Miscellaneous Provisions (FATF Compliance) Act No 7 of 2025

BILL
AN ACT to amend the Trustees Ordinance, Cap. 4 of 1939, the Prevention of Corruption Act, Chap. 11:11, the Mutual Assistance in Criminal Matters Act, Chap. 11:24, the Proceeds of Crime Act, Chap.11:27, the Anti-Terrorism Act, Chap.12:07, the Police Service Act, Chap. 15:01, the Financial Intelligence Unit of Trinidad and Tobago Act, Chap. 72:01, the Income Tax Act, Chap. 75:01,the Companies Act, Chap. 81:01, the Partnership Act, Chap. 81:02, the Registration of Business Names Act, Chap. 82:85, the Securities Act, Chap. 83:02 and the Non-Profit Organisations Act, No. 7 of 2019 to give effect to the obligations of Trinidad and Tobago under the Financial Action Task Force. [Assented to 6th November, 2025] First Session Thirteenth Parliament Republic of Trinidad and Tobago REPUBLIC OF TRINIDAD AND TOBAGO Act No. 7 of 2025 [L.S.] Legal Supplement Part A to the “Trinidad and Tobago Gazette”, Vol. 64, No. 166, 10th November, 2025

Commencement
Cap. 4 of 1939 amended Enactment Short title ENACTED by the Parliament of Trinidad and Tobago as follows:

1. This Act may be cited as the Miscellaneous
   Provisions (FATF Compliance) Act, 2025.
2. This Act shall come into effect on such date as is
   set by the President by Proclamation.
3. The Trustees Ordinance is amended—
   (a) in section (2), by inserting in the appropriate alphabetical sequence the following definition:
   “ “Minister” means the Minister to whom responsibility for legal affairs is assigned;”; (b) in section 2A,— (i) by deleting subsections (1) and (2) and substituting the following subsections:
   “(1) An express trust or other form of legal arrangement that is created under the laws of Trinidad and Tobago shall be null and void and invalid, unless the express trust or other form of legal arrangement is registered as required under this Ordinance. (2) Where an express trust or other form of legal arrangement which was in existence at the coming into force of this section, was not registered as required by subsection (1), the trustee of the express trust or administrator of any other form of legal arrangement shall, within three months of the coming into force of this section, register the express trust or other form of legal arrangement under this Ordinance. 26 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

(2A) An express trust or other form of legal arrangement that is created after the coming into force of this Ordinance, shall be registered, under this Ordinance, within fourteen days of its creation.”; (ii) in subsection (5), by deleting all the words from the word “Act” and substituting the words “Ordinance for registration, the Registrar General may refuse to register the express trust or other form of legal arrangement.”; and (iii) by inserting after subsection (8), the following subsections:
“(9) Notwithstanding subsections (1) and (2), the Minister may by Regulations prescribe those categories of express trusts and other forms of legal arrangements to which this Part shall not apply. (10) Where any change occurs in the particulars of the express trust or other form of legal arrangement, the trustee of the express trust or the administrator of the other form of legal arrangement shall, submit a return in the prescribed form, together with any supporting documentation and the prescribed fee, to the Registrar General within thirty days from the date of the change. (11) Where the express trust or other form of legal arrangement has ceased to be in effect, the trustee of that express trust or the administrator of the legal arrangement shall submit a return in the prescribed form, No. 7 Miscellaneous Provisions (FATF Compliance) 2025 27

together with any supporting documentation and the prescribed fee to the Registrar General within thirty days of the date that the express trust or other form of legal arrangement ceased to be in effect. (12) A trustee of an express trust or administrator of any other form of legal arrangement who fails to register the express trust or any other form of legal arrangement as required by subsection (2) or (2A), commits an offence and is liable on summary conviction to a fine of ten thousand dollars. (13) Where a trustee of an express trust or administrator of any other form of legal arrangement fails to comply with subsection (10) or (11), the Registrar General is entitled to collect from the trustee of the express trust or administrator of any other form of legal arrangement a penalty of one hundred dollars for every month, or part thereof, that the trustee of the express trust or administrator of any other form of legal arrangement fails to comply. (14) Notwithstanding subsection (13), no more than a maximum sum of twenty thousand dollars shall be payable by any trustee of an express trust or administrator of any other form of legal arrangement in respect of the penalty to be collected for any document or multiple documents submitted together to the Registrar General. 28 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

(15) The Minister may by Order amend the amount under sub￾sections (13) and (14).”; (c) in section 10A(2), by deleting the definition of “Minister”; (d) by renumbering section 10AA as 10AA(1) and inserting after section 10AA(1) as renumbered, the following subsection:
“(2) Notwithstanding subsection (1), the Minister may by Regulations prescribe those categories of express trusts and other forms of legal arrangements to which this
Part shall not apply.”;
(e) in section 10D—
(i) in subsection (3)(a) and (b), by inserting after the words “name,” the words “date of birth, place of birth,”; (ii) by inserting after subsection (4), the following subsections:
“(5) Trustees of express trusts or administrators of any other forms of legal arrangements shall, within thirty days of a written request being received for information on their beneficial owners from competent authorities, provide any of the information in its register of beneficial owners to the competent authorities. (6) For the purposes of this
section “competent authorities” has
the meaning assigned to it by
section 57A(1B) of the Proceeds of
Crime Act. Chap. 11:27 No. 7 Miscellaneous Provisions (FATF Compliance) 2025 29

“(6A) Where a trustee of an express trust or administrator of any other form of legal arrange￾ment fails to comply with sub￾section (5A), the trustee of the express trust or administrator of any other form of legal arrange￾ment is liable on summary convic￾tion to a fine of ten thousand dollars.”; (iii) in subsection (8), by deleting the words “submit to the Registrar General any document, the Registrar General is entitled to collect from the trustee or administrator a penalty of three hundred dollars for every month, or part thereof, that the trustee or administrator fails to submit the document to the Registrar General.” and substituting the words “deliver to or file with the Registrar General any document, the Registrar General is entitled to collect from the trustee of an express trust or administrator of any other legal arrangement, a penalty of one hundred dollars for every month, or part thereof, that the trustee of the express trust or administrator of any other form of legal arrangement fails to deliver or file this document.”; (iv) by inserting after subsection (8), the following subsection:
“(8A) Notwithstanding sub￾section (8), no more than a maximum sum of twenty thousand dollars shall be payable by any trustee of the express trust or administrator of any other form of 30 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

legal arrangement in respect of the penalty to be collected for any document or multiple documents submitted together to the Registrar General. (8B) The Minister may by Order amend the amount under subsections (8) and (8A).”; and (v) in subsection (9), by— (A) deleting the word “Act” and substituting the word “Ordinance”; and (B) deleting paragraph (b) and substituting the following:
“(b) in respect of an express trust or other form of legal arrange￾ment registered under this Ordinance on the day following the expiration of thirty days referred to in paragraph (a) unless the default is remedied, the registration of the express trust or other form of legal arrange￾ment under this Ordinance, shall be cancelled.”; and (f) by inserting after section 11, the following
section:
12. (1) Notwithstanding any written
law to the contrary, there shall be a waiver of all penalties due and payable under sections 2A(13) and 10D(8) on the failure to deliver to, or to file with the Registrar General, any document required to be “Waiver of penalties by Minister by Order No. 7 Miscellaneous Provisions (FATF Compliance) 2025 31

delivered or filed under this Ordinance, where the documents are delivered to, or filed with, the Registrar General during such period as the Minister may, by Order, specify. (2) The waiver granted under subsection (1) shall not affect the obligation of a trustee of an express trust or administrator of any other form of legal arrangement, to file or deliver any document to the Registrar General or to pay fees in respect of any document that is filed or delivered. (3) Where a trustee of an express trust or administrator of any other form of legal arrangement fails to— (a) file or deliver to the Registrar General, before the expira￾tion of the period specified in subsection (1), any document; or (b) pay fees in respect of any document that is required to be filed or delivered under this Ordinance, the penalties that would have been payable in respect of such failure shall be revived and become payable as if the waiver under subsection (1) had not been granted.”.
4. The Prevention of Corruption Act is amended—
(a) in section 2, by inserting in the appropriate alphabetical sequence the following definitions:
“ “embezzle” means the stealing of money by a person who is responsible for such money or money that belongs to the employer of that person; and Chap. 11:11 amended 32 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

“foreign public official” means an individual who holds a legislative, administrative or judicial position of any kind, whether appointed or elected, of a country or territory outside of Trinidad and Tobago;”; and (b) by inserting after section 5, the following sections:
5A. A person, who is a public official, commits an offence under this Act where he deprives the State of revenue to which it is entitled. 5B. (1) A person, who whether directly or indirectly accepts or agrees to accept or offers to accept for himself or for any other person any gift, loan, fee, reward, advantage or other valuable consideration from a person holding public office as an inducement or reward for or other￾wise on account of the person holding public office giving assistance or using influence in, or having given assistance to or used influence in— (a) the promotion, execu￾tion, or procuring of— (i) any contract with a public body for the performance of any work, the providing of any service, the doing of anything or the supplying of any article, material or substance; or (ii) any subcontract to perform any work, provide any service, do anything or “Offence to deprive the state of revenue Bribery for giving assistance regarding contracts No. 7 Miscellaneous Provisions (FATF Compliance) 2025 33

supply any article, material or substance required to be performed, provided, done or supplied under any contract with a public body; or (b) the payment of the price, consideration or other moneys stipulated or otherwise provided for in any such contract or subcontract, commits an offence. (2) Any person holding public office who solicits or accepts any gift, loan, fee, reward, advantage as an inducement or reward for or other￾wise on account of his giving assistance or using influence in, or having given assistance or used influence to— (a) the promotion, execution, or procuring of; or (b) the payment of the price, consideration or other moneys stipulated or otherwise provided in, any such contract or subcontract referred to in subsection (1), commits an offence and is liable on— (c) summary conviction to a fine of five hundred thousand dollars and to imprisonment for ten years; or (d) conviction on indictment to a fine of one million, five hundred thousand dollars and to imprisonment for twenty years. 34 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

5C. Where—
(a) a person who is—
(i) a citizen or resident of Trinidad and Tobago; or (ii) a corporation, whether sole or aggregate; or (b) any club, society or other body comprising one or more persons, offers or grants, directly or indirectly to a person performing a public function in a foreign State, any gift, loan, fee, reward or advantage whatsoever, in connection with any economic or commercial transaction, as an inducement to or reward for, or otherwise on account of that person doing or forbearing to do any act in the performance of his public functions, he or it commits an offence and is liable on— (c) summary conviction to a fine of five hundred thousand dollars and to imprisonment for ten years; or (d) conviction on indict￾ment to a fine of one million, five hundred thousand dollars and to imprisonment for twenty years. 5D. (1) A person holding a public office shall not intentionally embezzle, misappropriate or other￾wise divert for his benefit or for the benefit of another person or entity, any property, public or private fund or securities or any other thing of value entrusted to him by virtue of his position. Embezzlement, misappropria￾tion or other diversion of property, funds or securities Bribery of foreign public official No. 7 Miscellaneous Provisions (FATF Compliance) 2025 35

(2) A person who contravenes subsection (1) commits an offence and is liable on— (a) summary conviction to a fine of five hundred thousand dollars and to imprisonment for ten years; or (b) conviction on indict￾ment to a fine of one million, five hundred thousand dollars and to imprisonment for twenty years. 5E. A person who resists or obstructs an authorised officer in the execution of his duty to investigate any matter under this Act, commits an offence and is liable on summary conviction to a fine of fifty thousand dollars and to imprisonment for two years.”.
5. The Mutual Assistance in Criminal Matters Act is
amended—
(a) in section 2(1), in the definition of “criminal proceedings” in paragraphs (a) and (b), by inserting after the word “restraint,” the words “seizure, freezing,”; (b) in section 5, by inserting after the word “co-operation,” the words “including communication,”; (c) in section 19— (i) in subsection (1)— (A) in paragraph (a)(ii), by deleting the words “a confiscation order or a forfeiture order has been made” and substituting the words “an order has been made seizing, freezing,”; Resisting or obstructing officers Chap. 11:24 amended 36 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

(B) in paragraph (a)(iii), by deleting the words “a confiscation order” and substituting the words “an order”; (C) in paragraph (b), by deleting the words “forfeiture or confiscation” and “confiscation”; and (D) by deleting the words “subject to subsection (3),”; (ii) in subsection (2), by deleting the words “confiscation order or forfeiture order or restraint order” and substituting the words “order to freeze, seize, confiscate or forfeit property”; and (iii) by deleting subsection (3); (d) in section 20(a)(ii), by deleting the words “confiscation order or forfeiture order has been, or is likely to be, made” and substituting the words “an order to freeze, seize, confiscate or forfeit property has been, or is likely to be made, freezing, seizing,”; (e) in section 22, by inserting after subsection (2), the following subsections:
“(2A) When considering a request for assistance which involves no coercive action, the principle of dual criminality shall not be a condition for accepting a request. (2B) Where the Central Authority assists in a request under this Part, the Central Authority shall have the authority to provide further related assistance on an initial request, without requiring a supplemental request, in appropriate cases.”; No. 7 Miscellaneous Provisions (FATF Compliance) 2025 37

(f) in section 30—
(i) in subsection (1)(a)(i), by deleting the word “confiscating” and substituting the words “seizing, freezing, confiscating”; (ii) by inserting after subsection (1), the following subsection:
“(1A) Where a request for assistance is made under this Part, reliance may be placed on the findings of fact in the Order and the recognition and enforcement of the Order relative to the request is not conditional on the Attorney General conducting any investiga￾tions into the matter.”; (iii) in subsection (6), by deleting the words “or an external forfeiture order,” and substituting the words “an external forfeiture order, external seizure order or external freezing order”; (g) in section 31(1)— (i) in paragraph (A)(ii), by deleting the words “confiscating or forfeiting” and substituting the words “seizing, freezing, confiscating or forfeiting”; and (ii) in paragraph (b), by deleting the word “confiscation”; (h) by inserting after section 31, the following
section:
31A. (1) Where the Attorney General enters into an agreement pursuant to section 58D of the Proceeds of Crime Act for the sharing of confiscated property with any foreign State, the Central Authority shall assist with such requests under this Act. “Sharing arrangements and costs 38 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

(2) Where the Central Authority assists in a request under this Part, the Attorney General may make arrangements, where appropriate, to deduct or share substantial or extraordinary costs incurred when enforcing a freezing, seizing, confiscation or forfeiture order associated with the execution of the request from the requesting State.”; and (i) in section 33(1A), by deleting the words “then upon the application of that country for assistance,”.
6. The Proceeds of Crime Act is amended—
(a) in section 2—
(i) in subsection (1)— (A) in the definition of “financial institution” by deleting paragraphs (f) and (g) and substituting the following paragraphs:
“(f) a person licensed under the Exchange Control Act; (g) a person registered under section 51(1) of the Securities Act;”; (B) by deleting the definitions of “drug trafficking” and “drug trafficking offence”; (C) by deleting the definition of “property” and substituting the following definition:
“ “property” or “funds” means assets of any kind, whether corporeal or Chap. 11:27 amended Chap. 79:50 Chap. 83:02 No. 7 Miscellaneous Provisions (FATF Compliance) 2025 39

incorporeal, tangible or intangible, moveable or immovable, however acquired and legal documents or instru￾ments in any form, including electronic or digital, evidencing title to, or interest in, such assets, including but not limited to bank credits, payment cards, payment instruments, travellers’ cheques, bank cheques, money orders, shares, securities, virtual assets, bonds, drafts, letters of credit, whether situated in Trinidad and Tobago or elsewhere, and includes a legal or equitable interest, whether full or partial, in any such property, precious metals, oil and other natural resources and their refined products, modular refineries and related material and other economic resources which may be used to obtain funds, goods or services;”; (D) by deleting the definition of “specified offence”; and (E) by inserting in the appropriate alphabetical sequence the following definitions:
40 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

