Barbados became a member of CARICOM on 1st August 1973. For details on the economy, political structure and demographics see the World Fact Book - Barbados.
The Financial Administration and Audit Act of 1964 as amended and Subsidiary Legislation – Financial Administration and Audit (Drug Service) Rules 1980, the Financial Administration and Audit (Financial) Rules 1971, and the Financial Administration and Audit (Supplies) Rules 1971 – are the primary legal instruments governing public procurement. The procurement function as performed by statutory bodies and public companies is governed by the statutes enabling the establishment and operation of statutory bodies and the Companies Act, respectively. A centralized Tenders Committee (TC), established under the Financial Administration and Audit (Financial Rules) 1971, oversees the procurement process in respect of goods and services above specified limits. Within these specified limits, and with the exception of the procurement of drugs and pharmaceuticals, the Cabinet is the sole approving authority for procurement outside the ambit of the TC. The procurement of drugs and pharmaceuticals is governed by the Financial Administration and Audit (Drug Service) Rules 1980, and executed by the Barbados Drug Service (BDS). BDS maintains a register of approved suppliers of pharmaceuticals to GOB.
Significant work is currently underway toward a statutory overhaul of the public procurement function and a draft public procurement bill 2012 is currently being considered.
On 15th October 2008 Barbados signed the CARIFORUM EC - EPA which contains public procurement conditions for the first time in a multi-lateral trade agreement in the ACP. The conditions require transparency in all Government Procurement above a threshold of approximately 164,000 Euros.
Proceeds of Crime Act Chap 143, Money Laundering and Financing of Terrorism (Prevention and Control) Chap 129, Mutual Assistance in Criminal Matters Chap 140. Notably Barbados has not yet enacted Integrity in Public Life legislation to govern the conduct of officials holding public office nor a prevention of corruption Act. In May 2010 the Attorney General of Barbados promised that these reforms were to be introduced "very soon" including an Anti-Corruption Bill and Integrity in Public Life Bill.
Barbados has not signed and ratified the Inter-American Convention on Mutual Assistance in Criminal Matters and has signed but not ratified the UN Convention on Corruption and has signed the CARICOM Mutual Legal Assistance Treaty on Serious Criminal Matters.
Corruption Perceptions Index (CPI) 2009 Ranking measures the perceived level of public-sector corruption in 180 countries and territories around the world. The CPI is a "survey of surveys", based on 13 different expert and business surveys. Barbados was ranked 20th in the CPI 2009 with a score of 7.4.