Trinidad and Tobago Cracks Down on Financial Crime with Stricter Reporting Requirements
The Financial Intelligence Unit of Trinidad and Tobago (FIUTT) has been tasked with detecting and deterring money laundering and financing of terrorism in the country. Established in 2010, the unit is responsible for implementing anti-money laundering and anti-terrorism policies set by the Financial Action Task Force (FATF).
Core Functions
- Receiving and analyzing Suspicious Transaction Reports (STRs) and Suspicious Activity Reports (SARs)
- Disseminating intelligence reports to law enforcement agencies
- Exchanging information with members of the Egmont Group and foreign FIUs
- Monitoring trends, patterns, and typologies of money laundering and financing of terrorism techniques
- Producing strategic analysis reports to inform policy decision-makers and provide proactive intelligence to law enforcement authorities
Compliance and Enforcement
- Conducting on-site examinations, desk-based reviews, outreach, and awareness programs to monitor the compliance of listed businesses and non-regulated financial institutions with anti-money laundering and counter-financing of terrorism regulations
- Empowered to impose administrative sanctions for breaches of AML/CTF obligations
- Providing guidelines to reporting entities to ensure they understand their obligations under the laws
Terrorist Financing Sanctions List
- Maintaining a Consolidated List of High Court Orders (Terrorist Financing Sanctions List) as a tool for financial institutions and listed businesses in Trinidad and Tobago to identify individuals or entities subject to freezing orders under the Anti-Terrorism Act
- Regularly updating and making available on the unit’s website
Responsibilities
- Furnishing information required to facilitate applications for High Court Orders to declare individuals or entities listed entities
- Maintaining a Consolidated List of these High Court Orders
Guiding Legislation
- Financial Intelligence Unit of Trinidad and Tobago Act, Chap. 72:01
- Financial Intelligence Unit Regulations, 2011
- Proceeds of Crime Act, Chap. 11:27
- Financial Obligations Regulations, 2010
- Anti-Terrorism Act
Annual Reports
- Providing a comprehensive overview of FIUTT’s activities, accomplishments, and challenges in combating financial crime in Trinidad and Tobago
Contact Information
- Level 25, Tower D International Waterfront Complex, 1A Wrightson Road, Port-Of-Spain, Trinidad and Tobago
- www.fiu.gov.tt