Oct 2009 Financial News

Joseph: Govt targeting 'dirty $$'

Oct 06, 2009

It has been said that money laundering is a silent crime that leaves no obvious victims and requires no lethal weapons.

But the truth is that money laundering is a grim reality that destabilises financial institutions, private sector enterprises and a country's economic development, National Security Minister Martin Joseph said yesterday.

He was piloting the Proceeds of Crime Amendment Bill in the Senate.

Joseph said there was an increased use of people to disguise the true ownership and control of illegal proceeds and an increased use of professionals to provide advice and assistance in laundering criminal funds and therefore the bill widens the category of businesses to be regulated by the Act.

"In the proposed definition of listed business we are now including money or value transfer services, an accountant, an attorney, other independent legal professionals, art dealers, trust and company service providers as recommended by the Financial Action Task Force, inter-governmental body which develops and promotes national and international policies to combat money laundering and terrorist financing."

Joseph said Trinidad and Tobago was found to be compliant with only one of the 40 recommendations of the FATF, according to a Mutual Evaluation Report which documented the results of an evaluation of T&T in 2005.

"The principal reason for the non-compliant rating of T&T was the absence of legislation, regulations and other enforceable means to give effect to the requirements of the recommendations," Joseph said.

Joseph said failure to comply at this time with the recommendations of the (FATF) would result in dire consequences for the financial sector of the country and would place T&T in the unenviable position of being among the few countries upon which the ultimate financial sanctions have been imposed.


Source:
Ria Taitt Political Editor
Trinidad Express
Tuesday, October 6th 2009

http://www.trinidadexpress.com/index.pl/article_business?id=161540725