Accordingly, with effect from that date, Barbados is expected to honour a commitment to remove all exchange controls in respect of transactions with other CSME member countries. Another aspect of capital account liberalisation is that it places more of the responsibility for managing the country’s foreign assets in the domain of the commercial banks.
It seems to me, therefore, that banks can be no less diligent in operation of a liberalised foreign exchange system than in one with some controls. This should still require banks to at least maintain adequate records of the foreign exchange transactions so as to permit monitoring.