BATT 'thankful' for FATF improvement

THE BANKERS Association of TT (BATT) is "extremely thankful" for the country's removal from the Financial Action Task Force’s (FATF) grey list, commending the Government for the achievement.

Last Friday FATF announced in a release that TT had met its criteria and was "therefore no longer subject to the FATF’s increased monitoring process.”

Before this, TT was among 19 countries subjected to increased monitoring and actively working with FATF to address strategic deficiencies in its regime to counter money laundering, terrorist financing and proliferation financing.

"The country’s removal from the list bears testimony to the significant efforts made by the authorities to address the 2016 mutual evaluation findings and strengthen the anti-money laundering/combatting the financing of terrorism (AML/CFT) regime. BATT commends the Ministry of the Attorney General for the substantial work done in respect of strengthening our legislative framework, a factor which contributed in a significant way to this upgrade."

The organisation pledged its support to working with policymakers and urged continued momentum by the Government and Opposition regarding the legislative agenda in order to focus on the requirements to become compliant with the Global Forum on Transparency and Exchange of Information for Tax Purposes. Currently Trinidad and Tobago is the only Global Forum member country that is deemed non-compliant and consequently remains "blacklisted” by the European Union.