“ “cash is detained” or “deten￾tion of cash” means monies in the form of cash for which there is reasonable suspicion that it is intended for unlawful purposes and is held for a period of time while investiga￾tions are being carried out; “confiscation” means the permanent deprivation of funds or other assets by order of the Court; “criminal conduct” means conduct which— (a) constitutes an offence in Trinidad and Tobago; or (b) occurs outside of Trinidad and Tobago and would constitute an offence if it occurred in Trinidad and Tobago; and “virtual assets” means a digital representation of value which may be digitally traded, transferred or used for payment or investment purposes, but does not include the digital representation of fiat currencies, securities or No. 7 Miscellaneous Provisions (FATF Compliance) 2025 41

other financial assets that are covered under any other written law.”; (ii) in subsection (2), by deleting the words “and Second Schedules” and substitut￾ing the words “Schedule”; and (iii) by repealing subsection (4); (b) in section 3— (i) by repealing subsection 3(1) and substituting the following:
3. (1) Notwithstanding section
110 of the Summary Courts Act, where a person is convicted of criminal conduct in any proceeding before a Magistrate’s Court and where— (a) it appears to the Magistrate that the person convicted may have benefitted in accordance with subsection (3) and has or may have realisable property; or (b) it appears to the Director of Public Prosecutions that the person convicted may have benefitted in accordance with subsection (3) and has or may have realisable property, on application by the Director of Public Prosecutions, “Determination for purpose of confiscation orders 42 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

the Magistrate shall, after passing sentence, send the case to the High Court for determination as to whether a confiscation order should be made. (1A) Where a person is convicted of criminal conduct in any proceeding before the High Court, and it appears to the High Court that the person convicted may have benefitted in accordance with subsection (3) and has or may have realisable property, the Court shall, if— (a) the Director of Public Prosecutions has given written notice to the Court that he considers that it would be appropriate for the Court to proceed under this
section; or
(b) the Court considers, even though it has not been given such notice, that it would be appropriate for it so to proceed, act in accordance with sub￾section (2) and section 4 or 5.”; (ii) in subsection (2), by deleting all the words after the words “convicted unless” and substituting the word “convicted.”; and No. 7 Miscellaneous Provisions (FATF Compliance) 2025 43

(iii) by repealing subsection (3) and substituting the following subsection:
“(3) For the purposes of this Act a person benefits from criminal conduct where he— (a) obtains property as a result of or in connection with its commission and his benefit is the value of the property so obtained; or (b) derives a pecuniary advantage as a result of or in connection with its commission, and his benefit is the money value of the pecuniary advantage.”; (c) by repealing section 4(1) and substituting the following subsection:
4. (1) If the Court determines that
the defendant has benefitted from the commission of a specified offence that is not criminal conduct subject to subsection (2) below, it shall then— (a) determine in accordance with section 7 the amount to be recovered in his case by virtue of this section; and (b) make an order under this section ordering the defendant to pay that amount.”; (d) in section 5— (i) by repealing subsection (1) and substituting the following:
5. (1) This section applies to
a case where a defendant is “Simple benefit from criminal conduct “Aggravated benefit from criminal conduct 44 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

convicted in any proceedings before the High Court or a Magistrate’s Court, of criminal conduct where the Director of Public Prosecutions makes an application under
section 3(1)(b) or gives notice
for the purposes of
section 3(1A)(a) that the
benefit is—
(a) one million dollars or more; or (b) one million dollars or more when taken together with any benefit assessed in respect of any previous criminal conduct in the relevant period, and that notice contains a declaration that it is the opinion of the Director of Public Prosecutions that the case is one in which it is appropriate for the provisions of this
section to be applied.”;
(ii) in subsection (7), by deleting the words “that is not drug trafficking”; (e) by repealing section 6; (f) in section 8(8)— (A) in paragraph (a), by deleting the words “not being a drug trafficking offence or,”; (B) by deleting paragraph (c); (g) in section 12(1), by deleting the words “or from drug trafficking, as the case may be”; No. 7 Miscellaneous Provisions (FATF Compliance) 2025 45

(h) in section 15—
(i) in subsection (1),— (A) by inserting after paragraph (a), the following paragraph:
“(aa) on the application of the Director of Public Prosecutions under
section 3(1)(b) for a
determination as to whether a confiscation order should be made;”; and (B) in paragraph (b), by deleting the words “; and” and substituting the words “; or”; (ii) in subsections (2)(b)(ii), (5) and (7), by deleting the words “or, if the specified offence is a drug trafficking offence, drug trafficking”; (iii) in subsection (11), by deleting the words “3(1)(b)(i)” and substituting the words “3(1A)(a)”; (iv) by inserting after subsection (11), the following subsections:
“(12) The amount to be paid under a confiscation order shall be specified in the order. (13) Where the defendant shows to the Court that he needs time to pay the amount ordered to be paid, the Court may make an order allowing payment to be made within a stated period after the date of the confiscation order.”; (i) in section 16— (i) by repealing subsection (1); 46 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

(ii) in subsections (2)(b), (3), (3)(a)(ii) and (5), by deleting the words “or, if the, specified offence is a drug trafficking offence, drug trafficking”; (j) in section 17— (i) in subsection (9), by deleting the words “3(1)(b)(i)” and substituting the words “3(1A)(a)”; (ii) by inserting after subsection (9), the following subsections:
“(10) Where after a confiscation order is made under this
section and the value of any asset
assessed by the Court in making the confiscation order, depreciates and cannot be realised to the amount stated in the confiscation order, the defendant may apply to the Court for the confiscation order to be varied. (11) Where after a confiscation order is made under this section, the Director of Public Prosecutions is satisfied that there is evidence that the amount available to the defendant has increased since the confiscation order was made, he may apply to the Court to increase the confiscation order. (k) in section 18— (i) in subsection (1), by inserting after paragraph (a) the following paragraphs:
“(aa) investigations have commenced against any person for an offence to which this Act applies and there are reasonable grounds to suspect that the defendant has— (i) benefitted from his criminal conduct; and No. 7 Miscellaneous Provisions (FATF Compliance) 2025 47

(ii) obtained property as a result of, or in connection with, the commission of the offence or that certain property is an instrumentality of the offence; (ab) proceedings have been instituted and not concluded and there is reasonable cause to believe that the defendant has obtained property as a result of, or in connection with, the commission of the offence or that certain property is an instrumentality of the offence;”; (ii) by inserting after subsection (1), the following subsection:
“(1A) Where the Director of Public Prosecutions requests that the Court reconsider the making of a confiscation order to vary the amount of the benefit and vary the amount that can be recovered, he may make an application for a restraint order.”; (l) in section 25— (i) in subsection (1), by deleting the words “one or more specified offence” and substituting the words “criminal conduct”; and (ii) in subsection (2), by deleting the words “one or more specified offences” and substituting the words “criminal conduct”; 48 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

(m) in section 31, by— (i) inserting after subsection (2), the following subsection:
“(2A) Where on the application of the defendant the Court is satisfied that there are exceptional circumstances, the Court may extend the period specified in subsection (2).”; (ii) inserting after subsection (3), the following subsections:
“(3A) A confiscation order under subsection (3) may be made after the end of the period originally given for payment, but shall not be made after the end of the period of twelve months starting with the date on which the confiscation order was made. (3B) A confiscation order shall not be made under subsection (2) or (3), unless the State has been given an opportunity to make representations to the Court.”; (n) in section 32, by— (i) repealing subsection (1) and substituting the following subsection:
32. (1) A police officer may,
for the purposes of an investigation, in or outside of Trinidad and Tobago, into— (a) criminal conduct; (b) whether a person has benefitted from criminal conduct; (c) the extent or where￾abouts of the proceeds of criminal conduct; or “Orders to make material available for investigating the benefit from criminal conduct No. 7 Miscellaneous Provisions (FATF Compliance) 2025 49

(d) a cash seizure, apply to a judge for an order under subsection (2) in relation to particular material or material of a particular description.”; and (ii) deleting subsection (6)(b); (o) in section 33— (i) in subsection (1), by deleting paragraph (d); (ii) in subsection (3), by deleting paragraph (b); and (iii) in subsection (4), by deleting para￾graphs (b) and (c)(iii); (p) in section 38(10), by deleting the definition of “cash” and substituting the following definition:
“ “cash” includes coins and notes in any currency, postal orders, cheques of any kind including travellers’ cheques, bankers’ drafts, bearer bonds, bearer shares and bearer negotiable instruments and other bearer negotiable instruments in any currency; and”; (q) in section 41(1)— (i) in paragraph (b), by deleting the word “or”; (ii) in paragraph (c), by deleting the word “,” and substituting the words “; and”; and (iii) by inserting after paragraph (c) the following paragraph:
“(d) is the proceeds from criminal conduct;”; (r) in section 43, by deleting the definition of “criminal conduct”; 50 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

(s) by inserting after section 45, the following
section:
45A. (1) Subject to subsection (3), a person commits an offence if he enters into or is otherwise concerned in an arrangement whereby— (a) the retention or control by or on behalf of another person of the proceeds of criminal conduct of the second named person, is facilitated whether by concealment, removal from the jurisdiction, transfer to nominees or otherwise; or (b) the proceeds of the criminal conduct of the second named person— (i) are used to secure funds that are placed at the disposal of the second named person; or (ii) are used for the benefit of the second named person to acquire property, and he knows, suspects or has reasonable grounds to suspect that the second named person is a person who is or has been engaged in or has benefitted from criminal conduct. “Dealings with criminal property No. 7 Miscellaneous Provisions (FATF Compliance) 2025 51

(2) In this section, references to the “proceeds of the criminal conduct of a person” include a reference to any property which in whole or in part, directly or indirectly represented in his hands his proceeds of criminal conduct. (3) Where a person discloses in good faith to a police officer a suspicion or belief that any funds or investments are derived from or used in connection with criminal conduct or any matter or which such a suspicion is based that he— (a) did not know or have reasonable grounds to suspect that the arrange￾ment related to any proceeds of criminal conduct of the person; (b) did not know, suspect or have reasonable grounds to suspect that by the arrangement, the reten￾tion or control by or on behalf of another person of any property; or (c) intended to disclose to a police officer such a suspicion, belief or matter as is mentioned in subsection (3) in relation to the arrangement, but there is reasonable excuse for his failure to make any such disclosure in the manner mentioned in paragraph (b).”; 52 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

(t) by inserting after section 50, the following
section:
50A. (1) No punishment may be imposed on officials competent to investigate money laundering and financing of terrorism who, for the purpose of obtaining evidence relating to these offences or the tracing of proceeds of crime, perform acts which might be construed as elements of money laundering and financing of terrorism in connection with carrying out an undercover operation or a controlled delivery. (2) The official conducting an investigation under subsection (1) shall not induce the suspect to commit an offence.”; (u) in section 52(4), by inserting after the words “police officer” the words “or the FIUTT”; (v) in section 55A (1), by inserting after the word “transactions” where it first occurs, the words “or attempted transactions”; (w) in section 55D(4), by deleting paragraphs (b) and (c) and substituting the following para￾graph:
“(b) a person registered under section 51(1) of the Securities Act, the Trinidad and Tobago Securities and Exchange Commission; or (c) other financial institutions registered as non-regulated financial institutions under the Financial Intelligence Unit of Trinidad and Tobago Act and listed business, the Financial Intelligence Unit of Trinidad and Tobago.;”; “Undercover operations No. 7 Miscellaneous Provisions (FATF Compliance) 2025 53

(x) by inserting after section 55F, the following
section:
55G. A Supervisory Authority shall monitor a financial institution or listed business for which it is the Supervisory Authority and shall take the necessary measures on a risk sensitive basis, to secure compliance with the following written laws:
(a) the Proceeds of Crime Act; (b) the Anti-Terrorism Act; (c) the Financial Intelligence Unit of Trinidad and Tobago Act; (d) Orders made under the Economic Sanctions Act as they relate to proliferation financing; and (e) any other written law by which the recommendations of the Financial Action Task Force are implemented.”; (y) in section 56(1)(e)(i), by inserting after the words “Act, the Exchange Control Act or”, the words “registered under the Insurance Act or”; (z) in section 57A— (i) in subsection (1)— (A) in paragraph (b), by deleting the words “; and” and substituting the word “;”; (B) in paragraph (c), by deleting the word “.” and substituting the word “;”; “Requirement for supervisory authorities to monitor 54 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

(C) by inserting after paragraph (c), the following paragraphs:
“(d) for co-ordinating action to understand the risk of— (i) money launder￾ing; (ii) terrorist financ￾ing; and (iii) proliferation financing; (e) for keeping assessments for the risk of money laundering, terrorist financing and prolifera￾tion financing up-to￾date and may include assessments conducted— (i) on a thematic or sectoral basis; and (ii) due to any trigger event; and (f) for disseminating the findings of any risk assessment to all relevant competent authorities, financial institutions and listed businesses.”; and (ii) by inserting after subsection (1), the following subsections:
“(1A) For the purpose of sub￾section (1)(e), the assessment of risk shall be carried out at least once every five years. No. 7 Miscellaneous Provisions (FATF Compliance) 2025 55

(1B) For the purpose of sub￾section (1)(f), the term— “competent authorities” means public authorities with designated responsibilities for combatting money laundering, terrorist financing and proliferation financing and includes— (a) the FIUTT; (b) public authorities that have— (i) the functions of investigating or prosecuting money laundering, associated predicate offences, terrorist financing and proliferation financ￾ing and seizing or freezing and confiscating criminal assets, receiving reports on cross-border transportation of currency and bearer negotiable instruments; or (ii) supervisory or monitoring responsibilities for ensuring compliance by financial institu￾tions and listed 56 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

businesses with anti-money laun￾dering, counter￾financing of terrorism and counter-prolifera￾tion financing requirements, but does not include self-regulatory bodies.”; (iii) by repealing subsection (7) and substituting the following subsection:
“(7) In this Part—
“Minister” means the Minister to whom responsibility for NAMLC is assigned; and “proliferation financing” means the provision of funds or financial services used for the manufacture, acquisition, possession, develop￾ment, export, transshipment, brokering, transport, transfer, stockpiling or use of nuclear, chemical or biological weapons and their means of delivery and related materials.”; (aa) renumber section 58D as 58D(1) and insert after section 58D(1) as renumbered, the following subsection:
“(2) The Attorney General may make arrangements where appropriate, to deduct or share substantial or extraordinary costs incurred when enforcing a freezing, seizing, or confiscation order.”; No. 7 Miscellaneous Provisions (FATF Compliance) 2025 57

(ab) by deleting the Second Schedule; (ac) in the Financial Obligations Regulations— (i) in regulation 2— (a) by deleting the definition of “business relationship” and substituting the following definition:
“ “business relationship” means a business, professional or com￾mercial relationship between a financial institution or a listed business and a customer, which is expected at the time when contact is established, to have a continuing relation￾ship;”; (b) in the definition of “Financial Action Task Force”, by deleting the words “and terrorist financing” and substituting the words “, financing of terrorism and proliferation financing”; and (c) in the definition of “Supervisory Authority” by deleting paragraphs (b) and (c) and substituting the following paragraphs:
“(b) a person registered under section 51(1) of 58 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

the Securities Act, the Trinidad and Tobago Securities and Exchange Commission; and (c) a financial institution registered as a non￾regulated financial institution under the Financial Intelligence Unit of Trinidad and Tobago Act and a listed business, the FIUTT;”; (d) by inserting in the appropriate alphabetical sequence the following definition:
““identification data” means reliable, independent source documents, data or information;”; (ii) in regulation 7— (A) in subregulation (1), in paragraph (a), by deleting all the words after the word “information” and substituting the words “using identification data and other customer due diligence measures in accordance with Part III;”; and (B) by deleting subregulation (2A) and substituting the following subregulation:
“(2A) In developing measures in respect of money-laundering under No. 7 Miscellaneous Provisions (FATF Compliance) 2025 59

subregulation (2), a financial institution or listed business shall take into consideration the risk of money laundering and any other risks identified in the national risk assessment and risk assessments conducted by competent authorities.”; (C) by inserting after subregula￾tion (4B), the following subregula￾tion:
“(4C) Subregulations (4), (4A) and (4B) shall apply to a listed business where the listed business is operating within— (a) a group bearing the same structure as a financial group, including a mixed financial and listed business group; or (b) a structure sharing common ownership, management or compliance controls.”; (iii) in regulation 8(1)(a), by inserting after the word “transaction” the words “or attempted transaction”; (iv) by revoking regulation 10 and substituting the following regulation:
10. (1) A listed business
shall on a risk sensitive basis conduct at a minimum of every “Conduct of independent testing of risk 60 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

three years, or at such frequency as may be specified by the FIUTT, a comprehensive and independent review of— (a) its compliance with the relevant legisla￾tion and guidelines; and (b) the reliability, integrity and completeness of the design and effec￾tiveness of— (i) the compli￾ance risk management function; and (ii) internal con￾trols frame￾work, and submit reports and recommendations to the senior management of the listed business and to the FIUTT. (2) A financial institution shall, on an annual basis and a risk sensitive basis, conduct an independent review of its compliance programme which shall include testing of customer files and transactions and make available to the relevant Supervisory Authority upon its request and within such time frame as specified, reports and recommendations. No. 7 Miscellaneous Provisions (FATF Compliance) 2025 61

