Regulatory Alerts2025-10-29
The Miscellaneous Provisions FATF Compliance Act No. 17 of 2024
The Parliament of Trinidad and Tobago enacted Act No. 17 of 2024 to amend multiple statutes including the Proceeds of Crime Act, Anti-Terrorism Act, and Financial Intelligence Unit of Trinidad and Tobago Act to enhance compliance with Financial Action Task Force standards. The legislation significantly expands the FIUTT's oversight authority over non-profit organizations, grants it power to demand records from non-regulated financial institutions, and introduces administrative fines and stricter penalties for money laundering, terrorist financing, and proliferation financing violations. Additionally, the Act clarifies definitions of real estate businesses, updates securities and insurance regulatory frameworks, and streamlines civil asset recovery procedures to align with international anti-money laundering and counter-terrorist financing obligations.