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Trinidad and Tobago Takes Steps to Strengthen Anti-Corruption Measures in Financial Services

Recent reports have highlighted Trinidad and Tobago’s significant progress in implementing anti-corruption measures in its financial services sector. The country has been assessed by the Financial Action Task Force (FATF) on 40 key recommendations aimed at preventing money laundering and terrorist financing.

Assessment Results

In its Follow-Up Report for 2019, Trinidad and Tobago received ratings of “compliant” or “largely compliant” in most areas, with only a few areas requiring improvement. The country has made significant strides in implementing laws and regulations to prevent corruption, particularly in the following areas:

  • National cooperation and coordination
  • Money laundering offenses
  • Confiscation and provisional measures

Implementation of Anti-Corruption Measures

Trinidad and Tobago’s financial institutions have also implemented robust anti-corruption measures, including:

  • Customer Due Diligence: Financial institutions have implemented customer due diligence procedures to prevent suspicious transactions.
  • Record-Keeping Systems: Institutions have established record-keeping systems to maintain transparency and accountability.
  • Internal Controls: Financial institutions have put in place internal controls to prevent corruption and ensure compliance with anti-money laundering regulations.

Areas for Improvement

Despite these efforts, Trinidad and Tobago was found to be “partially compliant” in several areas, including:

  • Transparency and beneficial ownership of legal persons and arrangements
  • Regulation and supervision of designated non-financial businesses and professions (DNFBPs)

Conclusion

While there is still work to be done, Trinidad and Tobago’s efforts to strengthen its anti-corruption measures are welcome news for the country’s financial sector. The government’s commitment to implementing FATF recommendations demonstrates its determination to prevent corruption and maintain the integrity of its financial system.

The country’s progress will continue to be closely monitored by international organizations, but for now, it appears that Trinidad and Tobago is on the right track towards a more robust and transparent financial system.