Financial Crime World

Financial Crime Reporting Requirements in Trinidad and Tobago: A Guide for Financial Institutions and Listed Businesses

The Proceeds of Crime Act (POCA) and the Anti-Terrorism Act (ATA) require financial institutions and listed businesses to report suspicious transactions and activities to the Financial Intelligence Unit of Trinidad and Tobago (FIUTT). These reports are crucial in preventing and detecting money laundering, terrorist financing, and other financial crimes.

Suspicious Transaction/Activity Reports (STRs/SARs)

Financial institutions and listed businesses are required to submit STRs/SARs when they have knowledge or reasonable grounds for suspicion of money laundering or financing of terrorism. The FIUTT receives these reports from financial institutions and listed businesses in accordance with the Financial Intelligence Act.

What is a Suspicious Transaction/Activity?

A suspicious transaction or activity requires a degree of satisfaction that may not amount to belief, but should extend beyond mere speculation and be based on some foundation that money laundering or terrorist financing has occurred or is about to occur. This could include:

  • Unusual transactions
  • Large cash withdrawals
  • Complex financial arrangements

Suspicious Transaction/Activity Report Form

The FIUTT provides a Suspicious Transaction/Activity Report Form (STR/SAR form) for financial institutions and listed businesses to report suspicious activities. The form requires detailed information on the transaction or activity, including:

  • Date
  • Time
  • Amount
  • Parties involved

Quarterly Terrorist Property Reporting (QTR)

Financial institutions are required to consult the list of designated entities and the Trinidad and Tobago Consolidated List of Court Orders every three months. They must report to the FIUTT whether they are in possession of terrorist property or not. The FIUTT provides two forms for this purpose:

  • QTR1 form (for financial institutions that do not have any terrorist property)
  • QTR2 form (for financial institutions that have terrorist property)

Economic Sanctions Reporting (ESR)

The Economic Sanctions (Implementation of United Nations Resolution on the Democratic Republic of Korea) Order, 2018 and the Economic Sanctions (Implementation of United Nations Resolution on the Islamic Republic of Iran) Order, 2023 require financial institutions and listed businesses to report economic sanctions. They must inform the FIUTT if they have knowledge or reasonably suspect that any entity named in a court order has property or funds within their institution.

Terrorist Funds Report

In accordance with section 22AB of the ATA, all financial institutions and listed businesses must report terrorist funds immediately and without delay to the FIUTT. They are required to consult the United Nations Security Council Resolution (UNSCR) 1267/1989/2253 Sanctions List, the United Nations 1988 Sanctions Committee List, and the Trinidad and Tobago Consolidated List of Court Orders to verify whether any designated entity or listed entity has funds in their institution.

Strategic Reports

The FIUTT produces strategic analytical reports from its study of large sets of data from multiple STRs/SARs and other sources. These reports identify patterns, future trends, and typologies to assist intelligence-led policing and policy formation.

Conclusion

Financial crime reporting is a critical aspect of preventing and detecting money laundering, terrorist financing, and other financial crimes in Trinidad and Tobago. Financial institutions and listed businesses must comply with the reporting requirements outlined in this article to ensure that they are doing their part in combating these serious threats to national security.