Regulatory Alerts2020-12-18 | 24059Added · Updated
Miscellaneous Provisions (FATF Compliance) Act, No. 25 of 2020
The Act amends multiple statutes including the Proceeds of Crime Act, Anti-Terrorism Act, and Financial Intelligence Unit of Trinidad and Tobago Act to establish administrative fines and criminal penalties for non-compliance with anti-money laundering and counter-terrorist financing regulations. It imposes specific fines, such as up to one million dollars on summary conviction and three million dollars on indictment, alongside daily continuing offences and imprisonment terms for regulated entities and individuals. The legislation also updates confidentiality provisions, expands the supervisory powers of the Financial Intelligence Unit of Trinidad and Tobago, and clarifies witness statement protocols for police and judicial investigations.