27 charged for money laundering

SINCE its establishment in 2011, the Financial Intelligence Branch (FIB) has charged 27 people for money laundering to the value of $14 million, over US$40,000 and more than a thousand Canadian dollars.

“The FIB plays a pivotal role in the investigation, detection, and prosecution of money laundering and terrorist financing, as well as the restraining and subsequent forfeiture of assets, cash seizures, and investigations relating to the Proceeds of Crime Act, 2015,” said Inspector Avinash Singh of the FIB, at the weekly police press briefing at Police Administration Building in Port of Spain on Wednesday.

“The Branch also conducts investigations based on intelligence reports submitted to it by the Financial Intelligence Unit, and acts on requests from foreign jurisdictions, to conduct investigations on their behalf, under Mutual Legal Assistance Treaties, in relation to the financing of terrorism and money laundering,” he added.

The Financial Investigations Branch laid 90 charges against 17 people with a value of TT$14,339,496.95; US$40,606 and CAD$1,070. Fraud Squad laid 158 charges against six people, with a value of TT$4,302,389.46. The Anti-Corruption Investigation Branch laid 109 charges against two people with a value of TT$2,143,833.

Northern Division laid two charges against two people with a value of TT$250,000. Singh said that over 81 per cent of people charged were involved in fraud, illegal gambling and drug trafficking. He said this is an indication that there is a high propensity for criminals to engage in such offences.

He said fraud continues to be the most prevalent specified offence as it relates to money laundering. Singh explained the offence of illegal gambling seems to be an emerging trend to facilitate money laundering in Trinidad and Tobago, with seven persons charged for money laundering being related to illegal gambling. Five of these seven people were non-nationals.

Singh told reporters cash seized by the FIB in completed investigations are transferred to a fund and becomes property of the State. He added that there are 45 investigations being conducted by the FIB and several of these cases surround allegations of terrorist financing and money laundering.

The FIB, a branch of the TTPS under the Ministry of National Security is an agency which focuses on money laundering and terrorist financing and should not be confused with the Financial Intelligence Unit, which is under the Ministry of Finance.