Overview

The Financial Intelligence Unit of Trinidad and Tobago (“the FIU”) became operational in February 2010 upon the proclamation of the Financial Intelligence Unit of Trinidad and Tobago Act, Chap. 72:01 as amended. The FIU 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 FIU was admitted as a member of the Egmont Group of FIUs. This membership provides the FIU with the ability to engage in the exchange of financial intelligence with other members of the Egmont Group.

The FIU 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 FIU 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 as amended) in Trinidad and Tobago and internationally.

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

• Receipt and Analysis of STRs/SARs and Dissemination of Intelligence Reports – The FIU 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 FIU 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 FIU 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 FIU is required to co-operate with local and foreign authorities, and affiliates within the intelligence community. To facilitate this purpose, the FIU may enter into Memoranda of Understanding which establish the procedures and policies to be followed when information and intelligence is exchanged.
• Compliance Monitoring and Enforcement -The FIU 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 FIU 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.
  
• Trends, Patterns and Typologies – The FIU 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.

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Legislation

• Financial Intelligence Unit of Trinidad and Tobago Act, Chap. 72:01 as amended
• Financial Intelligence Unit Regulations, 2011 as amended
• Proceeds of Crime Act, Chap 11:27 as amended
• Financial Obligations Regulations, 2010 as amended
• Anti-Terrorism Act Chap, 12:07 amended
• Financial Obligations (Financing of Terrorism) Regulations, 2011

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Contact Information

The Financial Intelligence Unit
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
FIU Compliance and Outreach: fiucompliance@gov.tt
FIU Feedback: fiufeedback@gov.tt
Website: http://www.fiu.gov.tt/