(3) A financial institution shall, on a risk sensitive basis, also conduct at a minimum of every three years, or at such frequency as may be specified by the relevant Supervisory Authority, a comprehensive and independent review of— (a) its compliance with the relevant legislation and guidelines; and (b) the reliability, integrity and completeness of the design and effectiveness of— (i) the compli￾ance risk management function; and (ii) internal con￾trols frame￾work, and submit reports and recommendations to the Board of Directors of the financial institution upon completion of the review and to the relevant Supervisory Authority upon request and within such time frame as specified by the Supervisory Authority. 62 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

(4) All independent auditors or other competent professionals engaged for the purposes of these Regulations, shall be specifically trained to undertake their functions.”; (v) in regulation 11— (A) in subregulation (3)— (I) by deleting paragraph (a) and substituting the following paragraph:
“(a) request evidence of the identity of the customer by obtaining identifi￾cation data of the customer, whether natural or legal person or trustee, nominee or other legal arrangement, in accordance with its compliance programme established under regulation 7(1)(a) and record all the information received;”; (II) in paragraph (b), by deleting the word “.” and substituting the words “; and”; No. 7 Miscellaneous Provisions (FATF Compliance) 2025 63

(III) by inserting after paragraph (b), the following paragraph:
“(c) adopt risk manage￾ment procedures concerning the conditions under which a customer may utilise the business relation￾ship prior to verification in accordance with its compliance programme established under regulation 7(1)(a).”; (B) by revoking subregulations (5), (6) and (7) and substituting the following subregulations:
“(5) Where in relation to any customer, a financial institution or listed business is unable to apply customer due diligence measures in accordance with the provisions of these Regulations it shall— (a) not open an account or carry out a transaction for the customer; (b) not establish a business relation￾ship or carry out an occasional transac￾tion with the customer; 64 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

(c) terminate any existing business relationship when the financial institution or listed business is unable to undertake ongoing monitoring with respect to the relationship; or (d) in the case of a customer of a members’ club registered under the Registration of Clubs Act and such persons licensed under any written law regulating gambling and betting activities, not permit that customer to place any bet, or to under￾take any further transactions of any nature until such time as it is able to apply the customer due diligence measures. (6) Where a financial institution or listed business takes any action in accordance with No. 7 Miscellaneous Provisions (FATF Compliance) 2025 65

subregulation (5), the matter shall be reported to the Compliance Officer who shall consider whether a suspicious transaction or activity report should be filed with the FIUTT. (7) Where the financial institution or listed business knows or has reasonable grounds for believing that the customer is a money or value transfer service operator, the financial institution or listed business shall also obtain documents identifying the official name of the business and its owners or directors in accordance with this Part. (7A) Where at any time, a financial institution or listed business is in doubt about the veracity and adequacy of any informa￾tion previously given by a customer, due diligence procedures shall be performed and where there are discrepancies in the information previously provided, the financial institution or listed business shall make every effort to obtain the correct informa￾tion. 66 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

(7B) Where the informa￾tion under subregulation (7A) cannot be verified, the financial institution or listed business shall report the matter to the Compliance Officer and discontinue any business relationship with the customer. (7C) On receipt of a report in subregulation (7B), the Compliance Officer shall consider whether a suspicious transaction or activity report shall be submitted to the FIUTT.”; (vi) in regulation 12(1), by deleting the words “original identification documents, data” and substituting the words “identification data”; (vii) in regulation 13— (A) in subregulation (1)(b), by deleting the words “15(2) and 16(2)” and substituting the words “15 and 16”; (B) in subregulation (3), by deleting the words “by reference to at least two forms of identification from among those listed in” and substituting the words “in accordance with”; (viii) in regulation 14(3), by deleting all the words after the words “money laundering risks” and substituting the words “identified in the national risk assessment and in risk assessments conducted by competent authorities.”; No. 7 Miscellaneous Provisions (FATF Compliance) 2025 67

(ix) in regulation 15— (A) in subregulation (1)— (I) by deleting the word “documentation” and substituting the words “identification data”; and (II) in paragraph (g), by inserting after the word “signature” the words “or electronic signature for electronic documents as defined under the Electronic Transactions Act”; and (B) in subsection (5), by deleting the word “special”; (x) in regulation 16— (A) by repealing subregulation (1) and substituting the following subregulations:
“(1) The requirements outlined in regulation 15, with appropriate adaptations, shall apply to a customer who is a legal person, partnership or sole trader, on a risk basis. (1A) A financial institu￾tion or listed business shall in relation to a customer under subsection (1)— (a) obtain the name of each director and of each senior manager 68 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

responsible for the management and operation of the legal person, each partner of a partner￾ship, account signa￾tories, beneficial owners and sole traders; (b) verify the identity of each director and of each senior manager or equiva￾lent responsible for directing or over￾seeing the operation of the legal person, partner, sole trader and account signatory, who has the authority to give instructions concern￾ing the business relationship or transaction in accordance with regulation 15; and (c) where applicable, obtain— (i) the registered office address and, if differ￾ent, mailing address; No. 7 Miscellaneous Provisions (FATF Compliance) 2025 69

(ii) the address of the principal place of business; (iii) confirmation whether the business cus￾tomer is listed on a stock exchange and if so which stock exchange; and (iv) official identifi￾cation number.”; (B) in subregulation (2), by deleting paragraphs (a) to (e) and substituting the following:
“(a) the full name and trade name of the customer; (b) the Certificate of Incorporation or Certificate of Continuance; (c) the Articles of Incorpora￾tion; (d) a copy of the Bye-laws, where applicable; (e) the Certificate of Registration of a Partnership or Sole Trader; (f) the Partnership Agreement, where applicable; (g) management accounts for the last three years for self-employed persons and businesses which 70 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

have been in operation for more than three years or three-year estimates of income for self-employed persons and businesses which have been in operation for less than three years; and (h) information on the identity of beneficial owners in accordance with regulation 12.”; and (C) in subregulation (3), by deleting the words “(2)(d)” and “may request”, and substituting the words “(2)(g)” and “shall obtain” respectively; (xi) in regulation 20(5), by deleting the words “and where the institution or business” and substituting the words “and where the financial institution or listed business”; (xii) in regulation 27— (A) in subregulation (6), by deleting the word “measure” and substituting the word “measures”; and (B) in subregulation (7)(b), by inserting after the words “policy holder”, the words “where higher risks are identified”; (xiii) in regulation 31(1), by deleting the words “Subject to regulation 33 a”, and substituting the word “A”; No. 7 Miscellaneous Provisions (FATF Compliance) 2025 71

(xiv) in regulation 31A, by inserting after the words “supervisory authority” the words “and any other competent authority”; (xv) in regulation 32— (A) in subregulation (2), by deleting the words “31(1)” and substituting the words “31(1)(b), (c) and (d)”; and (B) by inserting after subregulation (2), the following subregulation:
“(2A) Where a financial institution or listed business and an applicant for business have an established business relationship, the records referred to in regula￾tion 31(1)(a) shall be kept at least six years from the date of completion of any domestic or international transaction.”; (xvi) in regulation 33— (A) in subregulation (3), by deleting all the words from the words “by the financial institution” and substituting the words:
“, the financial institution shall— (a) ensure that the transfer is not effected; and (b) submit a suspicious activity report to the FIUTT.”; (B) in subregulation (6), by deleting the word “beneficial” and substituting the word “beneficiary”; and 72 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

(C) in subsection (8)(b), by deleting the words “suspicious activity report” where it occurs second and substituting the words “suspicious wire transfer”; (xvii) in regulation 40, by— (A) deleting paragraph (c), and substituting the following paragraph:
“(c) a person licensed under the Exchange Control Act;”; (B) deleting paragraph (e), and substituting the following paragraph:
“(e) a person registered under section 51(1) of the Securities Act; and”; and (xvii) by deleting regulation 42 and substituting the following regulation:
42. (1) A financial institu￾tion or listed business which
does not comply with— (a) these Regulations, commits an offence and is liable on conviction to the penalties set out in
section 42; or
(b) a regulation specified in the Schedule, may discharge the “Offences and penalties No. 7 Miscellaneous Provisions (FATF Compliance) 2025 73

liability to the criminal offence under paragraph (a) by— (i) complying with the relevant provision of the Regula￾tions to the satisfaction of the Supervisory Authority; and (ii) paying the administrative fines as provided in the Schedule. (2) In determining the administrative penalty applicable to the contravention of regula￾tions made under this Act, the relevant Supervisory Authority shall take into consideration the levels of materiality to which the offence that a financial institu￾tion or listed business may be subject in accordance with the
Schedule.”; and
(xviii) by inserting after regulation 45, the following Schedule:
74 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

“SCHEDULE
(Regulation 42)
A. MATERIALITY OF CONTRAVENTION OF A REGULATION OF THE FINANCIAL OBLIGATIONS REGULATIONS FOR THE PURPOSES OF ADMINISTRATIVE FINES

1. The levels of materiality for the contravention of a regulation
   of the Financial Obligations Regulations to which a financial institution or listed business may be subject to the payment of an administrative fine are as follows:
   Contravention Regulation Materiality of Contravention Failure of a financial institution or listed business to train the Compliance Officer to enable them to perform their obligations in accordance with regulation 4(1). 3(4) Very Serious Failure of a listed business to designate a Compliance Officer 3(5) Serious Failure of a listed business to designate a Compliance Officer who is either a senior employee of the listed business or such other competent professional as approved in writing by the FIUTT. 3(6) Serious Failure of a financial institution or listed business to designate an alternate Compliance Officer, who must be a manager or official employed at managerial level of the financial institution or listed business or of a financial institution within the financial group. 3(8) Serious Failure of a financial institution or listed business to notify the relevant Supervisory Authority of the 3(9) Moderate No. 7 Miscellaneous Provisions (FATF Compliance) 2025 75

Contravention Regulation Materiality of Contravention designation of the alternate Compliance Officer. Failure of a financial institution or listed business to provide relevant documentation on the alternate Compliance Officer, when requested, to the relevant Supervisory Authority. 3(9) Serious Failure of a financial institution or listed business supervised by the FIUTT to seek the approval of the FIUTT for the designation of the alternate Compliance Officer. 3(10) Very Serious Failure of a financial institution to seek the approval of the relevant Supervisory Authority for the appointment of the alternate Compliance Officer as the Compliance Officer, where the Compliance Officer designated under regulation 3(1) is unable to perform his duties for a period in excess of thirty working days. 3(11) Very Serious Failure of the Compliance Officer of a financial institution or listed business to perform any of the functions under regulation 4 (1). 4 (1) Very Serious Failure of a financial institution or listed business to seek the approval of the relevant Supervisory Authority for the appointment of the Compliance Officer 4(2) Very Serious
SCHEDULE—CONTINUED
76 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

Contravention Regulation Materiality of Contravention

designated under regulation 3.
Failure of a financial institution or listed business to implement measures which require employees to treat the identities of the Compliance Officer and the alternate Compliance Officer with strictest confidence. 4(3) Very Serious Failure of a financial institution or listed business to maintain relevant staff information as required under regulation 5(2) for up to a period of six years after termination of employment. 5(2) Moderate Failure of a financial institution or listed business to ensure the training and ongoing training of directors and staff in accordance with regulation 6. 6 Very Serious Failure to develop and implement a Compliance Programme that is appropriate for the respective financial institution or listed business and includes policies, procedures and controls in accordance with regulation 7(1). 7(1) Very Serious Failure of a financial institution or listed business to – (a) take appropriate steps to identify, assess and understand their money laundering risks for customers, countries or 7(2)(a), (b) or (c) Very Serious
SCHEDULE—CONTINUED
No. 7 Miscellaneous Provisions (FATF Compliance) 2025 77

Contravention Regulation Materiality of Contravention

geographic areas and products, services, transactions or delivery channels and determine the measures to be taken to manage and mitigate such risks; (b) document the risk assessment performed under this section and keep the assessment up to date; and (c) make available its documented risk assessment to the Supervisory Authority upon request and within such time frame as it may specify. Failure of a financial institution or listed business to take into consideration the money laundering risks and any other risks identified in the national risk assessment when developing measures under regulation 7(2). 7(2A) Serious Failure of a financial group to ensure that group-wide programmes against money laundering are implemented in accordance with regulation 7(4) and which are applicable to all branches and subsidiaries of the financial group. 7(3) or (4) Very Serious
SCHEDULE—CONTINUED
78 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

Contravention Regulation Materiality of Contravention

Failure of a listed business to have policies and procedures to comply with the requirements of regulations 7(4), (4A) and (4B), where the listed business is operating within a group bearing the same structure as a financial group, including a mixed financial and listed business group; or where the listed business is operating within a structure sharing common ownership, management or compliance controls. 7(4C) Very Serious Failure of a financial institution or listed business to ensure that their foreign branches and subsidiaries apply anti-money laundering measures in accordance with regulation 7(5). 7(5) Serious Failure of a financial institution or listed business to apply the requirements of the Act and these Regulations to the foreign branch or subsidiary in the financial group in accordance with regulation 7(6), where the minimum anti￾money laundering requirements in the country where the foreign branch or subsidiary is located, is less strict than those required under the Act or these regulations and where there is no bar to implementation of such 7(6) Serious
SCHEDULE—CONTINUED
No. 7 Miscellaneous Provisions (FATF Compliance) 2025 79

Contravention Regulation Materiality of Contravention

requirements in the country where the foreign branch or subsidiary is located. Failure of a financial institution or listed business to apply appropriate due diligence measures to manage the anti-money laundering risk of the foreign branch or subsidiary in the financial group and advise the relevant Supervisory Authority of the measures taken, where the anti-money laundering requirements of the country of operations of the branch or subsidiary does not permit the proper implementation of the Act and these regulations. 7(7) Serious Failure of a person who carries on money or value transfer services to ensure its subagents follow its compliance programme and monitor those subagents for compliance with the compliance programme. 7(8) Very Serious Failure of a financial institution or listed business to establish internal reporting rules which would - (a) mandate any person employed in a listed business, who knows or has reasonable grounds to suspect that a transaction involves the use of, or the proceeds of 8(1) Very Serious
SCHEDULE—CONTINUED
80 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

Contravention Regulation Materiality of Contravention

criminal conduct, to report the matter to the Compliance Officer in writing and keep copies of the said report; (b) mandate the Compliance Officer to consider the report in the light of any relevant information which is available to him and any such guidelines issued by the relevant Supervisory Authority, under regulation 40A and to determine whether it gives rise to such knowledge or suspicion; and (c) make it obligatory for the Compliance Officer to report the activity or suspicious transaction to the FIUTT within the period stipulated in the Act, where he makes such a determination. Failure of a financial institution or listed business to ensure that the Compliance Officer and other employees have timely access to customer identification data and other records and relevant information to enable them to produce reports in a timely manner. 8(2) Very Serious
SCHEDULE—CONTINUED
No. 7 Miscellaneous Provisions (FATF Compliance) 2025 81

