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Ramish and Leela
Monday, 06 November 2017 16:59

Strengthen T&T's Anti Money Laundering Institutions

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The Bankers Association of Trinidad and Tobago is urging the Government to take the necessary steps to strengthen its Anti Money Laundering and Countering of Financing Terrorism institutions in this country.

Last Friday, the Financial Action Task Force (FATF), in its review of compliance with the AML/CFT standards, identified Trinidad and Tobago as one of nine countries having strategic deficiencies.

BATT says this FATF Statement has serious implications to local banks, and the national community at large, and can translate into severe economic challenges generally for all.

It says that the FATF "grey list" is a signal to banks globally to take precautionary measures with respect to their dealings with banks, clients, and transactions from territories on the FATF list.

FATF noted however that Trinidad and Tobago has made a high-level political commitment to work with the FATF and CFATF to strengthen the effectiveness of its AML/CFT regime, and address any related technical deficiencies.

Read 644 times Last modified on Monday, 06 November 2017 19:47
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