During this reporting period, the FIUTT’s strategic priorities were further actualised, with the approval of the Ministry of Finance. Strategic priorities included, procurement for the digitisation of the Compliance and Outreach Division business operations from registration to enforcement; the refresh of the data centre; the upgrade to the security framework; data analytics software engagement; and initial scoping of virtual asset service providers (VASPs) software and training.”

This paper aligns with: 

🔹 FATF Recommendation 1 – Emphasising a risk-based approach to proliferation financing risks 

🔹 FATF Recommendation 7 – Mandating timely implementation of targeted financial sanctions in line with UN Security Council Resolutions

At the start of the financial year 2023, elevated inflation and aggressive monetary policies in developed countries raised fears that these countries could not possibly avert a recession leading to a global downturn. In the first half of the financial year, however, moderation in inflation levels, deceleration in monetary policy actions, a resilient United States (US) economy and optimism over China’s post-pandemic rebound helped boost sentiment and ease fears of a recession. In the second half of the year, as the effects of a slowdown in but still elevated price pressures and tighter monetary policies became more pronounced and China’s recovery quickly lost momentum, the outlook on growth weakened. According to the International Monetary Fund’s (IMF) October 2023 World Economic Outlook, growth in advanced economies is now projected to decelerate from 2.6 per cent in 2022 to 1.5 per cent in 2023 and remain subdued at 1.4 per cent in 2024. However, with the historic level of monetary tightening likely over and a cut in policy interest rates now expected, the market outlook has improved moderately.

It is indeed my distinct pleasure, in this year, 2022, to celebrate with all citizens of Trinidad and Tobago, the significant milestone of our 60th year of Independence (a diamond jubilee) as a country and the publication of the FIUTT’s thirteenth Annual Report for 2021/2022.

Amidst the challenges presented during the period under review 2021/2022, the FIUTT continued its operations to strengthen the AML/CFT/CPF regime of the country, in accordance with the Financial Intelligence Unit of Trinidad and Tobago Act, Chap. 72:01 (FIUTTA) and international standards.

The global COVID-19 pandemic has cast a long shadow over the past fiscal year, 2021/2022. The pandemic has caused disruption of unimaginable proportions, affecting all facets of life, not only in Trinidad and Tobago. We continue to pay tribute to, and remember all lives lost and hardships suffered due to COVID-19. As we remember the hardships endured by many, we should also recognise the resilience that Trinbagonians have demonstrated throughout this crisis.