Contravention Regulation Materiality of Contravention

Failure of a financial institution or listed business to conduct independent testing of its compliance programme on a risk basis, at a minimum of every three years, or at the frequency specified by its Supervisory Authority. 10(1) Very Serious Failure of a financial institution or listed business to ensure that independent testing is conducted by an independent auditor in the manner set out in regulation 10(2). 10 (2) Very Serious Failure of a financial institution or listed business to comply with regulation 11(1) when conducting due diligence in accordance with Part III of the Regulations or to make rules for so doing, in accordance with the categories of risk established under regulation 7. 11(1) Very Serious Failure of a members’ club registered under the Registration of Clubs Act or the Gambling and Betting Act to comply with the requirements of these Regulations in respect of a customer who engages in – (a) a transaction of $10,000 and over; or (b) two or more transactions each of which is less than $10,000.00 or more, and it 11(1A) Very Serious
SCHEDULE—CONTINUED
82 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

Contravention Regulation Materiality of Contravention

appears, whether at the outset of each transaction or subsequently, that the transactions are linked. Failure of a financial institution or listed business to implement measures to comply with the requirements of regulation 11(1D) and 11(1E). 11(1D) and 11(1E) Very Serious Failure of a financial institution or listed business to implement risk based measures to conduct ongoing due diligence on a business relationship in accordance with regulation 11(1G). 11(1G) Very Serious Failure of a financial institution or listed business to – (a) request evidence of the identity of the customer, whether the customer is a natural or legal person, a trustee, nominee or other legal arrangement, in accordance with its compliance programme established under regulation 7(1)(a) and record all the information received; and (b) implement any other customer identification policies and procedures 11(3) Very Serious
SCHEDULE—CONTINUED
No. 7 Miscellaneous Provisions (FATF Compliance) 2025 83 (a) request evidence of the identity of the customer, whether the customer is a natural or legal person, a trustee, nominee or other legal arrangement, in accordance with its compliance programme estab￾lished under regu￾lation 7(1)(a) and record all the infor￾mation received; and (b) implement any other customer identification poli￾cies and procedures

Contravention Regulation Materiality of Contravention

required to prevent money laundering. Failure of a financial institution or listed business in undertaking a transaction with a financial institution or other persons from another country, whether during the course of a business relationship or one-off transaction, to make contact with appropriate persons in that country for satisfactory evidence of the identity of the customer before completing the transaction. 11(4) Very Serious Failure of a financial institution or listed business to not proceed with a business relationship or one-off transaction, where satisfactory customer due diligence information has not been obtained, and to report the matter to the Compliance Officer. 11(5) Very Serious Failure of a financial institution or listed business to ensure, where the applicant for business is a money or value transfer service, that it obtains satisfactory evidence of identity, including documents identifying the official name of the applicant for business and its owners or directors in accordance 11(6) Very Serious
SCHEDULE—CONTINUED
84 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

Contravention Regulation Materiality of Contravention with Part III of the Regulations. Failure of a financial institution or listed business to identify and take reasonable measures to verify the identity of the beneficial owner of any accounts held or potential accounts at the listed business. 12(1) Very Serious

Failure of a financial institution or listed business where the beneficial owner or customer is a legal person, to comply with the requirements in accordance with regulation 12(2). 12(2) Very Serious Where an applicant for business acts or appears to act as a representative of a customer, failure of a financial institution or listed business to – (a) take the measures necessary to ensure that the applicant is legally authorised to act for the customer; and (b) conduct customer due diligence on the applicant to identify and verify the identity of that 13(1) Very Serious
SCHEDULE—CONTINUED
No. 7 Miscellaneous Provisions (FATF Compliance) 2025 85

Contravention Regulation Materiality of Contravention

person in accordance with regulations 15 and 16. Failure of a financial institution or listed business to identify and verify the identity of the customer in accordance with regulations 15 and 16. 13(3) Very Serious Failure of a financial institution or listed business to perform enhanced due diligence where risks identified in regulation 7(2) or 7 (2A) are higher. 14(2)(a) Very Serious Undertaking simplified due diligence where the financial institution’s or listed business’s risk assessment is inconsistent with the money laundering risks of the national risk assessment or risk assessments conducted by competent authorities. 14(3) Very Serious Failure of a financial institution or listed business, upon initiation of a business relationship or occasional transaction with an applicant, to apply due diligence measures and obtain the relevant identification data on the applicant in accordance with regulation 15. 15 Very Serious Failure of a financial institution or listed business to put customer due diligence policies in place to address the specific concerns 15(5) Very Serious
SCHEDULE—CONTINUED
86 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

Contravention Regulation Materiality of Contravention

associated with non￾face-to-face business relationships or transactions. Failure of a financial institution or listed business to obtain the information required in regulation 16(1)(a) to – (a) verify the identity of each director and of each senior management or equivalent responsible for directing or overseeing the operation of the legal person, partner, sole trader and account signatories, who has the authority to give instructions concerning the business relationship or transaction in accordance with Regulation 15; or (b) obtain the registered office address and, if different, mailing address; address of the principal place of business; whether and where listed on a stock exchange; official identification number (where applicable). 16(1) Very Serious Failure of a financial institution or listed business to obtain, for a proposed business relationship, the documents referred to in regulations 16(2) and (3), to the extent relevant. 16(2) and (3) Very Serious Failure of a financial institution or listed business to obtain information in accordance with regulation 17(1) where 17(1) Very Serious
SCHEDULE—CONTINUED
No. 7 Miscellaneous Provisions (FATF Compliance) 2025 87

Contravention Regulation Materiality of Contravention

an applicant for business is a trustee, nominee or other legal arrangement. Failure of a financial institution or listed business to verify the identity of a beneficiary of a trust, or other legal arrangement, before the pay-out or the exercise of vested rights. 17(2) Very Serious Failure of a financial institution or listed business to make every effort to obtain correct information, where there is doubt about the veracity or adequacy of the information provided by a customer. 18(1) Very Serious Failure of a financial institution or listed business to terminate all relations and report the matter to the Compliance Officer where the beneficial owner’s true identity is not verified upon a new account being opened or new service being provided by the listed business. 19(2) Very Serious Failure of a financial institution or listed business to implement appropriate measures to determine whether an applicant for business, account holder or a beneficial owner is a politically exposed person and conduct due diligence in accordance with regulation 20. 20(2) Very Serious Failure of a financial institution or listed business to discontinue 20(6) Very Serious
SCHEDULE—CONTINUED
88 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

Contravention Regulation Materiality of Contravention

the business relationship with a politically exposed person where information collected is found to be false or cannot be verified. Failure of a correspondent bank to apply the prescribed identification, information, and evaluative measures and obtain the necessary approvals prior to entering into a relationship with a respondent bank. 21 (2) and (3) Very Serious Failure of a financial institution to ensure that the respondent financial institution in a foreign country prohibits a shell bank from using the accounts of the respondent financial institution. 22(2) Very Serious Failure of a financial institution or listed business to identify and assess the money laundering risks and implement controls to mitigate such risks, in relation to the development of new products and new business practices, in accordance with regulation 23. 23 Very Serious Failure of an insurance company to have a decision to enter into an insurance contract under the circumstances outlined in sub￾regulation 24(2) authorised by a senior 24(3) Serious
SCHEDULE—CONTINUED
No. 7 Miscellaneous Provisions (FATF Compliance) 2025 89

Contravention Regulation Materiality of Contravention

manager and recorded in writing. Failure of an insurance company to establish that every relevant party to the application for insurance actually exists. 25(1) Serious Failure of the insurance company to verify the identity of the reinsurer prior to entering into any reinsurance contract. 26 Very Serious Failure of the insurance company to implement customer due diligence measures in accordance with regulations 27(1) and 27(2). 27(1) and 27(2) Very Serious Failure of a financial institution to verify the identity of the beneficiary at the time of the pay-out. 27(3) Very Serious Failure of a financial institution to take enhanced measures to identify and verify the identity of the beneficial owner of the beneficiary at the time of pay-out, where it determines that a beneficiary who is a legal person or legal arrangement presents a higher risk. 27(5) Very Serious Failure of a financial institution to take reasonable measures up until the time of payment in relation to life insurance policies, to determine whether the beneficiaries or the beneficial owner of the beneficiaries are politically exposed persons. 27(6) Very Serious
SCHEDULE—CONTINUED
90 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

Contravention Regulation Materiality of Contravention

Failure of a financial institution to verify the identity of the customer where a transaction is – (a) a one-off tran￾saction; or (b) carried on in the course of a business relationship, and the value of the transaction is the amount prescribed by the Minister under
section 55(3C) of
the Act or more, before the insurance company surrenders the payments to the customer, where the value of the transaction is ninety thousand dollars or more. 28 Very Serious Failure of a financial institution or listed business to retain the following records of, in electronic or in written form, for a period of six years:
(a) all domestic and international transactions; (b) identification data obtained through due diligence processes; (c) account files and business correspondence; and (d) the results of analysis related to an account or transaction. 31(1) Very Serious
SCHEDULE—CONTINUED
No. 7 Miscellaneous Provisions (FATF Compliance) 2025 91

Contravention Regulation Materiality of Contravention

Failure of a financial institution or listed business to ensure transaction records are kept in the format specified by the FIUTT and contain sufficient detail to permit reconstruction of individual transactions; and made available to the Supervisory Authority as requested. 31(3) Very Serious Failure of a Money or Value Transfer Service to maintain a list of subagents to be provided to the relevant supervisory authority or other competent authority upon request. 31A Very Serious Failure of a financial institution or listed business to maintain the records referred to in regulation 31 in accordance with regulation 32(1). 32(1) Very Serious Failure of a financial institution or listed business to retain the records referred to in regulation 31(1) in accordance with regulation 32(2) and 32(2A). 32(2) and 32(2A) Very Serious Failure of a financial institution to ensure that all information listed in regulation 34 concerning the originator and beneficiary of the funds transferred, is included on all domestic and 33(1) Very Serious
SCHEDULE—CONTINUED
92 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

Contravention Regulation Materiality of Contravention

cross-border wire transfers.
Failure of a financial institution to relay the identification data about the originator and recipient of the funds transferred, to any other financial institution participating in the transaction. 33(2) Moderate Failure of a financial institution to ensure the wire transfer is not effected and file a suspicious activity report with the FIU, where the originator of wire transfers does not supply the transfer identification data requested by the financial institution. 33(3) Very Serious Failure of a financial institution to comply with the requirements of regulation 33(4), where several individual cross￾border or domestic wire transfers from a single originator is bundled in a batch file for transmission to beneficiaries. 33(4) Very Serious Failure of a beneficiary financial institution who receives funds from an originator and an intermediary financial institution who acts between the originator and the beneficiary financial institution to implement reasonable measures to comply with regulation 33(6). 33(6) Serious Failure of an intermediary financial institution, under 33(7) Serious
SCHEDULE—CONTINUED
No. 7 Miscellaneous Provisions (FATF Compliance) 2025 93

Contravention Regulation Materiality of Contravention

regulation 33(7), to ensure that all available information received from the originating financial institution of another intermediary financial institution is kept in accordance with regulation 31. Failure of a money or value transfer service provider, who controls both the originating and beneficiary side of a wire transfer, to consider all information and determine whether a suspicious activity report has to be filed, with the FIUTT. 33(8)(a) Very Serious Failure of a financial institution to obtain and verify the information required for domestic and cross-border wire transfers in accordance with regulation 34. 34 Serious Where the originating financial institution is a money or value transfer service provider, failure of a financial institution to ensure that the address and the national identification number of the originator is kept in accordance with regulation 34(1). 34(2A) Very Serious Failure of a financial institution to put provisions in place to identify wire transfers lacking complete originator information. 34(4) Very Serious Failure of the beneficiary financial institution, 34(5) Very Serious
SCHEDULE—CONTINUED
94 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

Contravention Regulation Materiality of Contravention where a domestic or cross-border wire transfer is for a sum over six thousand dollars, to verify the identity of the beneficiary, where not previously identified, and maintain a record in accordance with regulation 31. Failure of a financial institution or listed business to apply due diligence requirements to existing customers on the basis of materiality and risk and conduct due diligence on such existing relationships at appropriate times. 37 Very Serious Failure of a financial institution or listed business to maintain a register of enquiries made to them by any law enforcement authority or other local or foreign authorities in accordance with regulation 38(2). 38(1) and 38(2) Moderate
SCHEDULE—CONTINUED
No. 7 Miscellaneous Provisions (FATF Compliance) 2025 95

B. CALCULATION OF ADMINISTRATIVE FINES IMPOSED ON A LISTED BUSINESS FOR CONTRAVENTION OF THE FINANCIAL OBLIGATIONS REGULATION

1. In determining the administrative fine which may be
   imposed upon a listed business for contravention of a regulation of the Financial Obligations Regulation set out in subhead A, the rev￾enue earned by the listed business from its conduct of a supervised activity for the year immediately preceding the date on which the listed business received feedback requiring rectification of the contravention, shall form the basis of the calculation of the fine upon which the methodology set out in paragraph 3 of this subhead shall be applied.
2. For the purposes of paragraph 1 in this subhead, a
   supervised activity is defined as an activity set out in the First
   Schedule of the Proceeds of Crime Act.
3. In calculating the administrative fine the following
   methodology shall be applicable:

Materiality of
Contravention as set out in Subhead A Annual Revenue earned by a Listed Business from its conduct of Supervised Activities for the year immediately preceding notification of the contravention Calculation of Fine Very Serious Ten million dollars and above $875,000.00 Less than ten million dollars but more than five million dollars 7% of the annual revenue earned by the listed business from its conduct of supervised activities for the year immediately preceding the receipt of feedback for rectification of the contravention Less than five million dollars but more than one million dollars 6.5% of the annual revenue earned by the listed business 96 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

Materiality of
Contravention as set out in Subhead A Annual Revenue earned by a Listed Business from its conduct of Supervised Activities for the year immediately preceding notification of the contravention Calculation of Fine from its conduct of supervised activities for the year immediately preceding the receipt of feedback for rectification of the contravention Less than one million dollars but more than five hundred thousand dollars 6% of the annual revenue earned by the listed business from its conduct of supervised activities for the year immediately preceding the receipt of feedback for rectification of the contravention Less than five hundred thousand dollars but more than one hundred thousand dollars 5% of the annual revenue earned by the listed business from its conduct of supervised activities for the year immediately preceding the receipt of feedback for rectification of the contravention Less than one hundred thousand dollars $5,000.00 Serious Above ten million dollars $656,250.00 Less than ten million dollars but more than five million dollars 75% of the penalty for a Very Serious contravention in the same annual revenue range Less than five million dollars but more than one million dollars 75% of the penalty for a Very Serious contravention in
SCHEDULE—CONTINUED
No. 7 Miscellaneous Provisions (FATF Compliance) 2025 97

Materiality of
Contravention as set out in Subhead A Annual Revenue earned by a Listed Business from its conduct of Supervised Activities for the year immediately preceding notification of the contravention Calculation of Fine the same annual revenue range Less than one million dollars but more than five hundred thousand dollars 75% of the penalty for a Very Serious contravention in the same annual revenue range Less than five hundred thousand dollars but more than one hundred thousand dollars 75% of the penalty for a Very Serious contravention in the same annual revenue range Less than one hundred thousand dollars $3,750.00 Moderate Above ten million dollars $437,500.00 Less than ten million dollars but more than five million dollars 50% of the penalty for a Very Serious contravention in the same annual revenue range Less than five million dollars but more than one million dollars 50% of the penalty for a Very Serious contravention in the same annual revenue range Less than one million dollars but more than five hundred thousand dollars 50% of the penalty for a Very Serious contravention in the same annual revenue range Less than five hundred thousand dollars but more than one hundred thousand dollars 50% of the penalty for a Very Serious contravention in the same annual revenue range Less than one hundred thousand dollars $2,500.00
SCHEDULE—CONTINUED
98 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

C. METHODOLOGY FOR THE CALCULATION OF
ADMINISTRATIVE FINES IMPOSED ON FINANCIAL INSTITUTIONS FOR CONTRAVENTION OF THE FINANCIAL OBLIGATIONS REGULATIONS

