How can Trinidad and Tobago combat terrorism financing?

The LexisNexis Risk Solutions, in collaboration with the Office of the Attorney General, hosted an executive breakfast meeting on September 25, at the Hilton Conference Centre, Port of Spain, on the topic, combating terrorism financing, strengthening public-private collaboration to address emerging threats.

As part of Trinidad and Tobago currently undergoing its 5th round Mutual Evaluation (ME) peer review process by the Caribbean Financial Action Task Force (CFATF) and, demonstrating the effectiveness of its anti-money laundering and counter-financing of terrorism (AML/CFT) regime, the Office of Attorney General considered it both prudent and essential for all key stakeholders to meet and engage each other in order to adequately to prepare for the upcoming ME process.

With a growing global focus on combating financial crimes, a press from the Office of the Attorney General said, expert panelists from the Ministry of Homeland Security, the Financial Investigations Branch (FIB), TTPS and the Central Bank (CBTT) addressed recent developments, including evolving sanctions and regulatory expectations and shared vital insights into mitigating risks and enhancing national financial integrity.

This session was a critical step in the process of ensuring that TT is fully prepared to demonstrate our commitment to international standards and best practices.

It allowed relevant stakeholders from both the private and public sectors to delve into the critical issues surrounding terrorism financing (TF) and proliferation financing (PF) within our region, focusing on both the challenges and innovative solutions while collaboratively engaging each other, to assess current risks and best practices, identify areas for improvement, and develop actionable plans to address any challenges.

This comprehensive approach aims to strengthen our readiness and showcase our dedication to continuous improvement and compliance.

In attendance at the session included persons from but not limited to the following public entities: the Anti-Terrorism Unit, Central Authority Unit, the Legislative Drafting Department of the Office of the Attorney General, the Financial Intelligence Unit of Trinidad and Tobago, the Trinidad and Tobago Securities and Exchange Commission, the Immigration Division, the Financial Investigations Branch, and the Customs and Excise Division.

These participants gained valuable knowledge on the risks affecting the Caribbean, as well as best practices in screening, compliance innovation, and the significance of international cooperation in shaping effective strategies.

The session also allowed for networking opportunities, allowing stakeholders to build connections and further discussions on implementation strategies.