Government, individuals, businesses under FIU scrutiny to clamp down on white collar crime

House leader Roodal Moonilal chats with AG Anand Ramlogan in the HOR Friday (Guardian photo)

The government of Trinidad & Tobago took a bold move Friday to prevent white-collar crime with amendments to the rules governing the Financial Intelligence Unit (FIU) to put under scrutiny all public authorities as well as “politically-exposed” people.

Attorney General Anand Ramlogan piloted the legislation and informed the House of Representatives that a team from the Financial Action Task Force (FATF) would visit T&T later this month to see how T&T has done in complying with FATF requirements in accordance with the United Nations convention to which T&T signed. 

Those requirements are aimed at monitoring suspicious financial transactions including money laundering. They would also strengthen the state's authority to freeze assets of persons or groups classified as "terrorists".

The net of businesses under the FIU scrutiny would include non-regulated businesses as well as other businesses ranging from real estate to jewelry dealers and banks. 

The amendments will also place under FIU scrutiny public authorities ranging from ministries and their departments to the Tobago House of Assembly, THA executive council and other THA units, regional health authorities, statutory corporations, service commissions and any other entity funded by taxpayers. 

“The FIU can now reach into these areas and get the co-operation to investigate suspicious transactions,” Ramlogan told legislators. Other amendments allow the FIU to halt for five days any suspicious financial transactions reported to the body.

The expanded rules would also allow the state to solicit information and co-operation from the Central Bank and public authorities. And the FIU would be able to get a High Court order to obtain the information if necessary. Any FIU official who breaches confidentiality to disclose information is liable to a fine of $250,000 and three years in prison.

The amendments also provide protection for “whistleblowers” to incentives for people who provide information, the AG stated.

The opposition supported the bill, which was unanimously passed.