1. The Supervisory Authority shall identify the category in
   which the breaches of the Regulations fall depending on the severity thereof as (i) Moderate (ii) Serious (iii) Very Serious, as specified in subhead A.
2. The relevant Supervisory Authority for Financial
   Institutions listed under paragraphs (a) to (k) of the definition of Financial Institution under section 2(1) of the Act, shall identify the category of asset size that the Financial Institution falls into as set out in paragraph 4 below.
   I. Financial Institutions with asset sizes greater than ten
   billion dollars;
   II. Financial Institutions with asset sizes greater than one
   hundred million dollars but less than or equal to ten billion dollars;
   III. Financial Institutions with asset sizes greater than ten
   million dollars but less than or equal to one hundred million dollars;
   IV. Financial Institutions with asset sizes greater than or
   equal to one million dollars but less than ten million dollars; and
   V. Financial Institutions with asset sizes less than or equal
   to one million dollars.
3. For the purposes of these regulations—
   (a) Asset size means in respect of a financial institution that is a legal person licensed or registered by the relevant supervisory authority, the total assets as indicated in its audited financial statements as at last financial year end; and (b) Notwithstanding paragraph (a), in respect of a financial institution that is an individual registered by the Supervisory Authority for persons registered under section 51(1) of the Securities Act, the total annual income as indicated in its financial statements as at the last calendar year will be used.
4. Table A provides the range of administrative fines
   applicable to the category of the breach and the corresponding asset size for Financial Institutions listed under paragraphs (a) to (k) and total annual income of individuals who are registered as investment advisers under paragraph (g) of the definition of Financial Institution under section 2(1) of the Act. No. 7 Miscellaneous Provisions (FATF Compliance) 2025 99

Table A
Category Very
Serious
Serious Moderate
Financial
Institutions with asset sizes greater than ten billion dollars Maximum Fine $1,750,000 $1,500,000 $1,250,000 Minimum Fine $1,500,000 $1,250,000 $1,000,000 Financial Institutions with asset sizes greater than one hundred million dollars but less than or equal to ten billion dollars Maximum Fine $1,400,000 $1,150,000 $ 900,000 Minimum Fine $ 125,000 $ 100,000 $ 75,000 Financial Institutions with asset sizes greater than ten million dollars but less than or equal to one hundred million dollars Fixed Fine $ 100,000 $ 75,000 $ 50,000 Financial Institutions with asset sizes greater than or equal to one million dollars but less than Fixed Fine $ 75,000 $ 50,000 $ 25,000
SCHEDULE—CONTINUED
100 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

Table A
Category Very
Serious
Serious Moderate ten million dollars Financial Institutions with asset sizes less than or equal to one million dollars Fixed Fine $ 25,000 $ 15,000 $ 10,000.
5. The relevant Supervisory Authority for Financial
Institutions listed under paragraphs (a) to (k) and individuals who are registered as investment advisers under paragraph (g) of the definition of Financial Institution under
section 2(1) of the Act shall consider Table A, and—
(a) in the case of a Financial Institution with asset size greater than one hundred million dollars, calculate the administrative fine based applying the formula below:
“y = mx + c”
Where “m” is the slope or rate of change between the maximum and minimum fine for the asset category considering the asset size of the largest and smallest Financial Institution in the asset category and represented as follows:
m =
Maximum Fine for the asset category based on the severity of the contravention - Minimum Fine for the asset category based on the severity of the contravention Maximum Asset Size of the Financial Institutions within the asset category

• Minimum Asset Size of
  the Financial Institutions within the asset category Where – “y” is the value of the administrative fine; “x” is the asset size of the Financial Institution being fin “y” is the value of the administrative fine; “x” is the asset size of the Financial Institution being fin
  SCHEDULE—CONTINUED
  Where– find ;
  No. 7 Miscellaneous Provisions (FATF Compliance) 2025 101

“c” is the value of a fine where a Financial Institution’s asset size is 0 and represented as follows:
c = y – mx where in this instance– x = the Minimum Asset Size of the Financial Institutions within the asset category. (b) in the case of a Financial Institution with an asset size that is less than or equal to ten million dollars, calculate the administrative fine based on the fixed fine specified in Table A.”; and “(ad) by deleting the words— (i) “a specified offence” or “the specified offence” wherever they occur and substituting the words “criminal conduct” or “the criminal conduct” respectively; (ii) “that it is not a drug trafficking offence” wherever they occur; (iii) “or, if the specified offence is a drug trafficking offence, drug trafficking” wherever they occur; and (iv) “or, if the specified offence is a drug trafficking offence, from drug trafficking” wherever they occur.
7. The Anti-Terrorism Act is amended—
(a) in section 2, in the definition of “property”, by inserting— (i) after the word “whether” the words “corporeal or incorporeal,”; (ii) after the words “securities” the words “virtual assets,”; and Chap. 12:07 amended 102 No. 7 Miscellaneous Provisions (FATF Compliance) 2025 ; and

(b) by inserting after the definition “international organisation” the following definition:
“ “internationally protected person” means– (a) a Head of State including any member of a collegial body performing the functions of Head of State under the Constitution of the State concerned, a Head of Government or a Minister with responsibility for foreign affairs, whenever any such person is in a foreign State, as well as members of his family who accompany him; and (b) any representative or official of a State or any other agent of an international organisation of intergovernmental character who, at the time when and in the place where a crime against him, his official premises, his private accommodation or his means of transport is committed, is entitled pursuant to international law to special protection from any attack on his person, freedom or dignity as well as members of his family forming
part of his household;”;
(b) in section 3(1)(a), by deleting the words “or a religious cause” and substituting the words “religious, philosophical, racial or ethnic cause or other cause of a similar nature,”; No. 7 Miscellaneous Provisions (FATF Compliance) 2025 103

(c) by inserting after section 11, the following
section:
11A. (1) No person shall manufacture in Trinidad and Tobago unmarked plastic explosives. (2) No person shall import into Trinidad and Tobago unmarked plastic explosives. (3) A person who contravenes this section commits an offence and is liable on summary conviction on indictment to a fine of twenty-five million dollars and to imprisonment for twenty-five years. (4) For the purposes of this
section—
“unmarked plastic explosive” means a plastic explosive that— (a) does not contain a detection agent; or (b) at the time of manufacture does not contain the required minimum concentration of the detection agent as set out in the
Schedule; and
“plastic explosive” means any explosive which – (a) is formulated with one or more high explosives which in their pure form have vapour pressure of less than 10–4 Pa at a temperature of 25°C; “Prohibition on manufac￾ture and import of unmarked plastic explo￾sives
Schedule
104 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

(b) is formulated with a binder material; and (c) is, when mixed, malleable or flexible at normal room temperature.”; (d) by inserting after section 15H, the following sections:
15I. A person who threatens or intimidates another person to seize control of an aircraft commits an offence and is liable on summary conviction to imprisonment for life. 15J. (1) A person who seizes or detains and threatens to kill, to injure or to continue to detain another person (hereinafter referred to as the “hostage”) whether— (a) on an aircraft registered under the Civil Aviation Act; (b) on a ship registered under the Shipping Act; or (c) in any other place in Trinidad and Tobago, in order to compel a third party, namely, a State, an international inter-governmental organisation, a natural or Juridical person, or a group of persons, to do or abstain from doing any act as an explicit or implicit condition for the release of the hostage, commits the offence of taking of hostages (“hostage-taking”) and is liable on summary conviction to imprisonment for life. “Threatening and intimidating a person to seize an aircraft Offence of hostage-taking No. 7 Miscellaneous Provisions (FATF Compliance) 2025 105

(2) A person who—
(a) attempts to commit an act of hostage-taking; or (b) participates as an accomplice of anyone who commits or attempts to commit an act of hostage-taking, commits an offence of hostage-taking. 15K. (1) A person who, on board an aircraft registered under the Civil Aviation Act, in flight— (a) unlawfully, by force or threat thereof, or by any other form of intimidation, seizes, or exercises control of that aircraft, or attempts to perform any such act; (b) is an accomplice of a person who performs or attempts to perform any such act; or (c) subjects any passenger or crew to any other act of violence in connection with hijacking the aircraft, commits the offence of hijacking an aircraft and is liable on conviction on indictment to imprisonment for life. (2) A person who on board an aircraft, not registered under the Civil Aviation Act, in flight— (a) unlawfully, by force or threat thereof, or by any other form of intimida￾tion, seizes, or exercises control of that aircraft, or attempts to perform any such act; Offence of hijacking an aircraft 106 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

(b) is an accomplice of a person who performs or attempts to perform any such act; or (c) subjects any passenger or crew to any other act of violence in connection with hijacking the aircraft, and the aircraft subsequently lands in Trinidad and Tobago with the alleged offender, the alleged offender commits the offence of hijacking an aircraft and is liable on conviction on indictment to imprisonment for life. (3) The offence of hijacking an aircraft under this section is committed on board an aircraft, notwithstanding the fact that the aircraft is leased without crew to a lessee who has his principal place of business or, if the lessee has no such place of business, his permanent residence in Trinidad and Tobago. (4) For the purposes of this
section, an aircraft is considered to
be in flight at any time from the moment when all its external doors are closed following embarkation until the moment when any such door is opened for disembarkation.”; (e) in section 16— (i) in paragraph (e), by deleting the words “; or” and substituting the word “;”; (ii) in paragraph (f), by deleting the word “.” and substituting the words “; or”; and (iii) by inserting after paragraph (f), the following paragraph:
No. 7 Miscellaneous Provisions (FATF Compliance) 2025 107

“(g) injures or kills any person, in connection with the commission or the attempted commission of any of the offences set out in paragraphs (a) to (f).”; (f) by inserting after section 21, the following
section:
21A. (1) A person who unlawfully and intentionally— (a) acquires nuclear mate￾rial through theft or robbery; or (b) embezzles or fraudu￾lently obtains nuclear material, commits an offence. (2) A person convicted of an offence referred to in subsection (1), is liable on conviction on indictment, to a fine of thirty million dollars and to imprisonment for thirty years.”; (g) in section 22AA(3), by deleting the words “consolidated list under subsections (2)(c)” and substituting the words “lists under subsections (2)(c) and (2)(e)”; (h) in section 22AB(a), by inserting after the words “financial institution” the words “or listed business”; (i) by inserting after section 22AB, the following
section:
22AC. (1) The Attorney General may collect or request information from foreign competent authorities to identify individuals or entities who meet the criteria for designation set out in section 22B(1). (2) The Attorney General may enter into a memorandum of understanding with any foreign or domestic competent authority for the purposes of subsection (1).”; “Acquiring, obtaining, embezzling or fraudulently obtaining nuclear material “Attorney General to collect or receive information 108 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

(j) in section 22B—
(i) in subsection (1), by inserting after the word “allegation” the words “for the purpose of requesting and collecting information”; (ii) by inserting after subsection (3C), the following subsections:
“(3D) Where an order under subsection (5) has resulted in a person being erroneously identi￾fied as the subject of the order, the High Court may, on application of the Attorney General or the person who was erroneously identified as the subject of the order, declare that the person erroneously identified is not the listed person, where it is satisfied that the erroneously identified person is not listed otherwise under subsection (3). (3E) Where an order under sub￾section (3) has resulted in property being erroneously identified as the subject of the order, the High Court may, on application of the person who is the owner of the property, vary the order and declare that the property is not the listed property identified in the order. (3F) Where the High Court has made an order under subsection (3), it may, at any time, upon applica￾tion by— (a) the subject of the order; (b) anyone who claims an interest in the property as a bona fide third party acting in good faith, No. 7 Miscellaneous Provisions (FATF Compliance) 2025 109

make any further order, including an order to revoke the order and to make any further order in respect of the property which is the subject of the order or to carry out the order, including varying the order or carrying out the order where it appears to the High Court to be in the interest of justice to do so. (3G) In considering an applica￾tion under subsection (3F), the applicant shall satisfy the High Court that he was deprived of the property he claims and immediately before he was deprived of it, he had a legal or equitable claim to the property. (3H) Where the property of a person has been frozen under subsection (3), a person who transfers, converts, disposes of, moves the property or uses such property, commits an offence and is liable on summary conviction to fine of twenty-five million dollars and to imprisonment for twenty￾five years.”; (iii) by inserting after subsection (5B), the following subsection:
“(5C) When making an applica￾tion under subsection (5A) or a request under subsection (5B), the Attorney General shall provide to the relevant authorities of the country to which the application or request is made, as much identifying information, and specific information to support the application or request as is available.”; 110 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

(k) in section 22BA—
(i) in paragraph (d), by deleting the words “; and” and substituting the words “;”; and (ii) by inserting after paragraph (d), the following paragraph:
“(da) any other expense that the Court considers reasonable; and”; (l) in section 22BD, by inserting after subsection (2), the following subsection:
“(2A) The Attorney General when making a request to the respective Sanctions Committee, shall provide as much relevant information as available on the proposed name, including sufficient identifying information and a statement of case containing as much detail as is available based on the proposed listing. (2B) In making a request under subsection (1) to the Security Council or the respective Sanctions Committee, the Attorney General shall follow the procedures for the time being in force, or the standard forms for listing for the time being adopted by the Security Council or the respective Sanctions Committee, as the case may be, and shall include in support of the request, as much relevant information as is available on— (a) the proposed name to be listed, including, sufficient identifying information to allow for the accurate and positive identifica￾tion of the person or entity; and No. 7 Miscellaneous Provisions (FATF Compliance) 2025 111

(b) a statement of case containing as much detail as is available on the basis for the proposed listing. (2C) Where there is any inconsistency between the requirements of subsection (2B) and— (a) the procedures for the time being in force issued; or (b) the standard forms for listing for the time being adopted, by the Security Council or the respective Sanctions Committee, as the case may be, then such procedures or standard forms shall prevail.”; (m) in section 22C— (i) in subsection (1), by inserting after the word “funds” the words “being used for the purpose of a transaction or attempted transaction or held”; (ii) in subsection (3), by— (A) inserting after the word “funds” the words “being used for the purpose of a transaction or attempted transaction or held”; and (B) deleting the words “in the forms as set out in the Third
Schedule to the Proceeds of
Crime Act.” and substituting the words “in the form approved by the FIUTT.”; 112 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

(iii) in subsection (6), by deleting the words “fourteen days of the date on which the financial institution or listed business knew or had reasonable grounds to suspect” and substituting the words “immediately upon the financial institution or listed business knowing or having reasonable grounds to suspect”; (n) in section 23(3)(c), by inserting after the words “facilitating the”, the words “attempt to commit or”; (o) by inserting after section 24C, the following
section:
24D. (1) No punishment may be imposed on officials competent to investigate the financing of terrorism who, for the purpose of obtaining evidence relating to these offences or the tracing of proceeds of crime, perform acts which might be construed as elements of the financing of terrorism in connection with carrying out an undercover operation or a controlled delivery. (2) The official conducting an investigation under subsection (1) shall not induce the suspect to commit an offence.”; (p) in section 34, by inserting after subsection (1A) the following subsection:
“(1B) An application under subsection (1) may be made ex parte”; (q) in section 38A(2), by inserting after the word “judge” the words “, on an ex parte application by a customs officer or police officer,”; “Undercover operations No. 7 Miscellaneous Provisions (FATF Compliance) 2025 113

(r) by inserting after section 38C, the following
section:
38D. The Attorney General shall refer a matter to the Anti-Terrorism Unit for review and analysis in relation to— (a) an application for expenses in relation to a listed entity; (b) causing an investigation in relation to a referral received for an individual or entity; (c) treating with the incorrect identification of a person as a listed person under section 22B(3D); (d) treating with the incorrect identification of property under
section 22B(3E); or
(e) any other matter that may arise under this Act.”; (s) in section 41(2)(e)(i), by inserting after the word “sanctions” the words “, which may include administrative fines”; and (t) by inserting after section 44, the following
Schedule:
“Matters referred to
Anti￾Terrorism
Unit
114 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

“SCHEDULE
[Section 11A(4)]
The minimum concentration of a detection agent in the finished product at the time of manufacture shall be as shown in the
Table below
(u) the Financial Obligations (Financing of Terrorism) Regulations are amended— (i) in regulation 3, by inserting after the word “shall” the words “, until regulations are made under this Act,”; (ii) by inserting after regulation 7, the following regulation:
Name of detection agent Molecular formula Molecular weight Minimum concentration Ethylene glycol dinitrate (EGQN) C2H4(NO3 )2 152 0.2% by mass 2,3- Dimethyl￾2,3- dinitrobutane (DMNB) C6H12(NO 2)2 176 0.1% by mass para￾Mononitrotol uene (p￾MNT) C7H7NO2 137 0.5% by mass ortho￾Mononitrotol C7H7NO2 137 0.5% by mass”; uene (o￾MNT) C2H4(NO3)2 C6H12(NO2)2 No. 7 Miscellaneous Provisions (FATF Compliance) 2025 115

