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Trinidad and Tobago’s Financial Intelligence Unit Plays Key Role in Fighting Money Laundering and Terrorism Financing
The Financial Intelligence Unit of Trinidad and Tobago (FIUTT) has been a crucial component in the country’s efforts to combat money laundering and financing of terrorism.
Background
Established in 2010, FIUTT is responsible for collecting, analyzing, and disseminating financial intelligence to help detect and prevent these crimes. The unit’s mission is to effectively detect and deter money laundering and financing of terrorism, while its vision is for Trinidad and Tobago to have strong and dynamic financial and business sectors free from money laundering, financing of terrorism, and other financial crimes.
How FIUTT Operates
The FIUTT receives information on suspicious transactions or activities from reporting entities in the form of Suspicious Transaction Reports (STRs) or Suspicious Activity Reports (SARs). The unit’s analytical division then analyzes this information to determine whether it indicates a reasonable suspicion of money laundering or financing of terrorism, and if so, recommends that the report be forwarded to law enforcement authorities.
International Cooperation
In addition to receiving and analyzing STRs/SARs, FIUTT also exchanges financial intelligence and information with other Financial Intelligence Units (FIUs) around the world. This allows for the sharing of best practices, trends, and patterns in money laundering and financing of terrorism, enabling more effective prevention and detection of these crimes.
Compliance Monitoring and Enforcement
The FIUTT’s compliance monitoring and enforcement functions involve monitoring listed businesses and certain non-regulated financial institutions to ensure they are complying with anti-money laundering (AML) and counter-terrorism financing (CFT) regulations. The unit also provides guidelines to reporting entities to help them understand their obligations under AML/CFT laws.
Maintaining the Consolidated List of High Court Orders
Furthermore, FIUTT is responsible for maintaining a Consolidated List of High Court Orders, which includes individuals or entities designated as listed entities under the Anti-Terrorism Act. This list is circulated regularly to ensure that all financial institutions and listed businesses in Trinidad and Tobago are aware of their obligation to comply with freezing orders.
Recognition and Contact Information
The FIUTT’s efforts have contributed significantly to Trinidad and Tobago’s reputation as a country committed to combating money laundering and financing of terrorism. The unit’s success has also been recognized by the Egmont Group, an international organization that brings together FIUs from around the world to share intelligence and best practices in the fight against financial crime.
Contact Information
- Financial Intelligence Unit of Trinidad and Tobago
- Address: Level 25, Tower D International Waterfront Complex, 1A Wrightson Road, Port-Of-Spain, Trinidad and Tobago
- Telephone: (868) 612-4FIU (4348)
- Fax: (868) 627-7018
- Email: fiutt@gov.tt
- Website: http://www.fiu.gov.tt/