Stay Ahead of Terrorist Financing Threat: A Call to Financial Institutions
Warning from the Ministry of National Security
Port of Spain, Trinidad and Tobago - The Ministry of National Security has issued a stern warning to financial institutions and listed businesses to remain vigilant against the threat of terrorist financing. In accordance with the Financial Obligations (Financing of Terrorism) Regulations, 2011, all financial institutions and listed businesses are required to take measures to prevent the misuse of their services for terrorist financing.
Regulatory Requirements
- Conduct customer due diligence in the financing of terrorism
- Pay special attention to new and developing technologies that may favour anonymity
- Report suspicious transactions and activities to the authorities
- Take appropriate measures to prevent the misuse of services for terrorist financing
Consequences of Non-Compliance
Failure to comply with these regulations can result in severe penalties. According to the Minister of National Security, “Any financial institution or listed business that does not comply with these regulations commits an offence and is liable on summary conviction or indictment to a penalty prescribed by law.”
Liability for Authorized Individuals
- Any officer, director, or agent of a company who authorizes or acquiesces in the commission of an offence under these regulations is also guilty of the same offence
- Partners in a partnership and officers in an unincorporated association are also liable for their acts and omissions
Recent Incidents Highlight Importance of Compliance
In recent times, there have been several instances of terrorist financing activities around the world, emphasizing the need for financial institutions to remain proactive in detecting and preventing such activities.
Urgent Action Required
The Ministry of National Security is urging all financial institutions and listed businesses to take immediate action to ensure compliance with these regulations. It is essential that financial institutions stay ahead of the threat of terrorist financing and prioritize compliance to prevent any potential risks.