Financial Crime World

Financial Crime Prevention Trends in Trinidad and Tobago: A Closer Look at the Latest Developments

Introduction

Trinidad and Tobago’s efforts to prevent financial crime have been under scrutiny, with a recent report highlighting areas of improvement. The country has made significant strides in implementing measures to combat money laundering and terrorist financing, but there are still some gaps that need to be addressed.

Progress Made in Combating Financial Crime

The latest FATF (Financial Action Task Force) report indicates that Trinidad and Tobago has shown marked improvements in several key areas:

  • Customer Due Diligence: The country has strengthened its regulations on customer due diligence, ensuring that financial institutions properly verify the identities of their clients.
  • Record-Keeping: Financial institutions are now required to maintain accurate and detailed records of transactions, making it easier for supervisors and law enforcement agencies to track suspicious activities.
  • Internal Controls: Trinidad and Tobago has implemented robust internal controls within its financial institutions, reducing the risk of financial crimes.

Areas Requiring Improvement

Despite the progress made, there are still some areas where Trinidad and Tobago falls short:

Money Laundering Offence

The country’s money laundering offence is not yet fully compliant with international standards. To address this issue, Trinidad and Tobago needs to align its laws with the recommendations of the FATF.

Powers of Supervisors

The supervisory authorities in Trinidad and Tobago need more powers to effectively combat financial crime. Strengthening their role will enable them to conduct regular inspections, monitor suspicious activities, and take enforcement actions when necessary.

Law Enforcement and Investigative Authorities

Law enforcement and investigative agencies require additional resources and training to tackle complex financial crimes. This includes acquiring specialized skills, tools, and expertise to investigate and prosecute financial crimes effectively.

Conclusion

Trinidad and Tobago has made significant strides in preventing financial crime, but there is still work to be done. The country needs to continue strengthening its regulations and laws to align with international standards and ensure the effective implementation of measures to combat money laundering and terrorist financing.