Financial unit, Inland Revenue agree to share info

THE Financial Intelligence Unit of TT (FIUTT) and the Inland Revenue Division (IRD) have signed a memorandum of understanding (MoU) on the exchange of financial intelligence.

A statement issued by the Finance Ministry on January 19 said the objective of the MoU is for both departments to collaborate within the provisions of their respective governing acts, and to subsequently share information on their own motion or upon request.

In this regard, the FIUTT Act provides for the FIUTT’s collection, analysis, dissemination and exchange of financial intelligence to law enforcement authorities (including the IRD).

The IRD is responsible for investigations and prosecutions (civil, criminal, or administrative) under its legislative purview, as it relates to tax offences and money laundering matters

Finance Minister Davendranath Tancoo said, "This strategic partnership is a critical pillar in the government's approach in protecting the integrity of our financial system."

He added that by bridging the gap between financial intelligence and tax administration, "we are creating a formidable front against money laundering, terrorism financing and proliferation financing."

The MOU replaces a previous agreement that was established in 2010.