Financial Crime World

Trinidad and Tobago Cracks Down on Financial Crimes with Effective Investigation Procedures

The government of Trinidad and Tobago has taken a robust approach to combating money laundering and terrorism financing by establishing a financial intelligence unit (FIU). The FIU, which began operations in 2010, is responsible for collecting, analyzing, and disseminating financial intelligence to law enforcement agencies.

Mission and Vision

The FIU’s mission is to contribute to a safe and stable financial, social, and economic environment by effectively detecting and deterring money laundering and terrorism financing. Its vision is for Trinidad and Tobago to have strong and dynamic financial and business sectors free from illegal activities.

Functions

The FIU receives and analyzes suspicious transaction reports (STRs) and suspicious activity reports (SARs) from reporting entities, including financial institutions and listed businesses. The unit’s analytical division conducts an analysis of the information received and presents a report to the director with recommendations for further action.

The FIU also:

  • Exchanges financial intelligence and information with members of the Egmont Group of Financial Intelligence Units and foreign FIUs
  • Cooperates with local and foreign authorities and affiliates within the intelligence community
  • Produces strategic analysis reports to inform policy decision-makers and provide proactive intelligence to law enforcement agencies

Monitoring and Enforcement

To monitor developments in money laundering and terrorism financing techniques, typologies, and trends, the FIU produces strategic analysis reports.

The unit also:

  • Monitors listed businesses and certain non-regulated financial institutions for anti-money laundering/counter-terrorism financing (AML/CFT) compliance
  • Conducts on-site examinations, desk-based reviews, outreach, awareness, and enforcement action
  • Imposes administrative sanctions for breaches of AML/CFT obligations

Consolidated List of High Court Orders

The Trinidad and Tobago government has established a consolidated list of high court orders (terrorist financing sanctions list) under the Anti-Terrorism Act. Financial institutions and listed businesses are required to freeze the property owned by listed entities.

Contact Information

The FIU can be reached at:

Level 25, Tower D International Waterfront Complex 1A Wrightson Road, Port-of-Spain, Trinidad, West Indies Telephone: (868) 612-4FIU (4348) Fax: (868) 627-7018 Email: fiutt@gov.tt Website: http://www.fiu.gov.tt/

Note: The Financial Intelligence Unit of Trinidad and Tobago Act, Chap. 72:01 outlines the FIU’s functions, which include receipt and analysis of STRs/SARs, exchange of information, trends, patterns, and typologies, compliance monitoring and enforcement, and maintaining a consolidated list of high court orders.