Financial Crime World

Trinidad and Tobago Eyes Tighter Financial Sanctions Regulations

In an effort to strengthen its fight against money laundering and terrorism financing, Trinidad and Tobago has taken significant steps to tighten financial sanctions regulations.

Establishment of the Financial Intelligence Unit of Trinidad and Tobago (FIUTT)

The FIUTT was established in 2010 as the country’s primary institution for collecting and analyzing financial intelligence. The unit works closely with local law enforcement agencies, regulators, and international counterparts to detect and deter money laundering and terrorism financing.

Responsibilities of FIUTT

  • Receives and analyzes Suspicious Transaction Reports (STRs) and Suspicious Activity Reports (SARs) from reporting entities such as financial institutions and listed businesses.
  • Exchanges financial intelligence with other member countries of the Egmont Group of Financial Intelligence Units.
  • Monitors trends, patterns, and typologies of money laundering and terrorism financing techniques to produce strategic analysis reports that inform policy decision-makers and provide proactive intelligence to law enforcement agencies.

AML/CFT Compliance Monitoring

  • Conducts on-site examinations, desk-based reviews, outreach, and awareness programs for listed businesses and non-regulated financial institutions.
  • Enforces administrative sanctions for breaches of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) obligations.

Consolidated List of High Court Orders

The FIUTT maintains a consolidated list of high court orders related to terrorist financing sanctions, which is circulated regularly to ensure all financial institutions and listed businesses in Trinidad and Tobago are aware of their obligation to comply with freezing orders.

Collaboration with International Partners

The country’s financial intelligence unit has been working closely with international partners to stay ahead of emerging threats. “We recognize that money laundering and terrorism financing are significant risks to our financial system and economy,” said a senior official. “That is why we have taken proactive steps to strengthen our regulations and enforcement mechanisms.”

Guidelines and Annual Reports

The FIUTT provides guidelines to reporting entities on their AML/CFT obligations, as well as publishing annual reports that provide insights into the unit’s activities and achievements.

For more information on Trinidad and Tobago’s financial sanctions regulations, contact the Financial Intelligence Unit of Trinidad and Tobago at (868) 612-4FIU or visit its website at www.fiu.gov.tt.