Financial Crime World

Financial Sanctions Enforcement in Trinidad and Tobago: Key Players and Resources

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Introduction

In an effort to combat terrorism and proliferation financing, Trinidad and Tobago has implemented targeted financial sanctions (TFS) measures in line with the Financial Action Task Force (FATF) recommendations. This article provides an overview of the key players and resources involved in TFS enforcement in Trinidad and Tobago.

Key Legislation


The Anti-Terrorism Act and Economic Sanctions Orders are the primary legislation governing TFS in Trinidad and Tobago. These laws require Reporting Entities to implement targeted financial sanctions measures and report any suspicious transactions to the Financial Intelligence Unit of Trinidad and Tobago (FIUTT) without delay.

FIUTT’s Role


The FIUTT plays a crucial role in facilitating compliance with TFS measures. The unit provides the following resources:

  • Online Targeted Financial Sanctions Search Tool (TFS Search Tool): A single platform for Reporting Entities to access both the UNSC Consolidated List and the Trinidad and Tobago Consolidated List of High Court Orders.
  • Guidance Notes on TFS: Regularly updated guidance notes made available to Compliance Officers and Alternate Compliance Officers through email notifications.
  • Legislation related to TFS: All legislation is available on the FIUTT’s website and is updated in real-time.

Archives Section


The FIUTT maintains an Archives section that contains records of previously published PDF lists of designated and listed entities from 2016 to 2023. This resource serves as a historical record for Reporting Entities and other stakeholders seeking information on past TFS measures.

Summary


Trinidad and Tobago’s financial sanctions enforcement framework is designed to prevent the misuse of funds and assets by designated individuals and entities. By providing access to critical resources such as the TFS Search Tool, Guidance Notes, and legislation, the FIUTT aims to ensure effective implementation of these measures and compliance with international standards.

Key Takeaways


  • The Anti-Terrorism Act and Economic Sanctions Orders are the key legislation governing TFS in Trinidad and Tobago.
  • Reporting Entities must implement targeted financial sanctions measures and report any suspicious transactions to the FIUTT without delay.
  • The FIUTT provides various resources, including the TFS Search Tool, Guidance Notes on TFS, and legislation related to TFS.
  • The Archives section contains records of previously published PDF lists of designated and listed entities from 2016 to 2023.