with the other terms and conditions of the agreement.

(3)
Where a qualifying company fails to comply with a term or condition of its agreement, the Minister may recover from the company, in accordance with the agreement, the entire sum disbursed from the Fund or a part of the sum prorated having regard to the breach of the agreement.

Accountant General to administer Fund

  1. Subject to sections 5, 7 and 8, the Accountant General shall be responsible for the administration of the Fund.

Audit of Fund

  1. The accounts of the Fund shall be audited by the Auditor-General at least once annually.
    Amendment of Schedule
  2. The Minister may by Order amend the Schedule.

Regulations

  1. The Minister may make regulations generally for giving effect to this Act.

SCHEDULE

(Sections 5 and 11)

Economic Diversification and Growth Fund Committee

  1. The Committee comprise:
    (a) ex officio
    the Director of Finance and Economic Affairs, who shall be the(i)
    Chairman of the Committee;
    the Governor of the Central Bank of Barbados, who shall be the(ii)
    Deputy Chairman;
    the Chief Executive Officer of the Barbados International(iii)
    Business Promotion Corporation, known as “Invest Barbados”;
    and
    the Chief Executive Officer of the Barbados Investment and(iv)
    Development Corporation, known as “Export Barbados”; and
    (b) 2 persons with experience in Finance or Business Administration,
    appointed by the Minister.
  2. A member of the Committee appointed under paragraph 1(b)
    (a) shall hold office for such period, not exceeding 3 years, as the Minister
    may specify in his instrument of appointment, but is eligible for re
    appointment for an additional term;
    (b) shall be eligible for such remuneration as the Minister may determine;
    and
    (c) may at any time resign his appointment by instrument in writing
    addressed to the Chairman, who shall forwarded the instrument to the
    Minister; and upon the date of the receipt by the Chairman of the

instrument, the member ceases to be a member of the Committee unless some other date is mentioned in the instrument.

  1. The Committee shall meet at such times as are necessary for the conduct of its business.
  2. Four members of the Committee, including the Chairman or Deputy Chairman, constitute a quorum.
  3. The Chairman or, in his absence the Deputy Chairman shall preside at meetings of the Committee.
  4. Decisions of the Committee shall be by a majority of votes and, in the event of an equality of votes, the person presiding at the meeting shall have a casting vote.
  5. Minutes of each meeting of the Committee shall be kept by such officer as is designated for the purpose, and shall be confirmed in writing at the next meeting by the Chairman or Deputy Chairman.

EXPLANATORY MEMORANDUM
The Bill would establish a fund, to be known as the Economic Diversification and Growth Fund, to provide financial support to certain companies to increase employment, diversification and economic growth in Barbados.
Clause 1: provides the short title.
Clause 2: defines certain terms used in the Bill.
Clause 3: establishes the Economic Diversification and Growth Fund.
Clause 4: provides for the resources of the Fund.
Clause 5: establishes the Economic Diversification and Growth Fund Committee, the composition of which is set out in the Schedule, and specifies its functions.
Clause 6: provides the procedure for applying for disbursements from the Fund.
Clause 7: sets out the criteria to be considered by the Committee in determining which companies should be recommended to the Minister for disbursements from the Fund.
Clause 8: provides for the execution of agreements with companies identified for disbursements from the Fund.
Clause 9: provides for the Accountant General to administer the Fund.
Clause 10: provides for the Auditor-General to audit the Fund.
Clause 11: empowers the Minister to amend the Schedule.

i
Clause 12: allows for the Minister to make regulations to give effect to the legislation.
ii
Read three times and passed the House of Assembly this day of , 2025.

Speaker
Read three times and passed the Senate this day of , 2025.
President
NATIONAL PAYMENT SYSTEM (AMENDMENT) ACT, 2025

OBJECTS AND REASONS
This Bill would amend the National Payment System Act, 2021 (Act 2021-1) to better provide for a legal and regulatory framework for the National Payment System that is resilient, comprehensive, adaptable and aligned with international standards and best practices.
NATIONAL PAYMENT SYSTEM (AMENDMENT) ACT, 2025
Arrangement of Sections

