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‘T&T can control money laundering’

By Carla Bridglal carla.bridglal@trinidadexpress.com

Despite some red flags raised by international financial regulatory organisations, Trinidad and Tobago has the necessary framework in place to help control money laundering, accounting expert John Davies said yesterday.

Davies, the UK-based head of technical for the Association of Certified Chartered Accountants (ACCA), spoke to reporters yesterday during a break at an Anti-Money Laundering Seminar hosted by the ACCA and the Institute of Chartered Accountants (ICATT) at the Hilton Trinidad, St Ann's.

The seminar was held to sensitise accountants to the latest revisions to international financial standards.

"The Financial Action Task Force (FATF) has red flagged T&T in a couple areas so clearly it is not satisfied all the controls and safeguards are there, but from what I've heard there is a lot of political will and engagement to try and make sure it works properly," he said.

In an interview last year with the Business Express, head of the Caribbean arm of the FATF, Calvin Wilson, said the level of compliance with the organisation's regulations in the region was about 40 per cent.

He said the country has the required framework and an active Financial Intelligence Unit (FIU) to receive information about suspicious activities; what it needs now is to set the process for this intelligence to be used in the recovery of stolen property and conviction.

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