Financial Crime World

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Trinidad and Tobago Cracks Down on Money Laundering and Terrorism Financing

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The government of Trinidad and Tobago has taken a tough stance against money laundering and terrorism financing, introducing stringent laws and penalties to combat these financial crimes.

Offenses and Penalties

According to the Proceeds of Crime Act (POCA) and its amendments, as well as the Anti-Terrorism Act (ATA), and the Financial Intelligence Unit (FIU) Act, several offenses related to money laundering and terrorism financing have been identified. These include:

  • Money Laundering: Concealing, disguising, transferring, receiving, bringing into or removing from Trinidad and Tobago money or other property knowing or suspecting that it was obtained from a specified offense.
  • Tipping Off: Disclosing information to any person knowing that the matter is subject of investigation or proposed investigation.
  • Failure to Disclose Knowledge/Suspicion of Money Laundering: Failing to disclose knowledge or suspicion of money laundering to the FIU.

The penalties for these offenses range from fines and imprisonment to more severe punishments. For instance:

  • Money Laundering: Up to 15 years in prison and a fine of $2.5 million on indictment.
  • Tipping Off: A fine of $500,000 and up to 5 years in prison on summary conviction.
  • Failure to Disclose Knowledge/Suspicion of Money Laundering: A fine of $250,000 and up to 3 years in prison.

Additional Penalties

In addition to these offenses, the government has also introduced penalties for failing to report complex, unusual or large transactions to the FIU. This includes:

  • Failure to Report Transactions: A fine of $500,000 and up to 2 years in prison on summary conviction.
  • Further Penalty: A further fine of $3 million and up to 7 years in prison on indictment.

Compliance Measures

To ensure compliance with these regulations, the government has introduced measures such as:

  • Registration Requirements: Financial institutions and listed businesses must register with the FIU and notify it of any changes in their registered office address.
  • Reporting Requirements: Companies and individuals are required to report complex, unusual or large transactions to the FIU.

With these new laws and penalties in place, Trinidad and Tobago is sending a strong message that money laundering and terrorism financing will not be tolerated.