  1. Short title
  2. Amendment of section 2 of Act 2021-1
  3. Amendment of section 7 of Act 2021-1
  4. Amendment of section 8 of Act 2021-1
  5. Amendment of section 9 of Act 2021-1
  6. Amendment of section 11 of Act 2021-1
  7. Amendment of section 33 of Act 2021-1
  8. Repeal and replacement of section 36 of Act 2021-1
  9. Repeal and replacement of heading in Act 2021-1
  10. Amendment of section 52 of Act 2021-1
  11. Insertion of sections 59A and 59B into Act 2021-1
  12. Repeal and replacement of section 61 of Act 2021-1
  13. Amendment of section 62 of Act 2021-1
  14. Insertion of new Schedule into Act 2021-1
  15. Commencement
    BARBADOS
    A Bill entitled
    An Act to amend the National Payment System Act,2021 (Act 2021-1). ENACTED by the Parliament of Barbados as follows:

Short title

  1. This Act may be cited as the National Payment System (Amendment) Act, 2025.

Amendment of section 2 of Act 2021-1

  1. Section 2 of the National Payment System Act, 2021 (Act 2021-1), in this Act referred to as the principal Act, is amended
    (a)
    by deleting the definitions of “debit card”, “electronic funds transfer”, “payment card”, “stored-value card” and “society”;

(b)
by deleting the definitions of “National Payment System”, “operator”, “payment instrument”, “payment service” and “payment service provider” and substituting the following:

“ “National Payment System” includes
(a) all services associated with the sending, receiving and processing of orders of payment or transfer of money in domestic or foreign currencies including
(i)
payment services;

(ii)
payment systems;

(iii) clearing systems;
(iv)
settlement systems; and

(v)
the processing of securities and other financial instruments; and

(b) payment service providers;
“operator” means

(a)
the Barbados Stock Exchange;

(b)
the Central Bank; and

(c)
any entity licensed or authorized by the Central Bank to operate a system under this Act;

“payment instrument” means a personalized device or set of devices and procedures agreed to by a user and a payment service provider that enables both the initiation and execution of a payment transaction;
“payment service” means any of the following:
(a)
establishing and maintaining a payment account;

(b)
executing payment transaction;

(c)
acquiring a payment instrument;

(d)
issuing a payment instrument;

(e)
a money remittance service;

(f)
issuing electronic money;

(g)
storing an electronic money unit;

(h)
transferring an electronic money unit;

(i)
a payment initiation service;

(j)
an account information service related to a service specified in paragraph (a) to (i);

“payment service provider” means a licensee or an entity authorized pursuant to section 8 to provide payment services, and includes an operator, a participant and any third party acting on behalf of an operator or a participant as an agent or under an outsourcing agreement, whether entirely or partially operating in Barbados;”;
(c)
in the definition of “direct participant”, in paragraph (b), by deleting the word “society” and substituting the words “credit union”; and

(d)
by inserting in alphabetical order the following:

“ “Board” has the meaning assigned to it by section 2 of the Central Bank of Barbados Act, 2020 (Act 2020-30);
“credit union” has the meaning assigned to it in section 193 of the Co

operative Societies, Cap. 378A;
“outsourcing” means an arrangement between a payment service provider and a third party, whether or not an affiliate, by which the third party performs, on a continuing basis, a process, a service or an activity that would otherwise be undertaken by the payment service provider;
“payment account” means an account held in the name of one or more users which is used for the execution of one or more payment transactions, and allows for sending and receiving funds to and from a third party;
“payment order” means an instruction by a payer or a payee to a payment service provider requesting the execution of a payment transaction;
“payment transaction” means an act of placing, transferring or withdrawing funds based on a payment order regardless of any underlying obligation, and includes a transfer of funds from or to a payment account, including where the funds are covered by a credit line with the user’s payment service provider or with another payment service provider;”.

Amendment of section 7 of Act 2021-1

  1. Section 7(2) of the principal Act is amended by inserting before the word “Schedule”, the word “First”.

Amendment of section 8 of Act 2021-1

  1. Section 8 of the principal Act is amended by inserting after subsection (2), the following:
    “(3) Subsection (2) does not apply to the public authorities specified

in the Second Schedule. ”.

Amendment of section 9 of Act 2021-1

  1. Section 9(3)(a) of the principal Act is amended by deleting subparagraphs (ii) and (iii) and substituting the following:
    “(ii) a payment transaction;
    (iii) issuing electronic money, maintaining a payment account and storing or transferring an electronic money unit; and”.

Amendment of section 11 of Act 2021-1

  1. Section 11 of the principal Act is amended
    (a)
    by deleting the word “society” wherever it appears and substituting the words “credit union”; and

(b)
in subsection (2), by deleting the word “bank” and substituting the words “financial institution”.

