Trinidad and Tobago

New Documents

The regulatory authorities of Trinidad and Tobago published joint guidance on complying with anti-money laundering and counterterrorist financing requirements in light of the unprecedented circumstances linked to the COVID-19 pandemic, such as social distancing and other business disruptions.

The Financial Intelligence Unit of Trinidad and Tobago issued a notice to all private members’ clubs regarding recent amendments to the country’s anti-money laundering and counterterrorist financing legislation that reduce the value of large transactions from $90,000 to $50,000.

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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 : 64/125
Score : 5.26/10

TRANSPARENCY INTERNATIONAL i

Rank : 85/180
Score : 40/100

Tax Justice Network i

Rank : 127/133
Score : 65/100