Financial Crime World

Financial Crimes in Trinidad and Tobago: Police Struggle to Complete Investigations against Financial Institutions

During a recent parliamentary inquiry, MP Keith Scotland expressed shock over the lack of progress in police investigations into financial fraud cases involving customers of financial institutions in Trinidad and Tobago. Here are the key points from the inquiry:

Lack of Progress in Police Investigations

  • 80% of investigations into financial fraud cases have not been completed for the past three years.
  • MP Keith Scotland questioned why so many investigations had stalled between 2020 and 2023.

Challenges in Investigating Financial Crimes

Extradition Treaties

  • Senior Superintendent Arlet Groome of the Fraud Squad attributed the delays to the challenge of investigations when suspects or stolen funds have gone to foreign countries without extradition treaties.

Slow Response from the Director of Public Prosecutions

  • Groome also cited the slow response from the Director of Public Prosecutions (DPP) in issuing advice to financial institutions to provide necessary information to the police.

Cooperation from Financial Institutions

  • Concerns were raised that some financial institutions were not cooperating with police investigations into the fraud cases concerning them.
  • Scotland urged the Central Bank to intervene and push financial institutions to provide the necessary information to the police.

Response from the Central Bank

  • Nadira Rahamatula-Rajack from the Central Bank and Michelle Francis-Pantor from the Bank’s Inspection Department addressed these concerns.
  • They said that financial institutions comply with orders for information relevant to money laundering investigations and that such orders carry a time limit.
  • The Bank will engage in discussions with the Bankers Association to determine solutions to the issues identified.

Importance of Cooperation

  • Scotland emphasized the importance of cooperation between financial institutions and law enforcement to bring perpetrators to justice.
  • He reminded stakeholders, “No institution is a law unto itself in this country.”

Challenges in Arresting and Charging Perpetrators

  • The challenge of arresting and charging perpetrators of financial crimes was also addressed.
  • Groome acknowledged that identifying the perpetrators of hidden financial crimes is a significant challenge, as victims rarely receive justice.
  • The police emphasized the need for public awareness campaigns to prevent such crimes and improve financial literacy.

Conclusion

  • The inquiry highlighted the need for increased cooperation between financial institutions, law enforcement, and the judiciary in the fight against financial crimes in Trinidad and Tobago.
  • The issues discussed will be further explored during forthcoming meetings of the Joint Select Committee.