Regulatory Alerts2012-07-01 | 24022Added · Updated
Guidance Note on Procedures for Reporting Terrorists Funds
Reporting Entities must immediately report to the Financial Intelligence Unit of Trinidad and Tobago if they hold funds belonging to entities designated by the UN Security Council or listed on the FIUTT consolidated list. Entities are prohibited from entering into or continuing business transactions with such individuals or organizations and must submit a Suspicious Transaction Report. The FIUTT may instruct the suspension of transaction processing for up to five working days, after which the Attorney General applies to the Court for a freezing order. The Court may declare the entity a listed entity and freeze funds, with provisions for review and revocation of orders within sixty days and every six months.