Guard against being used in terrorism financing

Non-governmental organisations (NGOs) are being urged to get their corporate governance structures in order so they are less likely to be targeted by terrorists looking for ways to finance their activities. The advice comes from Republic Bank’s Managing Director, Nigel Baptiste.

“Internationally there is widespread concern that NGOs are easy vehicles for financing of terrorist infrastructure,“ Baptiste said.

”We are seeing the international regulators asking the domestic regulators to put more and more controls over what is taking place in the NGO sector, and TT is not immune. We are going to see more of that. So all of us in this room have to take on the mantle of doing more to improve the corporate governance in our own operations.”

Baptiste warned, “Our only defense against what is coming in the future will be the ability of the NGO to show that it knows, not only how the funds are being used, but where the funds are coming from. So I really want to ask each of you, as you go back to your respective organisations, that you make sure that you can answer those two questions because they are going to be asked of each of you in the not too distant future.”

Baptiste was addressing a group of NGOs on Thursday evening during the launch of the 2017 to 2018 edition of the bank’s Power To Make A Difference programme at Republic House, corner Park and Henry Streets, Port of Spain.

Addressing NGOs’ need for financial support, Baptiste expressed disappointment that while the programme has achieved “tremendous forward momentum” over the years, “more members of corporate TT have not embraced corporate social responsibility as a key element of corporate business practices.

“In the last year alone, we were approached by scores of worthy NGOs – all with projects designed to strengthen our societal backbone. Programmes that could very well add positive energy to the movement towards a better, more sustainable society. But the very real fact remains that we cannot invest in them all. This is why we need more members of corporate TT to step forward. Together, so much more can be accomplished.”

Almost three dozen NGOs and programmes are receiving assistance from the programme this year. Among them are Horses Helping Humans, TT Cancer Society, The Cotton Tree Foundation, Adult Literacy Tutors Association and the Butler Institute of Learning and Labour.

For more information about the programme, you can visit www.republictt.com/power-to-make-a-difference.