8. (1) In complying with the
   procedures set out in section 22AB, a financial institution or listed business shall immediately upon receipt of the lists under sections 22AA(2)(c) and (e) under￾take due diligence, to confirm whether it is in possession of funds— (a) wholly or jointly owned or controlled, directly or indirectly, by a person or entity named on either list; (b) derived or generated from funds owned or controlled directly or indirectly by persons or entities named on either list; or (c) of persons or entities acting on behalf of, or at the direction of persons or entities named on either list. (2) If a financial institution or listed business confirms that it is in possession of funds of a person or entity named on the list described in section 22AA(2)(e) in the manner identified in sub￾regulation (1), it shall immediately— (a) freeze such funds; and (b) file a report with the FIUTT. “Financial institutions and listed businesses to immediately conduct due diligence on receipt of lists 116 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

(3) If a financial institution or listed business has reasonable grounds to believe that a person or entity named on either list has funds anywhere in Trinidad and Tobago, it shall immediately file a report with the FIUTT. (4) If a person or entity named on either list, or any person or entity acting on behalf of, or at the direction of a person or entity named on either list attempts to enter into a transaction, or to continue a business relationship with a financial institution or listed business, the financial institution or listed business shall immediately— (a) cease continuation of the attempted transac￾tion or business relation￾ship; and (b) file a suspicious transac￾tion or activity report with the FIUTT. 8A. A financial institution shall report to the FIUTT under
section 33(3) within seven days
following the end of every three calendar months. 8B. (1) A financial institution or listed business which does not comply with— (a) these Regulations, commits an offence and is liable on conviction to the penalties set out in
section 42; or
Financial institutions to report to FIUTT Non￾compliance with Regulations No. 7 Miscellaneous Provisions (FATF Compliance) 2025 117

(b) a regulation specified in the Schedule, may discharge the liability to the criminal offence under paragraph (a), by— (i) c o m p l y i n g with the relevant pro￾vision of the Regulations to the satis￾faction of the Supervisory Authority; and (ii) paying the administra￾tive fines as provided in the Schedule. (2) In determining the administrative penalty applicable to the contravention of regula￾tions made under this Act, the relevant Supervisory Authority shall take into consideration the levels of materiality to which the offence that a financial institu￾tion or listed business may be subject as determined by it in accordance with the Schedule.”; 118 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

(iii) by inserting after regulation 10, the following Schedule:
“SCHEDULE
(Regulation 8)
A. MATERIALITY OF CONTRAVENTION OF A REGULATION OF THE FINANCIAL OBLIGATIONS (FINANCING OF TERRORISM) REGULATIONS FOR THE PURPOSES OF ADMINISTRATIVE FINES

1. The levels of materiality for the contravention of a regulation
   of the Financial Obligations (Financing of Terrorism) Regulations to which a financial institution or listed business may be subject to the payment of an administrative fine are as follows:
   Contravention Regulation Materiality of Contravention Failure of a financial institution or listed business to comply with a regulation of the Financial Obligations Regulations, as set out in the Administrative Fine
   Schedule to the
   Financial Obligations Regulations, which applies mutatis mutandis in relation to the financing of terrorism. 3(1) As set out in the Administrative Fine
   Schedule to the
   Financial
   Obligations
   Regulations
   Failure of a financial institution or listed business to train directors and staff on the subject of financing of terrorism. 4(1) Serious Failure of a financial institution or listed business to include in its training programme, a study of – (a) procedures and controls for the prevention of the misuse of technological developments in terrorist financing schemes; (b) new developments in methods and trends in terrorist financing; or (c) the appropriate internal controls and communication for the purpose of forestalling terrorist financing. 4(2) Serious No. 7 Miscellaneous Provisions (FATF Compliance) 2025 119

Contravention Regulation Materiality of Contravention Failure of a financial institution or listed business to give the 4(3) Serious training required by regulation 4(1) – (a) in such a manner that employees at different levels of the listed business would develop the ability to identify funds which may be linked or related to, or may be used for terrorist acts, by any known legal entity or terrorist organisations; or (b) continuously, in order to ensure that information and technology available to the directors and staff are constantly being updated. Failure of a financial institution or listed business to adopt a risk based approach in determining the standard of due diligence to be applied to a customer or to a person conducting a one-off transaction. 5(2) Very Serious Failure by the Compliance Officer of a financial institution or listed business to consider a report of suspicion or knowledge that a transaction is linked or related to the financing of terrorism. 6(2) Very Serious Failure by the Compliance Officer of a financial institution or listed business, where he determines that a report referred to in 6(3) Very Serious
SCHEDULE—CONTINUED
120 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

Contravention Regulation Materiality of Contravention regulation 6(2) should be submitted, and to submit such report immediately or within the statutory time frame for so doing. Failure of a financial institution or listed business to pay special attention to the use of new and developing technology in terrorist financing offences and any patterns of terrorist financing arising from any technology that may favour anonymity. 7(1) Very Serious Failure of a financial institution or listed business to take appropriate measures to deal with patterns detected in the use of new and developing technology in terrorist financing offences and any patterns of terrorist financing arising from any technology that may favour anonymity. 7 (2) Very Serious Failure of a financial institution or listed business to, immediately on receipt of the lists under section 22AA(3), undertake due diligence to confirm whether it is in possession of funds – (a) wholly or jointly owned or controlled, directly or indirectly, by a person or entity named on either list; (b) funds derived or generated from funds owned or 7A(1) Very Serious
SCHEDULE—CONTINUED
No. 7 Miscellaneous Provisions (FATF Compliance) 2025 121

Contravention Regulation Materiality of Contravention controlled directly or indirectly by persons or entities named on either list; or (c) funds of persons or entities acting on behalf of, or at the direction of persons or entities named on either list. Failure of a financial institution or listed business that has confirmed that it is in possession of funds of a person or entity named on the list described in
section 22AA(2)(e), to
take the following action:
(a) freeze such funds; and (b) file a report with the FIUTT 7A(2) Very Serious Where a person or entity named on either of the lists described in sections 22AA(c) or (e), or any person or entity acting on behalf of or at the direction of a person or entity named on either list attempts to enter into a transaction, or to continue a business relationship with the financial institution or listed business, failure of the financial institution or listed business to take the following action:
(a) cease continuation or the attempted transaction or business 7A(4) Very Serious
SCHEDULE—CONTINUED
122 No. 7 Miscellaneous Provisions (FATF Compliance) 2025 .

Contravention Regulation Materiality of Contravention relationship; and (b) file a Suspicious Transaction or Activity Report with the FIUTT. Failure of a financial institution or listed business to report to the FIUTT under section 33(3), within seven days following the end of every three calendar months. 7B Moderate B. CALCULATION OF ADMINISTRATIVE FINES IMPOSED ON LISTED BUSINESS FOR CONTRAVENTION OF THE FINANCIAL OBLIGATIONS (FINANCING OF TERRORISM) REGULATIONS

1. In determining the administrative fine which may be
   imposed upon a listed business for contravention of a regulation of the Financial Obligations (Financing of Terrorism) Regulations set out in subhead A, the revenue earned by the listed business from its conduct of a supervised activity for the year immediately preceding the date on which the listed business received feedback requiring rectification of the contravention and shall form the basis of the calculation of the fine upon which the methodology set out in paragraph 3 of this subhead shall be applied.
2. For the purposes of paragraph 1 in this subhead, a
   supervised activity is defined as an activity set out in the First
   Schedule of the Proceeds of Crime Act.
3. In calculating the administrative fine the following
   methodology shall be applicable:
   SCHEDULE—CONTINUED
   No. 7 Miscellaneous Provisions (FATF Compliance) 2025 123

SCHEDULE—CONTINUED
Materiality of
Contravention as set out in subhead A Annual Revenue earned by a Listed Business from its conduct of Supervised Activities for the year, the receipt of feedback requiring rectification of the contravention Calculation of Fine Very Serious Ten million dollars and above $875,000.00 Less than ten million dollars but more than five million dollars 7% of the annual revenue earned by the listed business from its conduct of supervised activities for the year, immediately preceding notification of the contravention Less than five million dollars but more than one million dollars 6.5% of the annual revenue earned by the listed business from its conduct of supervised activities for the year, immediately preceding notification of the contravention Less than one million dollars but more than five hundred thousand dollars 6% of the annual revenue earned by the listed business from its conduct of supervised activities for the year, immediately preceding notification of the contravention Less than five hundred thousand dollars but more than one hundred thousand dollars 5% of the annual revenue earned by the listed business from its conduct of supervised activities for the year, immediately preceding notification of the contravention Less than one hundred thousand dollars $5,000.00 Serious Above ten million dollars $656,250.00 Less than ten million dollars but more than five million dollars 75% of the penalty for a Very Serious contravention in the 124 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

Materiality of
Contravention as set out in subhead A Annual Revenue earned by a Listed Business from its conduct of Supervised Activities for the year, the receipt of feedback requiring rectification of the contravention Calculation of Fine same annual revenue range Less than five million dollars but more than one million dollars 75% of the penalty for a Very Serious contravention in the same annual revenue range Less than one Million dollars but more than five hundred thousand dollars 75% of the penalty for a Very Serious contravention in the same annual revenue range Less than five hundred thousand dollars but more than one hundred thousand dollars 75% of the penalty for a Very Serious contravention in the same annual revenue range Less than one hundred thousand dollars $3,750.00 Moderate Above ten million dollars $437,500.00 Less than ten million dollars but more than five million dollars 50% of the penalty for a Very Serious contravention in the same annual revenue range Less than five million dollars but more than one million dollars 50% of the penalty for a Very Serious contravention in the same annual revenue range Less than one million dollars but more than five hundred thousand dollars 50% of the penalty for a Very Serious contravention in the same annual revenue range Less than five hundred thousand dollars but more than one hundred thousand dollars 50% of the penalty for a Very Serious contravention in the same annual revenue range Less than one hundred thousand dollars $2,500.00
SCHEDULE—CONTINUED
No. 7 Miscellaneous Provisions (FATF Compliance) 2025 125

C. METHODOLOGY FOR THE CALCULATION OF ADMIN￾ISTRATIVE FINES IMPOSED ON FINANCIAL
INSTITUTIONS FOR CONTRAVENTION OF THE FINANCIAL OBLIGATIONS (FINANCING OF TERRORISM) REGULATIONS

1. The Supervisory Authority shall identify the category in
   which the breaches of the Regulations fall depending on the severity thereof as (i) Moderate (ii) Serious (iii) Very Serious, as specified in Item A.

2. The relevant Supervisory Authority for Financial
   Institutions listed under paragraphs (a) to (k) of the definition of Financial Institution under section 2(1) of the Act shall identify the category of asset size that the Financial Institution falls into as set out below- (a) Financial Institutions with asset sizes greater than ten billion dollars; (b) Financial Institutions with asset sizes greater than one hundred million dollars but less than or equal to ten billion dollars; (c) Financial Institutions with asset sizes greater than ten million dollars but less than or equal to one hundred million dollars; (d) Financial Institutions with asset sizes greater than or equal to one million dollars but less than ten million dollars; and (e) Financial Institutions with asset sizes less than or equal to one million dollars.

3. For the purposes of these Regulations—
   (a) Asset size means in respect of a financial institution that is a legal person licensed or registered by the relevant supervisory authority, the total assets as indicated in its audited financial statements as at last financial year end; and (b) Notwithstanding paragraph (a), in respect of a financial institution that is an individual registered by the Supervisory Authority for persons registered under section 51(1) of the Securities Act, asset size means the total annual income as indicated in its financial statements as at the last calendar year.

4. Table A provides the range of administrative fines applica￾ble to the category of the breach and the corresponding asset size
   for Financial Institutions listed under paragraphs (a) to (k) and total annual income of individuals who are registered as investment advisers under paragraph (g) of the definition of Financial Institution under section 2(1) of the Act. 126 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

5. The relevant Supervisory Authority for Financial
   Institutions listed under paragraphs (a) to (k) and individuals who are registered as investment advisers under paragraph (g) of the definition of Financial Institution under section 2(1) of the Act shall consider Table A, and— (a) in the case of a Financial Institution with asset size greater than one hundred million dollars, calculate the administrative fine based applying the formula below:
   “y = mx + c”
   Where “m” is the slope or rate of change between the maximum and minimum fine for the asset category considering the asset size of the largest and smallest Financial Institution in the asset category and represented as follows:
   (b) in the case of a Financial Institution with an asset size that is less than or equal to ten million, calculate the administrative fine based on the fixed fine specified in
   Table A.
   75 m =
   Maximum Fine for the asset category based on the severity of the contravention - Minimum Fine for the asset category based on the severity of the contravention Maximum Asset Size of the Financial Institutions within the asset category

• Minimum Asset Size of
  the Financial Institutions within the asset category y = the Minimum Fine for the asset category based on the severity of the contravention; and x = the Minimum Asset Size of the Financial Institutions within the asset category. Where— No. 7 Miscellaneous Provisions (FATF Compliance) 2025 127

Financial
Institutions with asset sizes greater than or equal to one million dollars but less than ten million dollars Fixed Fine $ 75,000 $ 50,000 $ 25,000 Financial Institutions with asset sizes less than or equal to one million dollars Minimum Fine $ 25,000 $ 15,000 $ 10,000.”. Category Very Serious Serious Moderate Financial Institutions with asset sizes greater than ten billion dollars Maximum Fine $1,750,000 $1,500,000 $1,250,000 Minimum Fine $1,500,000 $1,250,000 $1,000,000 Financial Institutions with asset sizes greater than one hundred million dollars but less than or equal to ten billion dollars Maximum Fine $1,400,000 $1,150,000 $ 900,000 Minimum Fine $ 125,000 $ 100,000 $ 75,000 Financial Institutions with asset sizes greater than ten million dollars but less than or equal to one hundred million dollars Fixed Fine $ 100,000 $ 75,000 $ 50,000
Table A
128 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

8. The Police Service Act is amended by inserting
   after section 49, the following sections:
   49A. Evidence obtained as a result of the conduct of a controlled delivery or an undercover operation is admissible in a Court of law. 49B. For the purposes of section 49 to 49F— “controlled delivery” means the technique of allowing illicit items to pass out of, through, or into the territory of one or more States, with the knowledge and under the supervision of the competent authorities, with a view to identifying persons involved in the commission of offences under any written law or the relevant State; and “undercover operation” means the strategic and discreet place￾ments of persons in and around criminal activities with the aim of gathering evidence and detecting offences with a view to identifying persons involved in the commission of offences under any written law.”.
9. The Financial Intelligence Unit of Trinidad and
   Tobago Act is amended— (a) in section2(1)— (i) by deleting the definition of “the Act” and substituting the following definition:
   “ “proliferation financing” means the provision of funds or financial services used in whole or in part “Admissibility of controlled delivery or undercover operation as evidence Definition of “undercover operations Chap. 72:01 amended Chap. 15:01 amended No. 7 Miscellaneous Provisions (FATF Compliance) 2025 129

for the manufacture, acquisition, possession, development, export, transshipment, brokering, trans￾port, transfer, stockpiling or use of nuclear, chemical or biological weapons and their means of delivery and related materials, including both technologies and dual use goods used for non￾legitimate purposes;”; (ii) in the definition of “public authority” in paragraph (h)(iii), by deleting the words “control.” and substituting the words “control; and”; and (iii) by inserting after the definition of “public authority” the following definition:
“the Act” means the Proceeds of Crime Act.” (b) in section 10, by deleting the words “under the Act, or under the Anti-Terrorism Act”; (c) in section 14— (i) by inserting after subsection (1), the following subsections:
“(1A) Notwithstanding sub￾section (1), the Director may, in limited or exigent circumstances, give oral instructions under sub￾section (1) to financial institu￾tions and listed businesses to suspend the processing of a suspicious transaction or suspicious activity. (1B) Where the Director gives an oral instruction under sub￾section (1A), he shall as soon as reasonably practicable, but in Chap 11:27 130 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

any event within twenty-four hours, forward a written instruc￾tion to the financial institution or listed business. (1C) A financial institution or listed business which fails or refuses to comply with an instruction of the FIUTT under subsection (1) or (1A), commits an offence and is liable on summary conviction to a fine of two hundred and fifty thousand dollars and imprisonment for three years.”; (ii) in subsection (2), by deleting the word “Where” and substituting the words “Notwithstanding subsection (1C), where”; and (iii) by inserting after subsection (2), the following subsection:
“(3) No civil or criminal proceedings shall lie against a person who, in good faith, complies with an instruction of the FIUTT under subsections (1) or (1A).”; (d) in section 17(2), by deleting the words “subsection (1)” and substituting the words “subsections (1) and (3)”; (e) in section 18(1), by deleting the words “sixty days” and substituting the words “three months”; (f) in section 18A,— (i) in the definition of “monitor”, by deleting the words “this Act; and” and substituting the words “the written laws listed under section 18F(1);”; No. 7 Miscellaneous Provisions (FATF Compliance) 2025 131

