T&T has $60B underground economy: Senator Mark

Opposition Senate Leader Wade Mark disclosed Monday that the "underground economy" in Trinidad and Tobago is valued at TT$60 billion based on figures from Royal Bank.

He said the money represents the proceeds from illicit operations. He stated that people are buying real estate in multi-storeyed complexes valued between $10 million and $15 million each and asked why the Government has not taken action when Government is aware the thriving underground economy.

"Money laundering is being allowed to take place in T&T under the watch of the present administration and it has been so since 2002," Mark charged as he made his contribution to a debate on a government bill aimed at preventing white-collar crime.

Mark said the legislation before Parliament could breach the rights of citizens, especially those organisations covered by the bill, and noted that there was little consultation with the public before preparing the legislation.

Mark was deeply concerned about the monitoring of private bank accounts. "If you don’t have properly trained people, then honest professionals could get a raw deal," Mark said.

In response to a question from Trade Minister Mariano Browne about the source of his information, Mark said it came from Royal Bank at a seminar about two or three years ago.

"But you should be telling us the extent of this underground economy! You should know. The Central Bank should have an idea," Mark responded.

Mark called Government’s action on money laundering "lethargic" despite having state agencies that can deal with the problem.

He told the Senate the U.S. State Department’s Narcotics report in February confirmed that Trinidad and Tobago is now a country of "concern", noting that the U.S. has stated that there is no indication that Government has adopted a risk-based approach on handling money laundering and terrorism financing.

Read the report: Trinidad & Tobago now a jurisdiction of concern

Mark said Government is trying to push through legislation to prevent the country from being blacklisted at an international conference in Paris on Friday.