Financial Crime World

Financial Intelligence Unit Plays Vital Role in Combating Money Laundering and Terror Financing in Trinidad and Tobago

Introduction

The Financial Intelligence Unit (FIU) of Trinidad and Tobago has been instrumental in implementing anti-money laundering and combating the financing of terrorism (AML/CFT) policies in the country. As a member of the Egmont Group of Financial Intelligence Units and the Financial Action Task Force (FATF), the FIU works closely with international organizations to prevent the misuse of financial systems.

Establishment and Responsibilities

Established under the Financial Intelligence Unit of Trinidad and Tobago Act of 2009, the FIU is responsible for:

  • Collecting financial intelligence and information
  • Analyzing it, and disseminating it to relevant authorities
  • Monitoring the effectiveness of anti-money laundering policies by maintaining comprehensive statistics on suspicious transactions and money laundering investigations

Main Functions

The FIU’s main functions include:

  • Receiving and analyzing suspicious transaction reports (STRs) and other financial intelligence
  • Requesting financial information from institutions
  • Monitoring non-regulated financial institutions and listed businesses for compliance with AML/CFT regulations
  • Providing assistance to financial institutions and listed businesses in connection with their obligations under the FIU Act

Supervision and Enforcement

To ensure effective supervision, the FIU:

  • Monitors financial institutions and listed businesses for compliance with AML/CFT regulations
  • Sets reporting standards
  • Takes enforcement action against those who fail to comply
  • Conducts outreach and awareness sessions to educate stakeholders about the importance of AML/CFT compliance

Information Dissemination and Retention

The FIU disseminates financial intelligence and information to:

  • Local and foreign authorities
  • Facilitates the sharing of information among financial institutions and prosecutorial authorities
  • Provides assistance to financial institutions and listed businesses in connection with their obligations under the FIU Act
  • Retains all pertinent information it receives for a minimum of six years

Powers of the FIU

The powers of the FIU include:

  • Requesting further information from financial institutions or listed businesses
  • Submitting reports to law enforcement authorities for investigation
  • Engaging in the exchange of financial intelligence with members of the Egmont Group

Conclusion

In conclusion, the Financial Intelligence Unit of Trinidad and Tobago plays a vital role in combating money laundering and terror financing in the country. Its efforts have contributed significantly to the implementation of AML/CFT policies and the prevention of the misuse of financial systems.