Trinidad and Tobago Financial Institutions Take Steps to Boost Security Measures
The Financial Intelligence Unit (FIU) of Trinidad and Tobago has been established to combat financial crimes by implementing anti-money laundering and combating the financing of terrorism policies.
Combating Financial Crimes
In 2013, the FIU received a total of 2,456 suspicious transaction reports (STRs), an increase from the previous year’s 1,944 reports. The majority of these reports were related to cash transactions exceeding $10,000. The FIU also monitors the effectiveness of anti-money laundering policies by maintaining comprehensive statistics on money laundering investigations and convictions, as well as property frozen, seized, and confiscated.
Supervision and Monitoring
The FIU has implemented measures to supervise and monitor non-regulated financial institutions and listed businesses for compliance with anti-money laundering regulations. This includes:
- Requesting financial information from institutions
- Conducting regular reviews of their reporting standards
International Cooperation
The FIU works closely with other authorities and stakeholders, including local and foreign law enforcement agencies, to facilitate the sharing of information and best practices in combating financial crimes.
Director’s Statement
In a statement, the Director of the FIU emphasized the importance of cooperation between financial institutions and regulatory bodies in preventing money laundering and terrorist financing. “We are committed to working with all stakeholders to ensure that our financial system is safe and secure,” he said.
International Recognition
The FIU’s efforts have been recognized internationally, as it was admitted as a member of the Egmont Group of Financial Intelligence Units (FIUs) in 2013. The Egmont Group is an intergovernmental organization that aims to improve international cooperation in combating financial crimes.
Conclusion
Overall, the establishment of the FIU and its implementation of anti-money laundering policies demonstrate Trinidad and Tobago’s commitment to ensuring the integrity of its financial system.