(ii) by inserting after the definition of “monitor”, the following definition:
“ “supervised entity” means a listed business or a non-regulated financial institution; and”; (g) by renumbering section 18B as section 18B(1), and— (i) in section 18B(1) as renumbered, by deleting the words “prescribed procedures” and substituting the words “procedures approved by the FIUTT.”; (ii) by inserting after subsection (1), the following subsections:
“(2) Registration with the FIUTT shall be valid for a period of five years, unless the non￾regulated financial institution or listed business is de-registered prior to the end of the period in accordance with this Act. (3) All non-regulated financial institutions and listed businesses shall apply to renew their registra￾tion with the FIUTT, no later than three months prior to its expiration date, in accordance with the procedure approved by the FIUTT. (4) At the commencement of the Miscellaneous Provisions (FATF Compliance) Act, 2025, the registrants currently registered with the FIUTT shall continue to operate under that registration for a period to be determined and scheduled by 132 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

FIUTT and published on its website, after which the registrant shall be required to be registered under this section.”; (h) in section 18BA, by inserting after subsection (2), the following subsections:
“(3) The FIUTT may also deregister an entity supervised by it, where it becomes aware that the supervised entity, its owners, beneficial owners, directors, senior employees or other person whether employed or con￾tracted to perform a managerial function, is— (a) no longer fit and proper in accordance with section 18BB (2) and (3); or (b) a person within the categories listed at section 18BB(1) (a) to (e). (4) Where the FIUTT becomes aware that an entity supervised by it, its owners, beneficial owners, directors, senior employees or other person, whether employed or contracted to perform a managerial function, is a person within the categories listed at 18BB(1) (a) to (e), the FIUTT shall give to the supervised entity written notice of its intention to deregister the entity and the date on which such proposed deregistration is to take effect. (5) The FIUTT shall not deregister a supervised entity under subsections (1) to (3) without giving No. 7 Miscellaneous Provisions (FATF Compliance) 2025 133

the supervised entity an opportunity to make representations in writing to the FIUTT. (6) Where an entity supervised by the FIUTT is deregistered in accordance with subsections (1) to (3), the FIUTT shall inform the supervised entity, in writing, of the final decision to de-register the supervised entity.”; (i) by inserting after section 18BA, the following
section:
18BB. (1) The FIUTT may refuse an application for registration if the applicant, its owners, beneficial owners, directors or senior employees, is a person who— (a) is a listed entity as defined under
section 2(1) of the
Anti-Terrorism Act;
(b) is a designated entity as defined under
section 2(1) of the
Anti-Terrorism Act;
(c) is defined as a listed entity in any Order made by the President of Trinidad and Tobago pursuant to
section 4 of the
Economic Sanctions
Act;
(d) is defined as a listed entity in any other written law by which “Refusal of registration 134 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

the recommendations of the Financial Action Task Force are implemented; (e) is the subject of an order or notice of a judicial authority which prohibits him from performing the functions of a listed business or non￾regulated financial institution or equiva￾lent function; or (f) is not a fit and proper person in accordance with subsection (2) or (3). (2) For the purposes of subsection (1)(f), whether a natural person is a fit and proper person shall be determined by the FIUTT, and in making such determination, the FIUTT may make such inquiries as necessary and may consider, as applicable— (a) the probity and integrity of the person; (b) the experience, com￾petence and sound￾ness of judgment of the person; (c) whether the person has had any judg￾ment, including a consent judgment, made against him or No. 7 Miscellaneous Provisions (FATF Compliance) 2025 135

any penalty or fine imposed upon him by any court or other competent judicial authority in any country in any matter involving fraud, deception, dishonesty or breach of trust; (d) whether, where appli￾cable, the person has a valid licence to conduct the business activity; or (e) whether the person has been convicted of an offence under the Anti-Terrorism Act, the Financial Intelligence Unit of Trinidad and Tobago Act or the Proceeds of Crime Act. (3) The factors which the FIUTT may consider in determining whether a company is a fit and proper person for the purpose of subsection (1)(f), shall include the following, as applicable:
(a) whether the directors of the company are fit and proper under subsection (2); (b) whether the company has been found guilty of insider trading or fraud involving trading in securities by a local or foreign authority; 136 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

(c) whether, where appli￾cable, the company has a valid licence to conduct the business activity; (d) whether the company has been convicted of an offence under the Anti-Terrorism Act, the Financial Intelligence Unit of Trinidad and Tobago Act or the Proceeds of Crime Act; or (e) whether any regulatory action has been taken against the company. (4) The FIUTT shall not refuse to register an applicant without giving the applicant an opportunity to make representa￾tions in writing to the FIUTT and where the FIUTT refuses to register the applicant, it shall notify the applicant in writing of the reasons for so doing.”; (j) by inserting after section 18D, the following
section:
18DA. (1) The FIUTT may provide any such supervisory information to other licensing, regulatory, supervisory or other relevant bodies as may be agreed between the FIUTT and those agencies, and shall inform the applicable regulator or licensing body of a non- “FIUTT to provide supervisory information No. 7 Miscellaneous Provisions (FATF Compliance) 2025 137

regulated financial institution or listed business upon taking the following action:
(a) refusing to register the non-regulated financial institution or listed business; (b) deregistering the non￾regulated financial institution or listed business; or (c) imposing an adminis￾trative fine against the non-regulated financial institution or listed business. (2) Any licensing, regulatory, supervisory or other relevant body to which supervisory information is submitted under subsection (1), may take appropriate action and provide feedback to the FIUTT.”; (k) in section 18F— (i) in subsection (1), by deleting para￾graphs (e) and (f) and substituting the following paragraphs:
“(e) Regulations made under the Anti-Terrorism Act; (f) Orders made under the Economic Sanctions Act as they relate to proliferation financing; and (g) any other written law by which the recommendations of the Financial Action Task 138 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

Force are implemented, as well as guidelines issued in pursuance of this Act and the laws identified in para￾graphs (a) to (f).”; (ii) in subsection (2), by deleting the words “and at least one newspaper in daily circulation in Trinidad and Tobago.” and substituting the words “and on its website.”; and (iii) by inserting after subsection (2), the following subsections:
“(3) The FIUTT may require a non-regulated financial institu￾tion or listed business for which it is the supervisory authority to submit financial statements, management accounts or other evidence of its financial standing for the purpose of— (a) assessing the money laundering, financing of terrorism and prolifera￾tion financing risk of the non- regulated financial institution or listed business; and (b) calculating the applicable administrative fine which may be imposed in accor￾dance with section 27 of this Act. (4) Where required under sub￾section (3), the financial institution or listed business shall submit such financial statements, manage￾ment accounts or other evidence No. 7 Miscellaneous Provisions (FATF Compliance) 2025 139

of its financial standing in accor￾dance with the instructions issued by the FIUTT. (5) The FIUTT, in performing its function under subsection (1), may co-operate with, provide supervisory information to and receive information from licensing, regulatory, supervisory and other authorities in Trinidad and Tobago, or elsewhere, as may be agreed between the FIUTT and those authorities.”; and (l) in section 27, by inserting after subsection (6), the following subsection:
“(6A) Where an administrative fine is imposed under subsection (5), the FIUTT shall cause to be published on its website a notification of such imposi￾tion.”; (m) the Financial Intelligence Unit of Trinidad and Tobago Regulations, 2011, are amended— (i) in regulation 2, by inserting in the appropriate alphabetical sequence the following definition:
“ “non-profit organisation” means a non-profit organisation for which the FIUTT has over￾sight under section 18J of the Act;”; (ii) in regulations 3, 4 and 5 by— (A) deleting the words “financial institution or listed business” wherever they occur and substituting the words “financial institution, listed business or non-profit organisation”; and 140 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

(B) deleting the words “listed business, financial institu￾tion” wherever they occur and substituting the words “listed business, financial institu￾tion, non-profit organisation”; (iii) in regulation 18— (A) by deleting paragraph (c); (B) in paragraph (d), by deleting the words “; and” and substituting the word “;”; (C) in paragraph (e), by deleting the word “.” and substituting the words “; and”; and (D) by inserting after paragraph (e), the following paragraph:
“(f) affiliates within the intelligence community.”; (iv) in regulation 19(1)— (A) in paragraph (a), by deleting the words “; and” and substituting the word “;”; (B) in paragraph (b), by deleting the words “and law enforce￾ment authorities under
section 15(1) of the FIUTT
Act.” and substituting the word “;”; (C) by inserting after paragraph (b), the following paragraphs:
“(c) law enforcement authorities under
section 15(1) of the
FIUTT Act;
No. 7 Miscellaneous Provisions (FATF Compliance) 2025 141

(d) the Police Complaints Authority under
section 15(3) of the
FIUTT Act; and
(e) the Counter
Trafficking Unit under section 15(5) of the FIUTT Act.”; (v) in regulation 21— (A) in subregulation (2), by inserting after the words “local authority,” the words “law enforcement authority,”; and (B) in subregulation (3), by inserting after the word “shall” where it occurs second, the words “be kept confidential and”; (vi) in regulation 27(b), by deleting the words “34 of the Proceeds of Crime (Amendment) Act, 2009 as the Supervisory Authority of listed businesses.” and substituting the words “55D(4) of the Act.”; (vii) in regulation 28(1), by— (A) deleting the words “three months” and substituting the words “thirty days”; (B) deleting all the words after the words “whichever is” and substituting the words— “the earlier— (a) register with the FIUTT in the form approved by the 142 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

FIUTT for the purpose of identifying them￾selves as a supervised entity; and (b) complete and submit to the FIUTT an AML/CFT/CPF risk assessment form approved by the FIUTT.”; (viii) by inserting after regulation 28, the following regulation:
28A. A supervised entity shall whenever required, complete and submit to the FIUTT an AML/CFT/CPF risk assessment form approved by the FIUTT.”; (ix) by deleting regulation 29, and substituting the following regulation:
29. (1) Where a supervised
entity changes—
(a) its registered office or principal place of business; or (b) its business name, company name or trading name; or (c) the nature of its business, it shall within thirty days of such change notify the FIUTT in writing. “Submission of AML/CFT/ CPF Risk Assessment Form “Change in particulars of a supervised entity No. 7 Miscellaneous Provisions (FATF Compliance) 2025 143

(2) Where a supervised entity fails to notify the FIUTT under subregula￾tion (1), of any of the requirements of subregula￾tion (1), it commits an offence and shall be liable on summary conviction to a fine of twenty thousand dollars.”; (x) in regulation 29A— (A) by deleting subregulation (1) and substituting the following regulation:
“(1) Where a super￾vised entity changes its Directors, beneficial owners, legal owners, partners or Compliance Officer, it shall, within thirty days of such change, notify the FIUTT in writing.”; and (B) by inserting after subregula￾tion (2), the following sub￾regulation:
“(3) For the purpose of this regulation, “beneficial owner” has the meaning assigned to it under section 337A(2) of the Companies Act.”; (xi) by inserting after regulation 36, the following regulation and Schedule:
36A. Notwithstanding the penalties set out in regula￾tion 28(2), 29(2), 29A(2) or 36, a non-regulated financial institution or “Failure to comply with regulations 144 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

listed business which does not comply with a regula￾tion specified in the
Schedule, may discharge
the liability for the criminal offence under regulation 28(2), 29(2), or 29A(2) by— (a) complying with the relevant provision of these Regula￾tions; and (b) paying the appli￾cable administra￾tive fine as set out in the Schedule.
SCHEDULE
(Regulation 36A)
Administrative Fines for Contravention of the Financial Intelligence Unit of Trinidad and Tobago Regulations Regulation General Description of Contravention Criminal Penalty Administrative Fine 28(1) Failure of a supervised entity, within thirty days of commencing business activity or incorporation as a company under the laws of Trinidad and Tobago, to – (a) register with the FIU, in the form approved by the FIUTT for the purpose of On summary conviction, a fine of $50,000 and a further fine of $5,000 for each day the offence continues $25,000 and a further fine of $1,000 for each day the contravention continues No. 7 Miscellaneous Provisions (FATF Compliance) 2025 145

Regulation General Description of Contravention Criminal Penalty Administrative Fine identifying themselves as a supervised entity; or (b) complete and submit to the FIUTT the AML/CFT/ CPF risk assessment form approved by the FIUTT 28A Failure to complete and submit to the FIUTT the AML/CFT/CPF risk assessment form approved by the FIUTT, when required by the FIUTT. On summary conviction to a fine of five hundred thousand dollars and to a further fine of twenty-five thousand dollars for each day that the offence continues; On conviction on indictment to a fine of one million dollars and to a further fine of fifty thousand dollars for each day that the offence continues. $15,000 and a further fine of $800 for each day the contravention continues
SCHEDULE—CONTINUED
146 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

Regulation General Description of Contravention Criminal Penalty Administrative Fine 29(1) Failure of a supervised entity to notify the FIUTT, in writing, of changes to its- (a) registered office or principal place of business; (b) business name, company name or trading name; or (c) nature of business, within thirty days of such change. On summary conviction, a fine of $20,000 $10,000 and a further fine of $500 for each day the contravention continues 29A(1) Failure of a supervised entity to notify the FIUTT, in writing, of changes in its Directors, beneficial owners, legal owners, Partners or Compliance Officer within thirty days of such change. On summary conviction, a fine of $20,000 $10,000 and a further fine of $500 for each day the contravention continues.”.
SCHEDULE—CONTINUED
(a)
(b)
(c)
No. 7 Miscellaneous Provisions (FATF Compliance) 2025 147

10. The Income Tax Act is amended by inserting after
    section 97, the following section:
    97A. The Board shall have the authority to investigate any offences under this Act or any other offence that comes to its attention, and in the exercise of such authority, may exercise all powers conferred upon it by this Act or any other written law and in the exercise of such authority, the Board may— (a) take and record statements from any person, including but not limited to taxpayers, employees, agents or any other individuals possessing informa￾tion relevant to the investiga￾tion; (b) require any person to produce and make available for inspec￾tion and examination any books, records, documents or other materials that the Board considers relevant to the investigation; and (c) engage and co-operate with law enforcement agencies or other competent authorities, as may be necessary, for the effective enforcement of this Act, subject to the limitations and safe￾guards as set out in section 4.”.
11. The Companies Act is amended—
    (a) in section 33—
    (i) by inserting after subsection (1J) the following subsection:
    “(1K) A company shall, where there are any changes to the particulars of shareholders and Chap. 75:01 amended “Investigative powers of the Board Chap. 81:01 amended 148 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

members, within thirty days of such changes, submit a return to the Registrar in the prescribed form together with any supporting documentation and the prescribed fee.”; and (ii) in subsection (1J), by deleting the words “(1H)” and substituting the words “(1K)”; (b) in section 64, by inserting after subsection (2), the following subsection:
“(3) No company shall appoint a nominee director. (4) Where a company contravenes subsection (3), the company and every director and officer of the company commits an offence.”; (c) in section 332— (i) by inserting after subsection (6), the following subsection:
“(6A) Where there is a change to the particulars of Shareholders or members of an external company, the company shall within thirty days deliver a return in the prescribed form which shall be certified by a director or officer of the external company or an authorised corporate service provider to the Registrar, notifying the Registrar of the change to the particulars of shareholders or members and pay the prescribed fee.”; and (ii) in subsection (8), by deleting the words “Subsection (6)” and substituting the words “subsections (6) and (6A).”. (d) in section 333, by inserting after subsection (2), the following subsection:
No. 7 Miscellaneous Provisions (FATF Compliance) 2025 149

