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Trinidad and Tobago Eyes Regulatory Compliance Framework

The Financial Intelligence Unit of Trinidad and Tobago (FIU-TT) has announced plans to develop a comprehensive regulatory compliance framework for the country’s financial institutions. The move aims to strengthen anti-money laundering and combating the financing of terrorism (AML/CFT) measures, improve transparency, and reduce risks.

Developing a Robust Framework

According to sources, FIU-TT will work closely with relevant stakeholders, including the Financial Services Commission, the Central Bank of Trinidad and Tobago, and industry players, to establish a robust framework that meets international standards. The framework is expected to provide clear guidelines on compliance obligations, reporting requirements, and risk assessment procedures for financial institutions.

Commitment to AML/CFT Measures

The initiative comes as part of Trinidad and Tobago’s commitment to implementing effective AML/CFT measures, as required by the Financial Action Task Force (FATF). The country was previously placed on the FATF’s grey list due to concerns over its AML/CFT regime. However, with this new framework, authorities aim to demonstrate their commitment to improving compliance and reducing risks in the financial sector.

Importance of Stakeholder Engagement

The FIU-TT has emphasized that the development of the regulatory compliance framework is a critical step towards achieving greater transparency and accountability in Trinidad and Tobago’s financial system. The agency has pledged to engage with stakeholders throughout the process, ensuring that the final product meets the needs of industry players while maintaining international standards.

Industry Expert Opinion

Industry experts have welcomed the move, citing the need for a robust regulatory framework to mitigate risks and protect the integrity of the financial system. “This is a crucial step towards ensuring that our financial institutions are equipped to manage risk effectively and maintain public trust,” said one expert.

Timeline and Next Steps

The development of the regulatory compliance framework is expected to be completed within the next 12 months, pending stakeholder consultations and review by relevant authorities. The FIU-TT has assured that it will keep stakeholders informed throughout the process and provide regular updates on its progress.

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