Financial Crime World

Finance Minister Warns of Alarming Trends in White-Collar Crime

By [Author’s Name]

Surge in Suspected White-Collar Crime in Trinidad and Tobago Despite Economic Crisis

Port of Spain - Finance Minister Colm Imbert yesterday revealed that despite the economic crisis caused by the COVID-19 pandemic, Trinidad and Tobago experienced a significant surge in suspected white-collar crime last year.

Key Statistics from the Financial Intelligence Unit (FIU) 2020 Report

  • There were 1,831 suspicious transaction reports (STRs)/suspicious activity reports (SARs) valued at $27 billion
  • This represents the highest number of STRs/SARs received by the FIU in its ten-year existence
  • The five most common suspected criminal activities that featured in the report were:
    • Tax evasion
    • Money laundering
    • Fraud
    • Drug trafficking
    • Suspicious financial activity

Top 5 Suspected Criminal Activities Account for 97% of STR/SAR Reports

These crimes accounted for 97 per cent of the total number of STR/SAR reports submitted to the FIU and 99.89 per cent of the total monetary value of the 1,831 STRs/SARs.

Increase in Submissions from Financial Institutions and Listed Businesses

  • The FIU received a significant increase in submissions from both financial institutions and listed businesses
  • There was a 141 per cent rise in reports from financial institutions and an 80 per cent increase from listed businesses compared to the previous year

Minister Emphasizes Vigilance Against White-Collar Crime

Imbert emphasized that despite the ongoing global health and socio-economic challenges caused by the COVID-19 pandemic, people must remain vigilant against white-collar criminals. He warned that these individuals are taking advantage of the crisis to engage in illicit activities such as money laundering, tax evasion and fraud.

Government’s Legislative Measures to Bolster Anti-Money Laundering Regime

The Minister highlighted several legislative steps taken by Government to bolster TT’s anti-money laundering/counter financing of terrorism/counter proliferation financing (AML/CFT/CPF) regime, including:

  • The Real Estate Act
  • The introduction of the E-money issuer order 2020
  • Amendments to the FIU Act and the Proceeds of Crime Act

Additional Legislative Measures to be Introduced this Year

Imbert also announced that additional legislative measures will be brought before Parliament this year to further support the FIU’s fight against white-collar crime. He emphasized that the unit will continue to work closely with law enforcement agencies and other stakeholders to prevent and detect financial crimes.

Conclusion

In conclusion, Imbert stressed that it is crucial for Trinidad and Tobago to remain proactive in addressing the threat of white-collar crime, which can have devastating consequences on the economy and society as a whole.