Financial Intelligence Unit of Trinidad and Tobago

Mission Statement

Our Mission is to effectively detect and deter money laundering and financing of terrorism, in collaboration with local law enforcement, regulators and international counterparts, thereby contributing towards a safe and stable financial, social and economic environment.

Vision Statement

Our Vision is for Trinidad and Tobago to have strong and dynamic financial and business sectors free from money laundering, financing of terrorism and other financial crimes.

Overview

The Financial Intelligence Unit of Trinidad and Tobago (“the FIUTT”) became operational in February 2010 upon the proclamation of the Financial Intelligence Unit of Trinidad and Tobago Act, Chap. 72:01. The FIUTT has been established to implement the anti-money laundering and anti-terrorism policies of the Financial Action Task Force (FATF) – an intergovernmental organisation set up by the Group of Seven industrialised countries.

On the 3^rd July, 2013 the FIUTT was admitted as a member of the Egmont Group of FIUs. This membership provides the FIUTT with the ability to engage in the exchange of financial intelligence with other members of the Egmont Group.

The FIUTT is a specialised intelligence-gathering unit, within the Ministry of Finance, with its own offices and staff. It is an administrative type FIU with analytical functions. These functions are separate and distinct from investigative functions, which are carried out by Law Enforcement Authorities.

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Roles and Functions

The FIUTT is the primary institution for the collection of financial intelligence and information and the analysis, dissemination, and exchange of such financial intelligence and information. This will also include information from among Law Enforcement Authorities, Financial Institutions and Listed Businesses (as stated under the Proceeds of Crime Act, Chap 11:27) in Trinidad and Tobago and internationally.

The functions and responsibilities of the FIUTT are detailed in the Financial Intelligence Unit of Trinidad and Tobago Act, Chap. 72:01 and the Financial Intelligence Unit Regulations, 2011. Its core functions are:

Receipt and Analysis of STRs/SARs and Dissemination of Intelligence Reports – The FIUTT receives information on suspicious transactions or activities from Reporting Entities in the form of a Suspicious Transaction Report/Suspicious Activity Report (STR/SAR). Following the receipt of a STR/SAR, the Analytical Division carries out an analysis of the information, after which an analytical report is presented to the FIUTT Director with a recommendation as to whether such a report should be forwarded to the Law Enforcement Authorities on the basis of a reasonable suspicion of Money Laundering/Financing of Terrorism (ML/FT).
The Exchange of Information -The FIUTT is also required to exchange financial intelligence and information with members of the Egmont Group of FIUs and with foreign FIUs, either spontaneously or on the basis of a request for information. Additionally, the FIUTT is required to co-operate with local and foreign authorities, and affiliates within the intelligence community. To facilitate this purpose, the FIUTT may enter into Memoranda of Understanding which establish the procedures and policies to be followed when information and intelligence is exchanged.
Trends, Patterns and Typologies – The FIUTT also monitors developments in money laundering and financing of terrorism techniques, typologies and trends which also produce Strategic Analysis reports. These reports assist in informing policy decision makers and provide proactive intelligence to Law Enforcement Authorities and intelligence agencies in the AML/CFT regime. In addition, advisories, statistics and feedback provide assistance to Reporting Entities in developing and implementing effective AML/CFT measures.
Compliance Monitoring and Enforcement -The FIUTT also monitors Listed Business and certain Non-Regulated Financial Institutions for Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) compliance. This responsibility includes conducting on-site examinations, desk based reviews, outreach and awareness and enforcement action. The FIUTT is also empowered to impose administrative sanctions for breaches of AML/CFT obligations. Furthermore, it provides guidelines to Reporting Entities so that they understand their obligations under the AML/CFT laws.
The Consolidated List of High Court Orders (Terrorist Financing Sanctions List) – The FIUTT is responsible, under section 22AA of the Anti-Terrorism Act, for furnishing the Attorney General with information required to facilitate an application for a High Court Order to declare an individual or entity a listed entity under the Anti-Terrorism Act, and to freeze the property owned by a listed entity. This responsibility also includes maintaining a Consolidated List of these High Court Orders and circulating the said list at regular intervals to ensure all financial institutions and listed businesses in Trinidad and Tobago are aware of their obligation to comply with the freezing order. The Consolidated List of High Court Orders can be found on the FIUTT’s website.

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Legislation

Annual Reports

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Contact Information

The Financial Intelligence Unit of Trinidad and Tobago
Level 25, Tower D
International Waterfront Complex
1A Wrightson Road
Port-of-Spain
Trinidad, West Indies

Telephone: (868) 612-4FIU (4348)
Fax: (868) 627-7018
Email: fiutt@gov.tt
FIUTT Compliance and Outreach: fiucompliance@gov.tt
FIUTT Legal: fiulegal@gov.tt
FIUTT Feedback: fiufeedback@gov.tt
Website: http://www.fiu.gov.tt/