On Wednesday May 21, the three regulators in the financial sector, the Trinidad and Tobago Securities and Exchange Commission (TTSEC), Financial Intelligence Unit (FIU) and the Central Bank of Trinidad and Tobago (CBTT), formalised an agreement concerning cooperation and information sharing. This agreement will result in greater co-ordination and co-operation in order to facilitate the investigation and prosecution of persons suspected of money laundering and terrorist financing as well as the criminal activity related thereto.
Some of the main issues which gave rise to the formal execution of this agreement were the absence of a formalised process for the sharing of information; the appearance of arbitrary and unauthorised requests for information; and the concern surrounding confidential information and resulting liability. This Memorandum therefore sets forth a statement of intent by these authorities to establish a framework to facilitate the exchange of information relating to their respective functions and duties. It is anticipated that co-operation will be achieved primarily through written requests, ongoing consultations, periodic meetings, training events and other practical arrangements as may be developed by the Authorities.
