EU: No TT-EU fallout

EUROPEAN Union (EU) Ambassador to TT , Aad Biesebroek, said there has been no fallout between the EU and TT, after TT was placed on an EU list of countries which have deficiencies in their anti-money laundering and counter-terrorist financing regimes. Speaking with reporters today after a luncheon held by the Rotary Club of Port of Spain at the Cascadia Hotel in St Ann's, Biesebroek said, "I had several conversations with the Attorney General (Faris Al-Rawi) over the past weeks on the issue."

He added, "We have a very good working relationship." Earlier this month, Al-Rawi objected to TT being placed on this list. Speaking in the Senate on Febriary 19, Finance Minister Colm Imbert said, "The EU has arbitrarily and unilaterally included us and the US on this so-called blacklist. We do not agree." Imbert said the US Treasury has scolded the EU for including US territories on a list of tax havens or areas where there is money laundering and has told US banks to ignore the EU directives in a "very unusual technocratic spat."

Biesebroek said he discussed with Al-Rawi "how we can deal with those differences of views." He expected to have further discussions with Al-Rawi on this issue. Biesebroek said TT is not subject to any kind of sanction as a result of being on this list.

Reiterating points he made in a statement on Tuesday, Biesebroek said, "It is nothing to do with punishing the countries identified." He said all the list does is ask the EU to ensure due diligence in dealing with financial jurisdictions from the listed jurisdictions. In his statement, Biesebroek saud TT and the EU have an increasingly close relationship. This was reflected by the EU's presence in TT being upgraded to a full-fledged delegation in 2016. Biesebroek said the EU can provide help to TT in addressing the identified weaknesses should the Government so wish. Addressing rotary club members, Biesebroek also said the EU is working with TT on the issue of improving tax governance.