AG: We blocked billions in ‘funny money’ deals

ATTORNEY General Faris Al-Rawi on Friday said laws introduced by the Government had blocked the execution of billions of dollars worth of suspect deals.

He was in the House of Representatives, piloting the Mutual Assistance in Criminal Matters (Amendment) Bill 2021 which facilitates TT’s legal co-operation with non-commonwealth countries with which TT has no relevant bilateral treaty.

Saying TT has been praised by the Financial Action Task Force (FATF), he cited a 2020 annual report by TT’s Financial Intelligence Unit (FIU).

“We received for that year 1,831 suspicious transaction reports and suspicious activity reports, representing an 80 per cent from the previous reporting year.

“That, translated in dollars and cents matters, to approximately $27 billion in suspicious transactions, ninety-seven per cent of which were blocked by virtue of mechanisms which we introduced into law.” He urged all MPs to read the FIU report.

“It is effectively, and I’m going to say this quite boldly, an ode to the Government. It reflects on all the legislation the Government bought in the period 2015-2020 which resulted in the significant uptick in detection and blocking of criminal activities.

“To have a 97 per cent block of $27 billion is no small feat.”

He said the bill will boost the exercise of follow-the-money matters in the international arena.