FIU head: Too soon to spot illegal transactions

Acting director of the Financial Investigations Unit (FIU) Nigel Stoddard said it was too early to say whether there was a noticeable increase in criminal money transactions, as the new polymer $100 bills were made available on Monday.

Responding to questions at Wednesday's police media briefing on Sackville Street, Port of Spain, Stoddard said financial institutions had 14 days after a transaction to report any suspicious activities to the authorities.

He said contrary to earlier reports, it was too soon to say whether there had been an increase.

"Based on the date the bills were made available, I can't say definitely whether or not there has been an increase definitely. We are aware of certain transactions, we have continued to receive reports and give analysis. But it is something I will have to say at a later time."

The FIU operates under the Ministry of Finance and receives reports of suspicious financial transactions from citizens and financial institutions such as banks and credit unions.