Financial Intelligence Units Play Vital Role in Safeguarding Trinidad and Tobago’s Financial System
Trinidad and Tobago has taken a significant step towards preventing financial crimes and promoting economic stability, thanks to the efforts of its Financial Intelligence Unit (FIU). The FIU, under the direction of Nigel Stoddard, has been at the forefront of detecting and deterring money laundering and financing of terrorism.
Director’s Expertise
As Director of the FIU since 2019, Mr. Stoddard has brought his extensive experience in anti-money laundering and combating the financing of terrorism (AML/CFT) to the role. With a background as a professional law enforcement officer and financial investigator, he has been actively involved in AML/CFT efforts for over 18 years.
- Trained by renowned institutions such as the Metropolitan Detective Training School in the UK, the Caribbean Financial Action Task Force (CFATF), and the US Department of Justice, among others
- Accredited Financial Investigator (AFI) from the Caribbean Anti-Money Laundering Programme (CALP)
Country Examiner and International Representation
As a Country Examiner trained in both 3rd and 4th Round Mutual Evaluations by CFATF, Mr. Stoddard has conducted assessments of countries’ AML/CFT regimes in compliance with FATF Recommendations. He has also presented at seminars and workshops on combating money laundering and terrorist financing, and represented Trinidad and Tobago at regional and international meetings.
FIU’s Mission and Efforts
The FIU’s mission is to effectively detect and deter money laundering and financing of terrorism, in collaboration with local law enforcement, regulators, and international counterparts. The unit’s efforts have contributed significantly towards creating a safe and stable financial, social, and economic environment for Trinidad and Tobago.
- Provides awareness training to non-regulated financial institutions and listed businesses (DNFBPs) on AML/CFT compliance
- Conducts on-site examinations of these entities to ensure their compliance with the regime
The FIU’s Role in Safeguarding the Financial System
The FIU’s role is crucial in safeguarding Trinidad and Tobago’s financial system against money laundering and terrorist financing. As the country continues to move forward, the FIU remains committed to its mission of promoting a strong and dynamic financial sector free from financial crimes.
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