International Cooperation Key to Financial Crime Investigation in Trinidad and Tobago

In its efforts to combat money laundering and financial terrorism (ML/FT), Trinidad and Tobago has emphasized the importance of international cooperation. The country’s Financial Intelligence Unit (FIUTT) plays a crucial role in this endeavor, receiving and analyzing suspicious transaction reports and disseminating intelligence to law enforcement agencies and other competent authorities.

The Importance of International Cooperation

According to the FIUTT, international cooperation is critical in combating ML/FT and related crimes. As mandated by the Financial Action Task Force (FATF), FIUs must engage independently with foreign counterparts on the exchange of financial intelligence and information.

Recent Assessment

Trinidad and Tobago’s commitment to international cooperation was recently assessed as part of its 4th Round of Mutual Evaluations for technical compliance with the FATF AML/CFT Recommendations. The report confirmed that the FIUTT has been effective in using mechanisms to share, exchange, and respond to requests for information from foreign competent authorities.

Legal Channels for International Cooperation

Section 8 of the FIU Act allows the unit to disseminate financial intelligence and information to foreign authorities and affiliates within the intelligence community. The unit can also engage in the exchange of financial intelligence with members of the Egmont Group or Foreign Financial Intelligence Units.

Statistics on International Requests

The FIUTT’s statistics show that requests for intelligence from foreign FIUs and law enforcement agencies increased significantly between October 2015 and September 2016, indicating a growing trend towards international crime connections. The unit has successfully used its intelligence to assist in several cases, including the conviction of a Florida resident for tax evasion and wire fraud.

Permission to Share Intelligence

The FIUTT also grants “Permission to Share” intelligence to foreign FIUs and competent authorities upon request, an indication that the intelligence provided is of sufficient value to be used by other competent authorities. The unit has made 39 requests to its international counterparts to obtain intelligence and assist in investigations.

Challenges Faced

Despite challenges such as delayed responses from other agencies, overly broad requests, language barriers, human resource issues, and concerns about information integrity, the FIUTT remains committed to international cooperation.

Memoranda of Understanding (MOUs)

To date, the unit has signed 23 memoranda of understanding (MOUs) with foreign FIUs, including a recent MOU with Japan’s FIU. The FIUTT is led by Director Susan Francois, who emphasized the importance of international cooperation in combating financial crime.

Conclusion

As Trinidad and Tobago continues to work with its international partners to combat ML/FT and related crimes, the country’s commitment to effective use of legal channels for international cooperation will be crucial to achieving success.