Financial Crime World

Financial Sanctions: Protecting Assets and Complying with International Regulations

In an effort to combat global threats, Trinidad and Tobago has implemented targeted financial sanctions against individuals and entities suspected of engaging in illegal activities. These sanctions are designed to isolate listed entities, send broader political messages, and protect assets that have been misappropriated until they can be returned to their true owners.

Compliance Requirements

All financial institutions and listed businesses in Trinidad and Tobago are required to ensure that they are not providing financial services to listed persons or entities. If they hold accounts and assets for listed persons, those assets must be frozen and reported to the Financial Intelligence Unit (FIU) of Trinidad and Tobago.

  • Ensure compliance with financial sanctions by regularly reviewing the lists of sanctioned individuals and entities.
  • Freeze and report any assets held for listed persons.
  • Refrain from providing financial services to listed persons or entities.

Consequences of Non-Compliance

Failure to comply with financial sanctions can result in severe consequences, including:

  • Punitive fines
  • Administrative penalties
  • Criminal proceedings
  • Long-lasting reputational damage
  • International sanctioning
  • Serious reputational damage
  • Reduced ability to engage in international transactions
  • Trade restrictions

Listed Consequences

Trinidad and Tobago nationals and entities are required to comply with targeted financial sanctions if they are:

  • Carrying out activities within Trinidad and Tobago
  • Established under the laws of Trinidad and Tobago and operating abroad

You are prohibited from carrying out certain activities or behaving in a certain way if financial sanctions apply. Always refer to the up-to-date version of the legislation imposing specific financial sanctions to understand exactly what is prohibited.

Global Financial Sanctions Programs

There are other global financial sanctions programs imposed by leading UN Member States, including:

  • The European Union
  • The United States
  • The United Kingdom

Failure to take into consideration the application of these sanctions can result in severe implications for the financial system of Trinidad and Tobago.

EU Financial Sanctions

The European Union implements a range of financial sanctions, including autonomous sanctions and those issued by the UN Security Council. All individuals and entities within the European Union must observe EU sanctions and comply with the sanctions list.

US Financial Sanctions Program

The Office of Foreign Assets Control (OFAC) maintains several sanctions lists on behalf of the United States Department of Treasury. These lists include:

  • The Consolidated Sanctions List
  • The Specially Designated Nationals (SDN) List

UK Financial Sanctions Programme

Her Majesty’s Department of Treasury maintains the official sanctions list of the United Kingdom, which incorporates consolidated UN and EU sanctions lists, as well as the UK’s own autonomous sanctions.

Contact Information

For further information on financial sanctions in Trinidad and Tobago, please contact:

  • Anti-Terrorism Unit, Ministry of the Attorney General and Legal Affairs

Disclaimer

This guidance is intended for information purposes only and is not intended to relieve any individual or entity of obligations pursuant to the laws of Trinidad and Tobago. Members of the public are requested to familiarize themselves with all relevant laws and seek the advice of a qualified attorney-at-law and/or legal professional with respect to their particular case.