Regulatory Alerts2020-10-30 | 24080Added · Updated
Financial Intelligence Unit of Trinidad and Tobago Act
The Financial Intelligence Unit of Trinidad and Tobago Act establishes the Financial Intelligence Unit as a department of the Ministry of Finance to collect, analyze, and disseminate financial intelligence regarding money laundering and terrorism financing. It mandates financial institutions and listed businesses to submit suspicious transaction reports, adhere to guidelines issued by the Central Bank, and comply with FIU requests for information or instructions to suspend transactions for up to five working days. The Act grants the FIU powers to apply to the High Court for disclosure orders and imposes administrative sanctions and fines of up to one million dollars for non-compliance with court orders or failure to provide information.