Amendment of section 33 of Act 2021-1

  1. Section 33(4) of the principal Act is amended by deleting the word “instruction” and substituting the word “order”.

Repeal and replacement of section 36 of Act 2021-1

  1. Section 36 of the principal Act is deleted and the following substituted:

“Outsourcing of activities
36.(1) Unless the Central Bank otherwise provides in a guideline or directive, a payment service provider shall not outsource a critical or important operational function.
(2)
Unless the Central Bank otherwise provides in a guideline or directive, a payment service provider who intends to outsource an operational function, other than a critical or important operational function shall, at least 6 weeks before the proposed date of commencement of the outsourcing, inform the Central Bank in writing of its intention to outsource the function and demonstrate to the Central Bank that

(a)
the outsourcing will not lead to

(i)
the delegation by its senior management of their responsibilities;

(ii)
the reduction of its obligation to comply with regulatory requirements and its internal corporate values; or

(iii) the modification of its relationship with, and obligations to, its users; and

(b)
the conditions under which it was licensed or authorized will not be adversely affected in any way.

(3)
Where the Central Bank indicates to a payment service provider that it does not object to the outsourcing of an operational function and the payment service provider intends to make a change in respect of the function, the payment service provider shall communicate the change to the Central Bank without delay.

(4)
Notwithstanding subsections (2) and (3), a payment service provider may outsource an operational function without prior notification to the Central Bank where

(a)
the operational function is essential to maintaining the continuity of the payment service provider’s operations; and

(b)
the outsourcing is urgently required.

(5)
Where a payment service provider enters into an arrangement to outsource an operational function pursuant to subsection (4)

(a)
the payment service provider shall inform the Central Bank in writing as soon as practicable after the arrangement is concluded, stating the reason that notification was not given in accordance with subsection (2); and

(b)
the Central Bank shall indicate whether it objects to the outsourcing.

(6)
A payment service provider shall, in relation to an operational function, remain fully liable for any act or omission of an entity to which it has outsourced the function.

(7)
In this section, “critical or important operational function” means a function, the disruption, cessation or defective performance of which

(a)
materially impairs the financial performance or operational continuity of the payment service provider;

(b)
compromises the integrity or effectiveness of the internal control systems of the payment service provider;

(c)
hinders the payment service provider from complying with its legal, regulatory or licensing obligations; or

(d) significantly affects the Central Bank’s ability to supervise and monitor the activities of the payment service provider.”.

Repeal and replacement of heading in Act 2021-1

  1. The heading to Part XI of the principal Act is deleted and the following substituted:
    “PART XI
    PAYMENT TRANSACTIONS AND ELECTRONIC MONEY”.

Amendment of section 52 of Act 2021-1

  1. Section 52 of the principal Act is amended
    (a)
    in the shoulder note, by deleting the words “Electronic fund transfers” and substituting the words “Payment transactions”; and

(b)
by deleting subsection (1) and substituting the following:

“(1) A payment transaction and a record of a payment transaction is enforceable and has evidentiary value in accordance the Electronic Transactions Act, Cap. 308B. ”.

Insertion of sections 59A and 59B into Act 2021-1

  1. The principal Act is amended by inserting after section 59, the following:
    “Appointment of auditor
    59A.(1) A licensee shall appoint an auditor annually.

(2)
It shall be the duty of

(a)
the auditor appointed under subsection (1) to submit a report to the shareholders and directors of the licensee; and

(b)
the licensee to submit to the Central Bank a copy of its audited financial statement.

(3)
A licensee shall give notice in writing to the Central Bank where it

(a)
fails to appoint an auditor; or

(b)
intends to terminate the appointment of its auditor,

and shall in the notice state the reason for its failure to appoint an auditor or for its intention to terminate the appointment, as the case may be.
(4) Where a licensee
(a)
fails to appoint an auditor under this section; or

(b)
terminates the appointment of its auditor without appointing a replacement,

the Central Bank may appoint an auditor who shall have all the powers of an auditor appointed by the licensee to carry out an audit, and shall fix the remuneration to be paid by the licensee to the auditor.
(5)
A former director or senior officer of a licensee shall not be eligible for appointment as an auditor of the licensee pursuant to this section within a period of 2 years after the termination of that person’s term of office.

(6)
No person may be appointed an auditor of a licensee who

(a)
has any proprietary interest in the licensee;

(b)
is a director or agent of the licensee or of an affiliate of the licensee; or

(c)
is an officer or employee of the Central Bank.

