Financial Crime World

AML and Sanctions Compliance in Trinidad and Tobago: A Mixed Bag

Trinidad and Tobago has made significant strides in implementing the Financial Action Task Force (FATF) Recommendations, but its Anti-Money Laundering (AML) and sanctions compliance regime still has room for improvement.

Assessing Risk and Applying a Risk-Based Approach

  • Trinidad and Tobago was rated partially compliant in assessing risk and applying a risk-based approach.
  • While the country has implemented some measures to identify and mitigate risks, it lacks a comprehensive risk assessment framework.

National Cooperation and Coordination

  • The country received a largely compliant rating for national cooperation and coordination.
  • However, there are still concerns about the effectiveness of inter-agency collaboration and information sharing between regulatory bodies.

Money Laundering Offence

  • Trinidad and Tobago was rated largely compliant in establishing a money laundering offence.
  • The country has enacted legislation to criminalize money laundering, but there are some gaps in the law that need to be addressed.

Confiscation and Provisional Measures

  • The country received a largely compliant rating for confiscation and provisional measures.
  • However, there are concerns about the effectiveness of asset recovery mechanisms and the lack of transparency in the process.

Terrorist Financing Offence

  • Trinidad and Tobago was rated compliant in establishing a terrorist financing offence.
  • The country has enacted legislation to criminalize terrorist financing, but there is still room for improvement in terms of enforcement and prosecution.

Targeted Financial Sanctions

  • The country received a partially compliant rating for targeted financial sanctions related to terrorism and terrorist financing.
  • While Trinidad and Tobago has implemented some measures to prevent the financing of terrorism, there are concerns about the effectiveness of these measures and the need for greater transparency.

Conclusion

Overall, while Trinidad and Tobago has made progress in implementing AML and sanctions compliance measures, there are still significant challenges that need to be addressed to ensure the effective prevention and detection of money laundering and terrorist financing.