251 suspects in terrorist financing

THE Financial Intelligence Unit (FIU) has revealed that 251 citizens of TT are suspected in being involved in the financing of terrorism and related offences.

This information is contained in the FIU's 2017 Annual Report which was posted on Thursday on Twitter by the Finance Ministry. The FIU also reported over $22 billion in suspected proceeds of criminal conduct last year.

In a statement in the report, FIU Director Susan Francois said this unprecedented monetary value came from 877 suspicious transaction reports/suspicious activity reports (STR/SAR) which the FIU received last year.

Francois said of the 877 STRs/SARs, "94 percent were completed suspicious transactions with a monetary value of $8.4 million while six percent were attempted transactions with a monetary value of over $13.6 billion." She observed the value of the attempted transactions was 62 percent of the total value ofg the STRs/SARs. "The fact that these transactions were blocked, reflects the robust risk management systems which reporting entities have instituted to monitor large and unusual transactions and to pay attention to customers who want to use the financial system to launder illicit funds, " Francois said. Francois stated the continuing impact of the global terrorism threat was again demonstrated by the significant increase of STRs/SARs related to suspected financing of terrorism. Within the 877 STRs/ SARs received, Francois said 112 were related to suspected financing of terrorism offences.