Regulatory Alerts2018-05-15 | 24053Added · Updated
Miscellaneous Provisions (Mutual Assistance in Criminal Matters, POCA, FIUA, Customers and Exchange Control) Act, 2018
The Act amends the Proceeds of Crime Act to increase penalties for offenses, imposing fines of up to fifty million dollars and imprisonment for thirty years on conviction on indictment. It updates the Financial Intelligence Unit of Trinidad and Tobago Act to align with international standards, grants the FIU authority to publish lists of non-compliant jurisdictions, and establishes new powers and penalties for obstructing police officers or providing false information during investigations. The Customs Act is revised to extend document retention periods to six or seven years, increase penalties for non-compliance, and allow for the declaration of mutual assistance treaties as law. Finally, the Exchange Control Act introduces definitions and exemptions for bearer negotiable instruments, allowing travelers to import or export up to TT$20,000 or US$5,000 without declaration, with higher amounts permitted upon declaration.