Anti-Terrorism stops money laundering

TRINIDAD and Tobago’s ongoing efforts to combat money laundering and counter terrorism financing will be greatly enhanced once the Anti-Terrorism Bill 2004 becomes law. This was the opinion expressed yesterday by Inter-Insurance Fraud Committee (IIFC) chairman Anthony Jones after a breakfast meeting hosted by the Association of TT Insurance Companies (ATTIC) at the Crowne Plaza Hotel. Jones said the Bill was “all within the framework of identifying what is considered illegal and attempting to keep that type of activity out of the industry” and TT is not on a blacklist of countries and individuals “who are considered non-cooperative as far as anti-money laundering is concerned.” He explained that this blacklist is generated by the United States and supplied to the Central Bank via the American Embassy in Port-of-Spain.

The Central Bank then provides banks, insurance companies and other financial service companies with this information. Jones said Government is being proactive in improving anti-money laundering mechanisms in TT and this is reflected in efforts to strengthen the Proceeds of Crime Act 2000. “The legal framework that we operate under is the Proceeds of Crime Act and we are also under the Central Bank as far as regulators are concerned,” he added. Jones also disclosed that the Caribbean Financial Action Task Force will be undertaking a financial audit of all countries and companies within the region in April and he was confident that at the end of that audit, “we are sure that as far as TT and the insurance industry is concerned, we are going to comply with what is considered best practice.”

Debate on the Bill was stopped in the House of Representatives last Friday because the Opposition claimed that certain provisions of the legislation infringed on certain individual rights and freedoms. National Security Minister Martin Joseph expressed confidence that the Bill will be passed in Parliament during the  year that TT chairs the Organisation of American States (OAS) Inter-American Committee against Terrorism (CICTE). The fifth regular session of CICTE opens at 4.30 pm at the Hilton Trinidad today  and runs until February 18. TT is currently the vice-chair of CICTE and the US is backing TT’s nomination to assume chairmanship of the committee.