Financial Crime World

Financial Sanctions: A Critical Component in Combating Terrorism

In the global effort to combat terrorism, financial sanctions have emerged as a crucial tool in disrupting the financial networks of terrorist organizations and individuals. Trinidad and Tobago has implemented targeted financial sanctions to prevent entities from engaging in activities that undermine national security.

The Impact of Financial Sanctions

Targeted financial sanctions aim to:

  • Coerce listed entities into changing their actions
  • Deny them access to financial resources
  • Publicly signal disapproval
  • Send political messages
  • Protect misappropriated assets

Non-compliance with these sanctions can have severe consequences, including:

  • Punitive fines
  • Administrative penalties
  • Criminal proceedings
  • Reputational damage
  • Trade restrictions

Who Must Comply?

All Trinidad and Tobago nationals and entities must comply with targeted financial sanctions if they:

  • Carry out activities within Trinidad and Tobago
  • Are established under the laws of Trinidad and Tobago and operating abroad

Additional Global Financial Sanctions Programs

Leading UN Member States have imposed global financial sanctions programs, including:

  • The European Union’s Financial Sanctions: implementing UN Security Council sanctions and autonomous sanctions
  • The United States’ Office of Foreign Assets Control (OFAC) sanctions lists:
    • Consolidated Sanctions List
    • Specially Designated Nationals (SDN) List
  • The United Kingdom’s HM Treasury Sanctions List: incorporating consolidated UN and EU sanctions lists

Compliance is Mandatory

Failure to comply with financial sanctions can result in severe consequences. Individuals and entities are prohibited from carrying out certain activities or behaving in a certain way if financial sanctions apply.

Seek Professional Advice

If you are unsure of your obligations under targeted financial sanctions, seek the advice of a qualified attorney-at-law and/or legal professional with respect to your particular case.

Contact Information

For further information on targeted financial sanctions, contact:

  • The Anti-Terrorism Unit at:
    • Ministry of the Attorney General and Legal Affairs
    • Level 21 AGLA Tower
    • Corner London and Richmond Streets
    • Port of Spain
    • Trinidad
    • Tel: +1 (868) 223-AGLA (2452) Ext. 3800
    • Fax: +1 (868) 226-5145
    • E-mail: antiterrorismunit@ag.gov.tt

Disclaimer

This guidance has been prepared 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. This document does not constitute professional legal advice, and individuals should seek the advice of a qualified attorney-at-law and/or legal professional with respect to their particular case in their respective jurisdiction.