Regulatory Alerts2025-10-29
Added · Updated
The Miscellaneous Provisions FATF Compliance Act No. 17 of 2024
The Parliament of Trinidad and Tobago enacted Act No. 17 of 2024 to amend eight existing laws, including the Proceeds of Crime Act, Anti-Terrorism Act, and Financial Intelligence Unit of Trinidad and Tobago Act, primarily to enhance compliance with international anti-money laundering, counter-terrorism financing, and proliferation financing (AML/CTF/CPF) standards. This Act introduces administrative fines as sanctions, redefines regulated entities and their obligations, designates the Financial Intelligence Unit of Trinidad and Tobago (FIUTT) as the oversight authority for non-profit organizations, and strengthens the FIUTT's powers to demand records and issue guidelines. It also revises conditions for asset recovery referrals, increases penalties for non-compliance with financial obligations, and establishes a framework for supervisory authorities to impose administrative fines for breaches of the Financial Obligations Regulations, 2010.