Financial Crime World

Criminal Law Enforcement Agencies for Financial Crime in Trinidad and Tobago Face Challenges Despite Successes in International Cooperation

The Financial Intelligence Unit (FIUTT) of Trinidad and Tobago has been recognized for its effectiveness in international cooperation, but despite this success, the agency faces challenges in sharing financial intelligence with foreign counterparts.

The Role of FIUTT

The FIUTT is an administrative type Financial Intelligence Unit that receives and analyzes suspicious transaction reports. It disseminates financial intelligence to law enforcement agencies and other competent authorities to assist in their investigations. However, it does not have investigative powers.

International Cooperation

According to a recent report, the FIUTT has been working effectively to use mechanisms to share, exchange, and respond to requests for information from foreign competent authorities. The agency is also able to share information spontaneously. There are several legal channels that facilitate international cooperation by the FIUTT:

  • Section 8 of the FIU Act allows the agency to disseminate financial intelligence and information to foreign authorities and affiliates within the intelligence community.
  • Engaging in the exchange of financial intelligence and information with members of the Egmont Group or foreign Financial Intelligence Units.
  • Entering into written agreements with Foreign Financial Intelligence Units to facilitate the exchange of information.

Successes

The FIUTT has also entered into written agreements with Foreign Financial Intelligence Units to facilitate the exchange of information. The agency has placed appropriate safeguards to maintain the integrity of the information and ensure it is used in an authorized manner for intelligence purposes.

Statistics from the FIUTT show that requests for intelligence by foreign FIUs and foreign law enforcement increased significantly from 25 to 42, or by 68%, over the previous reporting period. There was also an increase in the number of requests related to money laundering, drug trafficking, and human trafficking, indicating crime trends with international connections.

A successful use of the FIUTT’s intelligence was in the case of United States v Trenton S. Somerville, where the agency provided intelligence to the US Internal Revenue Service-Criminal Investigation, leading to the conviction of a Florida resident for tax evasion and wire fraud.

Challenges

Despite these successes, the FIUTT faces challenges in international cooperation:

  • Responses to foreign requests often depend on information sourced from other agencies, government departments, etc., and delays on their part may lead to delayed responses by the FIUTT.
  • Requests are sometimes too widely drafted, lacking specificity and could be regarded as “fishing.”
  • Language barriers can also hinder timely dissemination of intelligence.
  • Human resource issues and the use of public email platforms by other FIUs can compromise information integrity.

MOUs

The FIUTT has signed 23 Memorandums of Understanding (MOUs) with foreign FIUs to facilitate the exchange of information. The last MOU was signed with Japan’s FIU at the FATF Plenary in February 2017.

Conclusion

In conclusion, while the FIUTT has made significant progress in international cooperation, it faces challenges that must be addressed to ensure the effective sharing of financial intelligence and information with foreign counterparts.