AG attacks dirty money

ATTORNEY GENERAL Glenda Morean revealed yesterday that a sizeable portion of money, which was illegally removed from the public purse during the term of the UNC Government, would be returned to the treasury.

Morean-Phillip said that although the final accounting has not been received, she believes that the money illegally removed between 1995 to 2001 will be returned. She, however, did not say how the money would be returned. The Attorney General also pointed out that $8 million has so far been confiscated by the State from the proceeds of drug trafficking. “That may not seem a lot, but it was done under the law which allows us to do that.” (That money was seized from four persons convicted at a drug trial). Morean-Phillip formally opened an Anti-Money Laundering seminar at the Crowne Plaza Hotel yesterday. Participants came from the State sector including the Inland Revenue Department, police  and Customs and Excise.

During her address, Morean said the proliferation of weapons has led the kind of violence now being experienced in Trinidad and Tobago, which her Government is committed to eradicating. “By tackling the issue of money laundering, we attack the profitability of the criminal network and get at the heart of the vast criminal conspiracy that threatens our society.” Morean said the United Nations estimates the global money laundering problem to be in the region of US one trillion dollars. The Caribbean’s contribution is projected at US $50 billion, which according to the AG, surpasses this country’s annual budget of TT $20 billion.

Morean said the Proceeds of Crime Act 2000 targets persons directly involved in money laundering, those assisting them and the people who receive the proceeds of the crime. The law, she added, also places responsibilities on financial institutions to assist in the fight against money laundering. “As Attorney General, it is my duty to ensure that the requisite laws are in place to aid our law enforcement agencies in their attempt to rid the society of the scourge of crime. “As a Government, we are committed to ensuring that the social responses to the problem of crime are timely and appropriate, and to ensuring that the law enforcement agencies are given the necessary tools for the proper discharge of their functions.”