AG: Don’t fight over old $100 notes

ATTORNEY General Faris Al-Rawi urged citizens not to squabble with businesses who refuse to take the existing $100 note in the run-up to their year-end voiding but rather to simply deposit the bills in their bank accounts and pay by credit or debit card.

Speaking to reporters at the Senate yesterday, he said it is unsure if businesses can be compelled to accept the still-legal old notes now.

“Why go through all of that? You have an alternative. Go to the bank. Put your money in.”

Told of frustrated people at banks filling out source of funds forms, the AG said, “We will ask people to be patient. That’s all we can do.” He said the vast majority of TT’s $8 billion in banknotes is actually already in banks. “So we don’t have that much in circulation.

“It is going to be a bit of a challenge. It will get done.”

The AG said the change in bank notes plus explain-your-wealth legislation will hurt the illicit drug trade.

He said the Financial Intelligence Unit (FIU) and the police service’s Financial Intelligence Bureau (FIB) are very alert at this time.

The AG said businesses have already reported suspicious transactions.

“For instance, coming and paying cash today and then tomorrow asking for a refund because they are cancelling the order.” This trick allows a crook to trade dirty money for a clean cheque, he explained. He said such cases help the FIU and FIB to do their job to detect suspicious transactions.

Al-Rawi said many anti-crime initiatives are coming together and he asked fot patience over the trade-in of old $100 bills.

“I can tell you the retail industry is reporting heavy sales, heavy cash sales. On the one part, that is a wonderful phenomenon, a mini boom if you want to call it, a lot of circulation and businesses I’m sure will be very happy.

“But at the other point, we’ve got to each do our part and make sure we speak to it. I’m confident the police will encourage people to make a tip off."

Al-Rawi said the best way to stop crime is to take the profit out of crime, such as by laws on proceeds of crime, terrorism, non-profit organisations and explain your wealth.

Newsday asked about the Prime Minister’s recent claim of barrels of money buried across TT by those involved in corrupt deals.

The AG replied, “Why just them? Why not drug men? Why not trafficking in persons? What do you think the drug trade runs on?”

He urged, “Let’s give TT a fighting chance.”Al-Rawi was glad his ministry’s registrar-general department was going cashless using online payments, and soon too the licensing office.

Asked about the parliamentary Opposition relenting on the new banknotes last week, he said, “This is an issue in which they cannot afford to be on the wrong side of. There are some things you ought to do and should just keep quiet on.”