Financial Crime World

Trinidad and Tobago Cracks Down on Financial Sanctions Violations

Combating Money Laundering and Terrorist Financing

Port of Spain, Trinidad and Tobago - The government of Trinidad and Tobago has issued a stern warning to all financial institutions and businesses in the country to comply with targeted financial sanctions. This move aims to combat money laundering and terrorist financing.

Compliance with Targeted Financial Sanctions is Mandatory

According to Section 22B of the Anti-Terrorism Act (ATA), Clauses 3 and 4 of the DPRK and Iran Orders, all financial institutions and listed businesses are required to:

  • Freeze any assets held by individuals or entities on the sanction list
  • Report such assets to the relevant authorities Failure to comply can result in severe consequences, including punitive fines, administrative penalties, criminal proceedings, and damaged reputational risk.

Listed Entities and Individuals

The following entities and individuals are subject to financial sanctions:

  • North Korea
  • Iran
  • Other countries and organizations as specified by the United Nations Security Council

These individuals and entities are prohibited from engaging in certain activities, including: + Provision of financial services or support Failure to comply can result in criminal charges and fines.

Global Financial Sanctions Programs

Trinidad and Tobago has committed to complying with global financial sanctions programs implemented by leading UN Member States, including:

  • The European Union Financial Sanctions
  • The United States Financial Sanctions Program
  • The United Kingdom Financial Sanctions Programme

These programs aim to prevent the misuse of funds for illicit activities, such as terrorism and money laundering.

Compliance is Key

The government has emphasized that compliance with targeted financial sanctions is crucial to preventing financial crimes and maintaining the integrity of the country’s financial system. Individuals and entities operating in Trinidad and Tobago are advised to:

  • Familiarize themselves with relevant laws and regulations
  • Seek independent legal advice if unsure about their obligations

Contact Information

For more information, please contact the Anti-Terrorism Unit at:

Disclaimer

This guidance is provided 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 professional legal advice if necessary.