In 2011 the Financial Intelligence Unit of Trinidad and Tobago (“the FIUTT”) made giant strides in its evolution.
In 2010 the FIUTT took the first steps in laying the groundwork for creating a financial environment averse to money laundering and terrorist financing crimes. From this platform, it then launched a programme of activities and initiatives to strengthen its position as a major player in interagency efforts to combat money laundering and terrorist financing in Trinidad and Tobago during the period October 01, 2010 to September 30, 2011 (the review period).
Consequently, the FIUTT regards 2011 as a year of rapid development. It achieved several successes in its role in combating money laundering and terrorist financing to enhance citizen security.
The number of suspicious transaction/activity reports (STRs/SARs) received in 2011, almost tripled that received in 2010. The increase in the number of STRs/SARs received could be justifiably attributed to greater awareness in detecting and reporting suspicious transactions/activities resulting from the FIUTT’s aggressive outreach campaigns and training efforts directed at the reporting sectors.
New emphasis was placed on publication of educational materials since such materials are generally recognised as effective tools to improve the knowledge of anti-money laundering and counter financing of terrorism (“AML/CFT”) of reporting sectors, in particular, of the listed businesses.
A necessary priority for the FIUTT was effective implementation of the AML/CFT laws and regulations it administered. Trinidad and Tobago had taken major steps to strengthen its AML/CFT legal framework to ensure that it met the international standards of the Financial Action Task
Force (“FATF”) as espoused in its 40+9 Recommendations. However, in assessing a jurisdiction’s compliance with the recommendations, FATF considers not only the enactment of laws and regulations but also their effective implementation.
…In order to make this Annual Report as comprehensive as possible of the FIUTT’s efforts and activities, the report is divided into eight (8) chapters and further subdivided into a number of sections. Chapter I reviews the development of Trinidad and Tobago’s AML/CFT legal framework.
Chapter II covers the institutional framework of the FIUTT. Chapters III, IV, and V reflect the efforts made by the FIUTT in its core functions – as a repository, in analysing reported suspicion and as a conduit of financial intelligence – as well as in its supervisory role in ensuring AML/CFT
compliance and in national and international co-operation efforts. Chapter VI focuses on institutional strengthening activities. Chapter VII provides an overview of the FIUTT’s
participation in regional and international events and finally, Chapter VIII is devoted to the FIUTT’s objectives for the next reporting year. Statistical data for the period under review provide added value.
Detailed report link: here