Financial Crime World

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Trinidad and Tobago Tackles Money Laundering with Key Players in Anti-Money Laundering Efforts

Introduction

PORT OF SPAIN, TRINIDAD AND TOBAGO - Trinidad and Tobago has made significant strides in implementing anti-money laundering (AML) measures, according to a recent Mutual Evaluation report by the Financial Action Task Force (FATF). The report highlights key players in AML efforts across various sectors.

Assessing Risk and Applying a Risk-Based Approach

The Central Bank of Trinidad and Tobago has demonstrated a high level of compliance in assessing risk and applying a risk-based approach, with 87% of financial institutions adopting this strategy. This is a significant achievement, considering the complexity of AML regulations.

  • Key findings:
    • 87% of financial institutions have adopted a risk-based approach
    • The Central Bank has demonstrated high compliance in assessing risk and applying a risk-based approach

National Cooperation and Coordination

The Financial Intelligence Unit (FIU) plays a crucial role in national cooperation and coordination efforts, receiving over 10,000 suspicious transaction reports annually. The FIU has also established effective relationships with key stakeholders, including law enforcement agencies and financial institutions.

  • Key findings:
    • The FIU receives over 10,000 suspicious transaction reports annually
    • The FIU has established effective relationships with key stakeholders

Money Laundering Offense

Trinidad and Tobago’s legislation on money laundering is robust, with clear definitions of offenses and penalties for non-compliance. However, there are concerns about the lack of transparency in beneficial ownership information.

  • Key findings:
    • Legislation on money laundering is robust
    • Concerns about lack of transparency in beneficial ownership information

Targeted Financial Sanctions

The country has demonstrated partial compliance in implementing targeted financial sanctions related to terrorism and terrorist financing. While regulations are in place, there are concerns about the effectiveness of these measures.

  • Key findings:
    • Partial compliance in implementing targeted financial sanctions
    • Concerns about effectiveness of these measures

Key Players in AML Efforts

Several key players have emerged as champions of AML efforts in Trinidad and Tobago:

The Central Bank of Trinidad and Tobago

Has implemented robust AML measures, including risk-based approaches and effective supervision.

  • Key contributions:
    • Implemented risk-based approaches and effective supervision

The Financial Intelligence Unit (FIU)

Plays a critical role in national cooperation and coordination efforts, receiving suspicious transaction reports and sharing intelligence with stakeholders.

  • Key contributions:
    • Receives suspicious transaction reports and shares intelligence with stakeholders

Law Enforcement Agencies

Have demonstrated a commitment to combating money laundering and terrorist financing through effective investigation and prosecution.

  • Key contributions:
    • Demonstrated a commitment to combating money laundering and terrorist financing

Way Forward

While Trinidad and Tobago has made significant progress in AML efforts, there are still areas for improvement. The government, financial institutions, and other key players must continue to work together to enhance transparency, improve beneficial ownership information, and strengthen international cooperation.

  • Key recommendations:
    • Enhance transparency
    • Improve beneficial ownership information
    • Strengthen international cooperation