(7) For the purposes of this Act, an auditor is a person who is
(a)
in good standing as a member of an association of chartered or public accountants or other similar body;

(b)
authorized to practise in Barbados; and

(c)
approved by the Central Bank.

Report of auditor 59B.(1) It shall be the duty of an auditor appointed under
(a)
section 59A;

(b)
the Financial Institutions Act, Cap. 324A, in the case of an entity authorized pursuant to section 8 that is a financial institution; or

(c)
the Financial Services Commission Act, 2010 (Act 2010-21), in the case of an entity authorized pursuant to section 8 that is a credit union,

to note in his report and to report to the Central Bank any instances where the operations of the licensee or entity might not in his opinion be in compliance with the requirements of this Act, the regulations, or the conditions of the licence or authorization.
(2)
The Central Bank may, when it considers it necessary to do so, request in writing from the auditor of a licensee or entity, information obtained in the course of an audit and an auditor shall, within 14 days of the request supply the information requested to the Central Bank.

(3)
Where the Central Bank is not satisfied with the annual report of an auditor appointed by a licensee or entity, the Central Bank may appoint another auditor to make an independent report and shall fix the remuneration to be paid to the auditor by the licensee or entity.

(4)
An auditor described in subsection (1) or appointed under subsection (3) shall report to the Central Bank and shall specify in that report any instance where he believes the licensee or entity has not complied with the requirements of this Act or the regulations or any condition of the licence or authorization.

(5)
An auditor of a licensee or entity shall forthwith give written notice to the Central Bank where he

(a)
resigns before the expiration of his term of office; or

(b)
does not seek re-appointment.

(6)
An auditor who fails to submit the information requested in accordance with this section is guilty of an offence and is liable on summary conviction to a fine of $10 000 or imprisonment for 12 months or to both.”.

Repeal and replacement of section 61 of Act 2021-1

  1. Section 61 of the principal Act is deleted and the following substituted:
    “Amendment of Schedules
  2. The Board may by Order amend the Schedules.”.

Amendment of section 62 of Act 2021-1

  1. Section 62 of the principal Act is amended
    (a) by deleting subsection (1) and substituting the following:
    “(1) The Board may make such regulations as it thinks fit for the purposes of this Act.”; and
    (b) in subsection (3), by deleting the words “Central Bank” and substituting the word “Board”.

Insertion of new Schedule into Act 2021-1

  1. The principal Act is amended by
    (a)
    renumbering the Schedule as the First Schedule; and

(b)
inserting after the First Schedule as renumbered, the following:

“SECOND SCHEDULE
(Section 8(3))
EXEMPT PUBLIC AUTHORITIES

  1. Barbados Revenue Authority
  2. National Insurance and Social Security Service
  3. Treasury Department”.
    Commencement
  4. Section 14(b) in so far as it inserts into the principal Act, paragraphs
    (a) and (b) of the new Second Schedule shall come into operation on a date to be fixed by Proclamation.
    Read three times and passed the House of Assembly this day of , 2025.

Speaker
Read three times and passed the Senate this day of , 2025.
President

11th December, 2025

S.I. 2025 No. 150
Barbados Optional Savings Bonds Plus (Offer to the Public) Act, 2022
Act 2022-13

BARBADOS OPTIONAL SAVINGS BONDS PLUS (OFFER TO THE PUBLIC) (MONETARY VALUE OF BONDS) (AMENDMENT) ORDER, 2025
The Minister, in exercise of the powers conferred on him by section 6 of the Barbados Optional Savings Bonds Plus (Offer to the Public) Act, 2022, makes the following Order:

  1. This Order may be cited as the Barbados Optional Savings Bonds Plus (Offer to the Public) (Monetary Value of Bonds) (Amendment) Order, 2025.
  2. The Barbados Optional Savings Bonds Plus (Offer to the Public) (Monetary Value of Bonds) Order, 2025 (S.I. 2025 No. 56) is amended by deleting paragraph 2 and substituting the following:

“2. The monetary value of the bonds to be issued under the
Barbados Optional Savings Bonds Plus (Offer to the Public) Act, 2022 (Act 2022-13) for the financial year 2025 to 2026 is $400 000 000.”.
Made by the Minister this 10th day of December, 2025.
RYAN STRAUGHN
Minister responsible for Finance

Printed and Published by
the Barbados Government Printing Department