The Financial Intelligence Unit of Trinidad and Tobago (FIUTT) last year flagged more than one billion dollars (One TT dollar=US$0.16 cents) in suspicious transactions and activity reports as the government announced plans for further legislative amendments to include administrative fines among other measures.
Finance Minister Colm Imbert in a statement to Parliament on Monday relating to the FIUTT’s annual report for the year ending September 2022, said the agency had continued using the intelligence provided from the analysis of Suspicious Transaction Reports/Suspicious Activity Reports (STRs/SARs) to ensure entities’ compliance with the Anti-Money Laundering/Counter Financing of Terrorism/Counter Proliferation Financing (AML/CFT/CPF) legal obligations.
According to Imbert, during the reporting period, the FIUTT received 958 STRs/SARs, representing a decrease of 42 percent compared with the same period one year prior. But he said the total monetary value of the 958 STRs/SARs received was TT$1,937,211,057.
The finance minister said the banking sector submitted 76 percent of the STRs/SARs, followed by the Money of Value Transfer Services (MVTS) sector and Co-operative Societies, accounting for 11 percent and five percent, respectively.
“Also, during the reporting period, submissions from the co-operative societies, investment companies, mortgage companies, MVTS, motor vehicle sales, real estate and private members’ clubs sectors all decreased due to the pandemic restrictions,” Imbert said.
He said overall, a 44 percent decrease was noted in STRs/SARs submissions by financial institutions and a 21 percent decrease in submissions from listed business (LBs).”
Imbert told legislators that of the 958 STRS/SARS, 844 involving TT$1,586,346,802 were completed transactions, while an estimated 195 estimated at TT$350,864,255 were attempted transactions.
Imbert said in terms of its strategic priorities for 2023, the FIUTT will continue the implementation of strategic and innovative measures that would nurture a professional, supportive working environment to enhance staff morale and ensure the achievement of the FIUTT’s mandate.
“Moreover, further legislative amendments will be introduced in areas such as the extension of the range of sanctions to include administrative fines in the AML/CFT/CPF regime; the introduction of AML/CFT/CPF Regulations formulated specifically for NPOs; further amendments to the FIUTTA.”
Imbert said legislative developments to include the regulation, supervision and monitoring of Virtual
Assets and Virtual Assets Service Providers for both AML/CFT/CPF and prudential measures; and the introduction of a Currency Threshold Reporting regime for Reporting Entities.
CMC/
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