Trinidad and Tobago Warns Citizens and Entities: Comply with Financial Sanctions or Face Consequences
Port of Spain, Trinidad and Tobago - The government of Trinidad and Tobago is reminding citizens and entities of the importance of complying with financial sanctions imposed by the United Nations, European Union, United States, and United Kingdom.
Importance of Compliance
Under Section 22B of the Anti-Terrorism Act (ATA), clauses 3 and 4 of the DPRK and Iran Orders, financial institutions and listed businesses in Trinidad and Tobago are required to freeze assets held for listed persons and report such transactions to the Financial Intelligence Unit TT (FIU TT).
Consequences of Non-Compliance
The consequences of non-compliance with financial sanctions can be severe. Individuals and entities found in breach of these regulations can face:
- Punitive fines
- Administrative penalties
- Criminal proceedings
- Reputational damage
In addition to local implications, failure to comply with financial sanctions can also result in:
- International sanctions
- Trade restrictions
- Damaged credibility
Importance of Referring to Up-to-Date Legislation
Trinidad and Tobago nationals and entities are advised to always refer to the up-to-date version of the legislation imposing specific financial sanctions to understand what activities are prohibited.
Criminal Offense
The government has issued a warning that providing financial services or support to listed individuals or entities is a criminal offense. All persons, regardless of their location in the world, are required to comply with financial sanctions.
Global Financial Sanctions Programs
Additional global financial sanctions programs include those implemented by:
- European Union
- United States
- United Kingdom
These programs aim to target countries and entities that pose a threat to national security and international stability.
Contact Information
The Anti-Terrorism Unit is responsible for developing and implementing domestic policy-related sanctions in Trinidad and Tobago. Those seeking further information on financial sanctions are advised to contact the unit at the Ministry of the Attorney General and Legal Affairs.
Disclaimer
This guidance has been prepared for public information purposes only and does not 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 professional legal advice in respect of their particular case.