Financial Crime World

Trinidad and Tobago’s Efforts to Prevent Money Laundering Under Scrutiny

A recent evaluation by the Financial Action Task Force (FATF) has assessed Trinidad and Tobago’s implementation of measures to prevent money laundering and terrorist financing. The report provides a comprehensive overview of the country’s compliance with international standards, highlighting areas where improvements are needed.

Areas for Improvement

The FATF assessment reveals that Trinidad and Tobago is partially compliant in several areas, including:

  • Assessing risk and applying a risk-based approach (R.1)
  • Confiscation and provisional measures (R.4)
  • Regulation and supervision of financial institutions (R.26)

However, the country has made significant progress in implementing targeted financial sanctions related to terrorism and terrorist financing (R.6) and is largely compliant in this area.

Areas of Compliance

Trinidad and Tobago was also found to be compliant in several areas, including:

  • Customer due diligence (R.10)
  • Record keeping (R.11)
  • Internal controls and foreign branches and subsidiaries (R.18)

The country has also made efforts to implement measures to prevent the misuse of correspondent banking relationships (R.13) and new technologies (R.15).

Areas for Further Improvement

However, there are areas where Trinidad and Tobago needs to improve, including:

  • Financial institution secrecy laws (R.9)
  • Reporting of suspicious transactions (R.20)
  • Preventing money or value transfer services from being used for money laundering and terrorist financing purposes (R.14)

International Cooperation

The FATF evaluation also highlighted the importance of international cooperation in combating money laundering and terrorist financing. Trinidad and Tobago was found to be partially compliant in this area, with some progress made in implementing mutual legal assistance and extradition agreements.

Conclusion

While Trinidad and Tobago has made significant progress in implementing measures to prevent money laundering and terrorist financing, there are areas where improvements are needed. The country must continue to work towards strengthening its anti-money laundering regime to meet international standards.