“(3) Where an external company fails to comply with this section, the external company and every director and officer who is in default, commits an offence.”; (e) in section 337B— (i) in subsection (2B), by inserting after the word “nationality” the words “date of birth, place of birth, occupation,”; and (ii) by inserting after subsection (5), the following subsection:
“(5A) Companies shall, within thirty days of a written request being received for information on their beneficial owners from competent authorities, provide any of the information in their register of beneficial owners to the competent authorities.”; and (iii) by deleting subsection (6) and substituting the following subsections:
“(6) For the purposes of this
section, references to—
“companies” shall include “external companies”; and “competent authorities” has the meaning assigned to it by section 57A(1B) of the Proceeds of Crime Act.”;. (6A) Where a company fails to comply with subsection (5A), the company, every director and officer of the company, is liable on summary conviction to a fine of ten thousand dollars.”; and Chap. 11:27 150 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

(iv) by inserting after subsection (10), the following subsection:
“(10A) An external company that is publicly traded in any country other than Trinidad and Tobago, and which was registered pursuant to section 318 of this Act at the time of the commencement of the subsection is required to— (a) appoint an authorised officer under subsection (7) within fourteen days of the commencement of this subsection; and (b) upon the appointment of an authorised officer, file under subsections (2)(a) and (10) within thirty days of such appointment.”; (f) in section 337C, in subsection (1)(b), by deleting the words “or shareholder, beneficial owner, shareholder member,” and substituting the word “,”; and (g) in section 337E, by deleting the words “publically traded on the stock exchange” and substituting the words “and external companies publicly traded on the Trinidad and Tobago Stock Exchange”; (h) by renumbering section 516, as section 516(1) and— (i) in section 516(1) as renumbered, by deleting the words “three hundred dollars for every month, or part thereof, that that person or company fails to deliver or file the document.” and substituting the words “one hundred dollars for every month, or No. 7 Miscellaneous Provisions (FATF Compliance) 2025 151

part thereof, that the person or
company fails to deliver or file the document.”; and (ii) by inserting after subsection (1), the following subsections:
“(2) Notwithstanding subsection (1), no more than a maximum sum of twenty thousand dollars shall be payable by any person or company in respect of the penalty to be collected for any document or multiple documents submitted together to the Registrar. (3) The Minister may by Order amend the amount under subsections (1) and (2). (4) This section shall not apply to a company which fails to file changes in particulars as required by sections 33(1K), 332(6A) and 337C(1)(b).”; and (i) in section 516A, by deleting the word “longer” and substituting the word “other”.
12. The Partnership Act is amended—
(a) in section 20B—
(i) in subsection (3), by inserting after the words “nationality,” the words “date of birth, place of birth,”; (ii) by inserting after subsection (4), the following subsection:
“(4A) Firms shall, within thirty days of a written request being received for information on their beneficial owners from competent authorities, provide any of the information in their register of beneficial owners to the competent authorities.”; and Chap. 81:02 amended 152 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

(iii) by inserting after subsection (5), the following subsections:
“(6) For the purposes of this
section, “competent authorities”
has the meaning assigned to it by
section 57A(1B) of the Proceeds of
Crime Act.
(7) Where a firm fails to comply with subsection (4A), the firm and every partner of the firm, is liable on summary conviction to a fine of ten thousand dollars.”; (b) in section 20C— (i) in subsection (10), by deleting the words “three hundred dollars for every month, or part thereof, that the firm fails to submit the document to the Registrar General.” and substituting the words “one hundred dollars for every month, or part thereof, that the firm fails to deliver or file the document.”; and (ii) by inserting after subsection (10), the following subsections:
“(11) Notwithstanding subsec￾tion (10), no more than a maximum sum of twenty thousand dollars shall be payable by any firm in respect of the penalty to be collected for any document or multiple documents submitted together to the Registrar General. (12) The Minister may by Order amend the amount under subsections (10) and (11).”; and Chap. 11:27 No. 7 Miscellaneous Provisions (FATF Compliance) 2025 153

(c) by inserting after section 47, the following
section:
48. (1) Notwithstanding any
written law to the contrary, there shall be a waiver of all penalties due and payable under section 20C on the failure to deliver to, or to file with the Registrar General, any document required to be delivered or filed under this Act, where the documents are delivered to, or filed with the Registrar General during such period as the Minister may, by Order, specify. (2) The waiver granted under subsection (1), shall not affect the obligation of a firm, to file or deliver any document to the Registrar General or to pay fees in respect of any document that is filed or delivered. (3) Where a firm fails to file or deliver to the Registrar General, before the expiration of the period specified in subsection (1), any document or fails to pay fees in respect of any document that is required to be filed or delivered under this Act, the penalties that would have been payable in respect of such failure shall be revived and become payable as if the waiver in subsection (1) had not been granted.”.
13. The Registration of Business Names Act is
amended—
(a) in section 3, by inserting after subsection (3), the following subsection:
(4) Every firm or individual referred to in subsection (1) which or who commences “Waiver of penalties by Minister by Order Chap. 82:85 amended 154 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

business in Trinidad and Tobago after the coming into force of subsection (1), shall register in the manner directed by this Act within fourteen days of the firm or individual commencing business.”; (b) by renumbering section 9A as section 9A(1), and— (i) in section 9A(1) as renumbered, by— (A) deleting the word “section” and substituting the word “Act”; and (B) deleting the words “three hundred dollars for every month, or part thereof, that the firm fails to submit the document to the Registrar General.” and substi￾tuting the words “one hundred dollars for every month, or part thereof, that the firm or individual fails to deliver or file the document.”; (ii) by inserting after subsection (1), the following subsections:
“(2) Notwithstanding subsection (1), no more than a maximum sum of twenty thousand dollars shall be payable by any firm or individual in respect of the penalty to be collected for any document or multiple documents submitted together to the Registrar General. (3) The Minister may by Order amend the amount under sub￾sections (1) and (2).”; and No. 7 Miscellaneous Provisions (FATF Compliance) 2025 155

(c) by inserting after section 23, the following
section:
24. (1) Notwithstanding any written
law to the contrary, there shall be a waiver of all penalties due and payable under section 9A, on the failure to deliver to, or to file with, the Registrar General any document required to be delivered or filed under this Act, where the documents are delivered to, or filed with, the Registrar General during such period as the Minister may, by Order, specify. (2) The waiver granted under subsection (1), shall not affect the obligation of a firm or individual to file or deliver any document to the Registrar General or to pay fees in respect of any document that is filed or delivered. (3) Where a firm or individual fails to file or deliver to the Registrar General before the expiration of the period specified in subsection (1), any document or fails to pay fees in respect of any document that is required to be filed or delivered under this Act, the penalties that would have been payable in respect of such failure shall be revived and become payable as if the waiver in subsection (1) had not been granted.”.
14. The Securities Act is amended—
(a) in section 4(1), by deleting the definition of “beneficial owner” and substituting the following definition— “beneficial owner” means— (a) any natural person who ultimately owns or controls a legal entity or “Waiver of penalties by Minister by Order Chap. 83:02 amended 156 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

the natural person on whose behalf a transaction is being conducted and includes the natural person who exercises ultimate effective control over a legal person or arrangement; and (b) in respect of a reporting entity means— (i) any natural person who owns or controls through direct or indirect ownership or through other means at least ten per cent of the voting rights, voting shares, or share capital of the reporting entity; (ii) any natural person who exercises control over the reporting entity alone or together with others through any contract, understanding, relationship, intermediary or tiered entity; or (iii) any natural person who ultimately owns or controls or exercises ultimate effective control over the reporting entity indirectly or through other means; (iv) if no person is identified under subparagraphs (i), (ii) and (iii) above, the natural person who holds the position of senior managing official; and (v) where that reporting entity is a trust or other form of legal arrangement, the beneficial owner of that trust or other No. 7 Miscellaneous Provisions (FATF Compliance) 2025 157

form of legal arrangement as identified under section 10A of the Trustees Ordinance;”; (c) in section 60, by inserting after sub￾section (2), the following subsection:
“(3) A registrant registered under section 51(1), who contravenes sections 62A, 62B and 62C commits an offence and is liable on summary conviction to a fine of one million dollars and to imprisonment for three years.”; (d) by inserting after section 62, the following section:
“PART IVA
FINANCIAL REPORTING OF REGISTRANTS 62A. (1) A registrant regis￾tered under section 51(1), other than an individual registered under section 51(1), shall prepare and file with the Commission, within ninety days of the end of each financial year of such registrant, audited annual comparative financial state￾ments relating separately to— (a) the period that commenced on the date of incorporation or organisation and ended as of the close of the first financial year or, if the regis￾trant has completed a financial year, the last financial year; and Financial Reporting Audited annual comparative Financial state￾ments of registrants 158 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

(b) the period covered by the financial year immediately preceding the last financial year, if any. (2) Every financial state￾ment referred to in subsection (1), shall be accompanied by a report of the auditor. (3) No person shall be appointed to act as the auditor of a registrant for the purposes of subsection (1), unless such person is a member in good standing of the ICATT or its equivalent in a designated foreign jurisdiction and meets any other requirements as the Commission may prescribe. (4) The Commission may, where the report of the auditor required by subsection (2) is qualified in any respect, take any action that it deems necessary until the matters giving rise to the qualified audit report are resolved. (5) The auditor shall, where he is in the course of performing his duties required by subsection (2), of the opinion that a matter could give rise to a qualification in the audit report on the financial state￾ments, provide notice to the Commission immediately and deliver a copy of the notice promptly to the registrant. No. 7 Miscellaneous Provisions (FATF Compliance) 2025 159

(6) The notice required in subsection (5), shall contain complete details about the circumstances giving rise to the notice. 62B. (1) A registrant registered under section 52(1), other than an individual registered under
section 51(1), shall file with
the Commission, an interim financial statement— (a) where the registrant has not completed its first financial year, for the period commencing with the beginning of that financial year and ending six months before the date on which that financial year ends; or (b) where the registrant has completed its first financial year, for the period commencing after the end of its last completed financial year and ending six months after that date, including comparative financial information to the end of the corre￾sponding period in the last financial year. Interim financial statements 160 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

(2) The interim financial statement required under sub￾section (1), shall be filed with the Commission within sixty days of the end of the period to which it relates. (3) An interim financial statement need not be filed under subsection (1) for any period that is less than six months. (4) An interim financial statement filed under sub￾section (1) need not include a report of an auditor, but if an auditor has been associated with that statement, his audit report or his comments on the unaudited financial information shall accompany the statement. 61C. (1) An individual regis￾tered under section 51(1), shall file with the Commission on an annual basis, its financial statement and any other requested supplementary information as the Commission may require, evidencing its financial standing within forty-five days of the end of each calendar year, in the form approved by the Commission. 61D. (1) A filing under sections 61A, 61B and 61C, shall be in addition to any other financial reporting requirement under this Act, Financial statements by individuals Filings to be in addition to other requirements No. 7 Miscellaneous Provisions (FATF Compliance) 2025 161

its subsidiary legislation, guide￾lines or as may be requested by the Commission pursuant to this Act.”; and (e) in the Securities (General) By-laws— (i) by revoking By-laws 39 and 40; and (ii) in Schedule 2, in the Fit and Proper Requirements, in— (A) item 3(a)— (I) in subparagraph (ii), by deleting the words “; and” and substituting the word “;”; (II) by inserting after subpara￾graph (iii), the following para￾graphs:
“(iv) whether the person is a listed entity as defined under
section 2(1) of the
Anti-Terrorism Act;
(v) whether the person is a designated entity as defined by
section 2(1) of the
Anti-Terrorism Act;
(vi) whether the person is defined as a listed entity in any Order made by the President pursuant to section 4 of the Economic Sanctions Act; (vii) whether the person has been convicted or is convicted of an 162 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

offence under the
Anti-Terrorism or the Proceeds of Crime Act; (viii) whether any regula￾tory action has been taken against the entity; and (ix) any other matter the Commission considers appropriate;”; (B) item 3(b)— (I) in subparagraph (vi), delete the word “company”; (II) in subparagraph (vi)(A), by deleting the word “and”; (III) in subparagraph (vi)(B), by inserting after the word “regulatory” the word “authority; and (IV) by inserting after subpara￾graph (vi)(B), the following subparagraphs:
“ (C) listed under the Anti￾Terrorism Act; (D) listed in any Order made by the President pursuant to the Economic Sanctions Act; and (E) convicted of an offence under the Anti￾Terrorism Act or the Proceeds of Crime Act;”; and No. 7 Miscellaneous Provisions (FATF Compliance) 2025 163

(C) in item 3(c)(v)(B), by deleting the words “fraud or dishonesty;” and substituting the words “insider trading, fraud or dishonesty involving trading on a local or foreign regulated securities market;”.
15. The Non-Profit Organisations Act is amended—
(a) in section 5(2), by deleting the words “and to imprisonment for seven years”; (b) in section 9(2)(a), by inserting after the words “email address” the words “and the name and address of each of its branches and locations in Trinidad and Tobago”; (c) by inserting after section 11, the following
section:
11A. (1) Controllers shall, within thirty days of a written request being received for information on their beneficial owners from competent authorities, provide any of the information in their register of beneficial owners to the competent authorities. (2) For the purposes of this
section “competent authorities” has
the meaning assigned to it by
section 57A(1B) of the Proceeds of
Crime Act.
(3) A controller of a non￾profit organisation who contravenes subsection (1) is liable on summary conviction to a fine of ten thousand dollars.”; and Act No. 7 of 2019 amended “Non-profit organisation to provide information Chap. 11:27 164 No. 7 Miscellaneous Provisions (FATF Compliance) 2025

(d) by renumbering section 16 as section 16(1), and— (i) in subsection 16(1) as renumbered, by deleting the words “three hundred dollars for every month, or part thereof, that the controller fails to notify the Registrar.” and substituting the words “one hundred dollars for every month, or part thereof, that the controller fails to deliver or file the document.”; (ii) by inserting after subsection (1), the following subsections:
“(2) Notwithstanding subsection (1), no more than a maximum sum of twenty thousand dollars shall be payable by any controller in respect of the penalty to be collected for any document or multiple documents submitted together to the Registrar General. (3) The Minister may by Order amend the amount under subsections (1) and (2).”; (e) in section 18(b), by inserting after the word “directors” the words “, members”; and (f) by inserting after section 29, the following
section:
30. (1) Notwithstanding any written
law to the contrary, there shall be a waiver of all penalties due and payable under section 16, on the fail￾ure to deliver to, or to file with the Registrar General any document required to be delivered or filed under this Act, where the documents are “Waiver of penalties by Order by Minister No. 7 Miscellaneous Provisions (FATF Compliance) 2025 165

delivered to, or filed with the Registrar General during such period as the Minister may, by Order, specify. (2) The waiver granted under subsection (1), shall not affect the obligation of a controller, to file or deliver any document to the Registrar General or to pay fees in respect of any document that is filed or delivered. (3) Where a controller fails to file or deliver to the Registrar General before the expiration of the period specified in subsection (1), any document or fails to pay fees in respect of any document that is required to be filed or delivered under this Act, the penalties that would have been payable in respect of such failure shall be revived and become payable as if the waiver in subsection (1) had not been granted.”. Passed in the House of Representatives this 19th day of September, 2025. Clerk of the House Passed in the Senate this 26th day of September, 2025. Clerk of the Senate 166 No. 7 Miscellaneous Provisions (FATF Compliance) 2025 PRINTED AND PUBLISHED BY THE GOVERNMENT PRINTER, CARONI REPUBLIC OF TRINIDAD AND TOBAGO—2025