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Trinidad and Tobago first regional country for fourth round of FATF evaluation
Published on January 8, 2014 Email To Friend    Print Version

PORT OF SPAIN, Trinidad -- Trinidad and Tobago will be the first country in the region to undergo the fourth round of mutual evaluation utilizing the revised Financial Action Task Force's (FATF) 40 recommendations, said Central Bank of Trinidad and Tobago governor, Jwala Rambarran.

Speaking at the signing ceremony of a memorandum of understanding between the Trinidad and Tobago Securities and Exchange Commission and the Central Bank on Monday, Rambarran said, "In January, Trinidad and Tobago will be the first Caribbean jurisdiction to undergo the fourth round mutual evaluation utilizing the revised Financial Action Task Force's 40 recommendations."

Anti-money laundering and counter-terrorist financing are governed by 40 recommendations drawn up by the FATF, a key international, inter-governmental body established in 1989 to combat money laundering and terrorism financing. The recommendations are a guideline to help countries put measures in place to prevent money laundering and terrorism financing and they cover areas such as beneficial or true ownership of companies, customer due diligence and record-keeping.

Rambarran said, "In this regard, Trinidad and Tobago is inter alia required to demonstrate cooperation and cooperation among all stakeholders at the national level. While the signing of this MOU and other forthcoming agreements will definitely help us to bridge gaps that previously impeded our (anti-money laundering/combating the financing of terrorism) AML/CFT efforts, the fourth round is rigorous, time-consuming and will call for considerable resources, both technical and financial."

He also noted that the Central Bank is concerned that the National AML/CFT Committee, which he said plays a crucial role in enabling national stakeholders to work with each other to combat money laundering and terrorism financing, has not met since July 2013.

The Central Bank governor urged that the committee resume its meetings as soon as possible: "We are of the view that this committee needs to expeditiously recommence its activities, given the extremely short timeframes in which Trinidad and Tobago has to remedy its third round deficiencies as well as prepare for the fourth round."
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