New Guidelines Issued for Financial Crime Reporting Requirements in Trinidad and Tobago
The Financial Intelligence Unit of Trinidad and Tobago (FIUTT) has released a guidance note aimed at helping financial institutions and listed businesses in the country meet their obligations in reporting suspicious transactions and activities to combat money laundering and terrorism financing.
Background
Reporting entities in Trinidad and Tobago are required to file Suspicious Transaction or Suspicious Activity Reports (STR/SARs) with the FIUTT, as outlined in Section 55(3) of the Proceeds of Crime Act and Section 22AB(d) and 22C(3) of the Anti-Terrorism Act.
Guidance Note
The new guidance note provides clarification on who must file reports, when they should be filed, and how to complete the required form. The report forms are outlined in the Third Schedule of the Proceeds of Crime Act, while the procedure for submission to the FIUTT is also detailed in the guidance note.
Key Requirements
- Who must file reports: Financial institutions and listed businesses in Trinidad and Tobago
- When to file reports: Reports must be filed promptly, but no later than 72 hours after the reporting entity becomes aware of suspicious transactions or activities
- How to complete the required form: The guidance note provides detailed instructions on how to fill out the Suspicious Transaction or Suspicious Activity Report (STR/SAR)
Legislation
The document is intended to be read in conjunction with relevant legislation, including:
- Proceeds of Crime Act
- Anti-Terrorism Act
- Financial Obligations Regulations 2010
- Financial Obligations (Financing of Terrorism) Regulations 2011
Impact
The release of the guidance note is seen as a significant development in the fight against financial crime, and it is expected to have a positive impact on the overall efforts to combat money laundering and terrorism financing in Trinidad and Tobago.
By providing clear guidelines for reporting entities, the FIUTT aims to ensure that reports are filed of the highest quality, which will strengthen the country’s efforts against financial crime.