TT no longer under increased FATF monitoring

After "four years of hard work reversing a tragedy," Attorney General Faris Al-Rawi is pleased with the Financial Action Task Force's (FATF) announcement Friday that TT is no longer subject to the agency's increased monitoring process.

Al-Rawi, who is out of the country, told Newsday briefly that the country came in for open praise from the FATF president and other countries who recognised this country's work to improving the country's legislative strength regarding its financial sector, notably anti-money laundering/counter financing of terrorism (AML/CFT).

This, he added, "not withstanding a lack of support from the Opposition" for several of the Government's proposals and amendments to legislation, including tax compliance.

In a notice on its website and Twitter page on Friday, the FATF designated TT as a "jurisdiction no longer subject to monitoring.

"The FATF welcomes Trinidad and Tobago’s significant progress in improving its AML/CFT regime and notes that Trinidad and Tobago has strengthened the effectiveness of its AML/CFT regime and addressed related technical deficiencies to meet the commitments in its action plan regarding the strategic deficiencies that the FATF identified in November 2017. Trinidad and Tobago is therefore no longer subject to the FATF’s increased monitoring process. Trinidad and Tobago will continue to work with CFATF to improve further its AML/CFT regime."