Trinidad and Tobago’s progress in strengthening measures to tackle money laundering and terrorist financing

 

 

Port of Spain, Trinidad and Tobago, May 30th, 2019 – As a result of Trinidad and Tobago’s progress in strengthening its framework to tackle money laundering and terrorist financing since their 2015 mutual evaluation, the Caribbean Financial Action Task Force (CFATF) has re-rated the country on 18 of the 40 Recommendations.

Trinidad and Tobago has been in an enhanced follow-up process, following the adoption of the CFATF mutual evaluation, which assessed the effectiveness of Trinidad and Tobago’s anti-money laundering and counter-terrorist financing (AML/CFT) measures and the country’s compliance with the FATF Recommendations. In line with the CFATF Procedures for mutual evaluations, Trinidad and Tobago has reported back to the CFATF on the progress it has made to strengthen its AML/CFT framework.

This report analyses Trinidad and Tobago’s progress in addressing the technical compliance deficiencies identified in the Mutual Evaluation Report.   

To reflect this progress, the CFATF has re-rated Trinidad and Tobago on the following Recommendations:

1- Assessing risks and applying a risk-based approach from partially compliant to largely compliant

6 - Targeted financial sanctions related to terrorism and terrorist financing from partially compliant to compliant

7 - Targeted financial sanctions related to proliferation from non-compliant to largely compliant

8 - Non-profit organisations from non-compliant to partially compliant

10 - Customer due diligence from largely compliant to compliant

16 - Wire transfers from largely compliant to compliant

19 - Higher-risk countries from partially compliant to compliant

21 - Tipping-off and confidentiality from largely compliant to compliant

22 - DNFBPs: Customer due diligence from largely compliant to compliant

23 - DNFBPs: other measures – from largely compliant to compliant

24 - Transparency and beneficial ownership of legal persons from partially compliant to compliant

26 - Regulation and supervision of financial institutions from partially compliant to compliant

29 - Financial intelligence units from largely compliant to compliant

32 - Cash couriers from partially compliant to compliant

33 - Statistics from partially compliant to compliant

37 - Mutual legal assistance from partially compliant to compliant

39 - Extradition from largely compliant to compliant

40 - Other forms of international cooperation from partially compliant to largely compliant

The report also looks at whether Trinidad and Tobago’s measures meet the requirements of FATF Recommendations that have changed since their 2015 mutual evaluation, taking into account any new measures since the mutual evaluation.

The CFATF agreed to maintain the largely compliant for Recommendation 2 and the compliant rating for Recommendations 5 and 18.

The FUR can be accessed in the following link:

Trinidad and Tobago’s 3rd FUR