The Financial Intelligence Unit bill received unanimous support in the Senate on Tuesday night.

The bill, which required a three-fifths majority, first ran into trouble with some Independent Senators expressing strong reservations about the plan to place the FIU in the Ministry of Finance. However, by the time the vote was taken late Tuesday night there were only ’ayes’.

The bill was, however, amended to accommodate the concerns. The Senate struck off clauses which the House of Representatives had put in which related to placing the director of the FIU under the direct control of the Minister of Finance. The Senate also removed the clause which placed a responsibility on the Director to make a report to the Minister and to follow the general guidelines set by the Minister.

The Senate, however, added a provision that makes the bill subject to review in one year’s time. Under this provision, the Minister would have to return to the Parliament and suggest any recommendations which would make Trinidad and Tobago more compliant with the Financial Action Task Force.

If the bill is not passed by tomorrow, this country would be blacklisted, a position which would carry financial penalties. Therefore, the amended bill has to be taken back to the House of Representatives tomorrow for debate, approval and immediate ratification by the President.

The bill is designed to make Trinidad and Tobago FATF compliant. The FATF is an inter-governmental body which develops and promotes national and international policies to combat money laundering and terrorist financing.