Financial Crime World

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Financial Crimes on the Rise in Banking Industry in Trinidad and Tobago

A recent report by the Financial Intelligence Unit of Trinidad and Tobago (FIUTT) has revealed a significant increase in financial crimes in the banking industry in Trinidad and Tobago.

Background Information

The FIUTT is responsible for detecting and deterring money laundering and financing of terrorism in collaboration with local law enforcement, regulators, and international counterparts. The unit has been operational since February 2010 and implements anti-money laundering and anti-terrorism policies of the Financial Action Task Force (FATF).

The report highlights several trends, patterns, and typologies of financial crimes in the banking industry, including:

  • Suspicious Transaction Reports (STRs): FIUTT receives information on STRs from reporting entities such as banks and other financial institutions.
  • Suspicious Activity Reports (SARs): The unit also receives SARs from reporting entities.

FIUTT’s Monitoring Activities

The report notes that the FIUTT has been monitoring developments in money laundering and financing of terrorism techniques, typologies, and trends. The unit produces strategic analysis reports to inform policy decision makers and provide proactive intelligence to law enforcement authorities and intelligence agencies in the anti-money laundering/counter-financing of terrorism (AML/CFT) regime.

Compliance Monitoring and Enforcement

The report highlights compliance monitoring and enforcement as a key function of the FIUTT. The unit monitors listed businesses and certain non-regulated financial institutions for AML/CFT compliance, conducts on-site examinations, desk-based reviews, outreach, and awareness activities, and enforces administrative sanctions for breaches of AML/CFT obligations.

Protecting the Integrity of the Financial System

The report concludes that the FIUTT is committed to preventing financial crimes in the banking industry and protecting the integrity of the financial system in Trinidad and Tobago. The unit continues to work closely with local law enforcement, regulators, and international counterparts to share intelligence and best practices in preventing financial crimes.

Public Cooperation Requested

The FIUTT is seeking public cooperation in reporting suspicious transactions and activities that may be related to money laundering or financing of terrorism.

Reporting Suspicious Transactions

Members of the public can report suspicious transactions and activities by contacting the FIUTT’s dedicated hotline or submitting a tip online. The unit also welcomes feedback and suggestions on how to improve its services and prevent financial crimes in Trinidad and Tobago.

New Initiative Launched

The FIUTT has launched a new initiative to educate and raise awareness among the public about the risks associated with money laundering and financing of terrorism, as well as the importance of reporting suspicious transactions and activities.