Budget dollars peanuts

ATTORNEY-GENERAL Glenda Morean yesterday said the total monies in the 2003/2004 Budget pales in comparison to the amount of laundered money flowing through Trinidad and Tobago today.

Addressing the opening of a Caribbean Anti-Money Laundering Programme workshop for prosecutors at the Crowne Plaza, hours before Prime Minister and Finance Minister Patrick Manning delivered the Budget in Parliament, Morean said: “I can’t speak to the accuracy of the figures projected in the newspapers but what I can say is that whatever figure is announced by the Honourable Minister of Finance this afternoon, will pale in comparison to the amount of laundered money now said to be flowing through the economy.” The AG said that figure was estimated to be $30 billion and the Caribbean contributes US$ 50 billion of the western hemisphere’s money laundering problem which is approximately US$1 trillion.

Morean said all prosecutors were aware of the “symbiotic relationship” between money laundering and the illicit drugs and arms trades. “As a Government, we have decided that in order to fight the criminals, an important front in the war against crime is the ability to combat money laundering. We have to make all criminal enterprise unprofitable,” the AG declared. She added that this was especially critical given the “recent upsurge in kidnappings” locally. Morean said laws such as the amended Dangerous Drugs Act (1994) and the Anti-Kidnapping Bill 2003 were but some pieces of legislation in place to help financial institutions combat money laundering.

The AG also observed that the “infamous Piarco Airport Project” showed that money laundering “can also be a spin-off from the corrupt practices indulged in by both private and public individuals.” Last week Morean said the Piarco Commission of Inquiry’s report would not be made public yet, as there was the possibility of charges being laid against persons or groups named in the report. She also spoke about Government’s plans to create a financial intelligence unit to assist in bringing money launderers to justice. Noting that a witness protection programme was essential to uphold the integrity of the justice system in the region, Morean said while the regulations were still being formulated, “there is in effect an ad hoc system for the protection of witnesses.”