Financial Intelligence Unit Seeks Court Order to Compel Compliance

The Financial Intelligence Unit (FIU) may seek a court order directing individuals to comply with requests made under subsection 2 of the Anti-Terrorism Act. This move aims to ensure that financial institutions and listed businesses cooperate fully in efforts to combat money laundering and terrorism financing.

Publication of Public Information

• The FIU will publish lists of countries identified by the Financial Action Task Force (FATF) as having strategic anti-money laundering and counter-terrorism deficiencies.
• A consolidated list of financial institutions or listed businesses against whom an order is in effect will also be published.
• Periodic releases of information on trends and typologies of money laundering and terrorism financing will be made available to the public.

FIU to Set Out Measures for Financial Institutions

In cases where countries are listed in the public notice published by the FIU, the agency may issue orders setting out measures that financial institutions or listed businesses must take when dealing with those countries.

Supervisory Authority

• The FIU has been designated as the Supervisory Authority for non-regulated financial institutions and listed businesses.
• These entities will be required to register with the FIU and provide information on their activities.
• A public list of registered financial institutions and listed businesses will be maintained, unless it is determined that disclosure would not be in the public interest or if directed otherwise by a court.

Annual Reports

The Director of the FIU is required to submit an annual report to the Minister, detailing the agency’s performance and statistics on suspicious transactions and activities. The Minister will then lay the report before Parliament within 30 days of receipt.

These measures are aimed at enhancing transparency and cooperation in efforts to combat money laundering and terrorism financing in Trinidad and Tobago.