Trinidad and Tobago

New Documents

The Financial Intelligence Unit of Trinidad and Tobago issued a press release responding to media reports alleging that the agency is investigating specific issues, highlighting that it cannot confirm or deny the matters which appear in the public domain.

The Financial Intelligence Unit of Trinidad and Tobago issued a notice concerning new public statements issued by the Financial Action Task Force on high-risk jurisdictions for anti-money laundering and counterterrorist financing.

News

Enforcement Actions

0 Items Found


Important Facts

  • The U.S. State Department labels Trinidad and Tobago as a major money laundering jurisdiction. The country's close proximity to drug producing countries, stable economy and developed financial systems make it a transshipment point for criminals who want to launder money. Illegal gaming, drug trafficking, illegal arms sales, fraud and public corruption are the biggest sources of laundered funds in the jurisdiction. Structuring, co-mingling, and trade-based money laundering of funds are used to move illicit funds into and out of the formal economy. Private clubs that operate illegal casinos, online gaming operations, and other forms of gaming are also used to move large amounts of cash throughout the country. There is increasing use of virtual currencies which remain unregulated. As part of a broader restructuring in 2019,  the Trinidad and Tobago Police Service merged several units into a Financial Crimes Division and brought charges against 17 individuals for money laundering.
Source: 2020 International Narcotics Control Strategy Report (INCSR)  

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 26 High : 0
Largely Compliant : 9 Substantial : 1
Partially Compliant : 5 Moderate : 1
Non-Compliant : 0 Low : 9

A "graylisted" country as of Oct. 19, 2018. Trinidad and Tobago's technical compliance was re-rated in a June 17, 2019 follow-up report

BASEL i

Rank : 91/141
Score : 4.75/10

TRANSPARENCY INTERNATIONAL i

Rank : 85/180
Score : 40/100

Tax Justice Network i

Rank : 127/133
Score : 65/100