Imbert: Trinidad and Tobago on the road to Financial Action Task Force compliance

FINANCE Minister Colm Imbert has expressed confidence that TT is on the way to becoming fully compliant with its obligations to the Financial Action Task Force (FATF) to curb illegal financial activities.

He made this comment when he opened debate on the Miscellaneous Provisions [Proceeds of Crime, Anti-Terrorism, Financial Intelligence Unit of Trinidad and Tobago, Securities, Insurance, Non-Profit Organisations, Civil Asset Recovery and Management and Unexplained Wealth and Miscellaneous Provisions (FATF Compliance)] Bill, 2024 in the Senate on November 29.

In concluding the debate, Imbert said a case mentioned by Opposition Senator Jayanti Lutchmedial-Ramdial involving the Financial Intelligence Unit (FIU) and some firearm dealers is currently before the Court of Appeal.

He added that no commentary could made about it.

Imbert said there had been six money laundering convictions to date.

"The value of the six is $99.4 million plus US$1.3 million.'

He added, "There are 104 ongoing money laundering prosecutions."

The Senate subsequently passed the bill.

The bill was passed in the House of Representatives on November 15.

Imbert told senators, "This bill essentially lays the groundwork for the introduction of administrative monetary fines for breaches related to anti-money laundering, combating the financing of terrorism and countering proliferation financing."

He said it was "a significant step forward and will reinforce TT's commitment towards adopting global financial integrity standards."

The bill, Imbert continued, is aimed at meeting the stringent recommendations outlined by FATF and the European Union (EU) which are "designed to enhance our regulatory and supervisory framework with respect to three authorities."

These are the Financial Intelligence Unit (FIU), Central Bank and the Securities and Exchange Commission (SEC).

He said, "It is intended to promote a culture of compliance and these fines – administrative fines – are thought to be both a robust and flexible tool to penalise non-compliance without the need for lengthy legal proceedings.

Imbert said it would make enforcement much easier and enhance TT's image as a "trustworthy and transparent financial jurisdiction."

He said he was confident the legislation would "advance our progression towards full compliance with FATF standards and paves the way for removal of TT as a high risk jurisdiction."

Imbert said, 'With strong enforcement mechanisms in place, we will be aligning ourselves with international best practice and it will help our international agencies to identify and deal with risks associated with financial crime."

He added, "Through this bill, TT will join the ranks of compliant jurisdictions and send a clear message to all of these regulatory agencies (like FATF) around the world."

Imbert reminded senators about his recent signing of a multilateral convention on mutual administrative assistance in tax matters in Paris, France and ongoing discussions with the EU to have TT removed from its list of non-co-operative tax jurisdictions.

A statement issued by the Finance Ministry earlier this month said the signing enabled TT to exchange information with 148 other jurisdictions, including major global financial centres.

The signing also gives TT the chance to contribute to more than 8,000 exchange relationships already established under the convention.

Imbert said the signing of the convention will help TT's efforts to meet its FATF obligations.