Financial Crime World

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Trinidad and Tobago’s Technical Compliance Re-Rated as “Compliant”

Port of Spain, Trinidad and Tobago - In a significant development, Trinidad and Tobago has been re-rated as “compliant” with several key recommendations of the Financial Action Task Force (FATF) following technical compliance deficiencies.

Significant Progress Made

According to a report released today by the country’s financial intelligence unit (FIU), Trinidad and Tobago has made significant strides in addressing long-standing issues related to beneficial ownership, corporate governance, and anti-money laundering (AML) measures.

Key Improvements

  • The country’s Companies (Amendment) Act 2019 requires companies to obtain and hold comprehensive information on their beneficial owners, with annual verification and submission of declarations to the company registry.
  • Financial institutions are now required to keep accurate records of account files, business correspondence, and identification data for at least six years.
  • The Companies Act has been amended to prohibit bearer share warrants and provide for the cancellation of registration of external companies that fail to submit declarations of beneficial interest or file returns for shares issued or transferred.

Re-Rating a Testament to Commitment

The re-rating comes after a comprehensive review by the FIU, which identified several areas where Trinidad and Tobago had previously fallen short of FATF standards. The country’s financial sector has been under scrutiny in recent years, with concerns over money laundering and terrorist financing.

“The re-rating is a testament to the country’s commitment to improving its AML/CFT regime,” said an FIU spokesperson. “We will continue to work closely with our international partners to ensure that our financial sector remains robust and secure.”

Welcome Development

The report’s findings are expected to be welcomed by the financial community, which has long called for greater transparency and accountability in Trinidad and Tobago’s financial sector.

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