The FIU would be the primary institution for the collection of financial intelligence and information and the analysis, dissemination, and exchange of such financial intelligence this will also include information among law enforcement authorities, financial institution and Listed Businesses (As stated under the The Proceeds of Crime Act, Chap 11:27 as amended) in Trinidad and Tobago and internationally.
Among its functions are:
- To receive suspicious transactions and suspicious activity reports from financial institutions and listed businesses.
- Request financial information from a financial institutions or listed business to facilitate the exercise of its power.
- Analyze and evaluate reports and information upon receipt thereof, to determine whether there is sufficient basis to transmit reports for investigation by any local or foreign law enforcement authority.
- Collect information as required for:
- The Annual and Periodic Reports
- Tactical analyses, in order to generate activity patterns, investigate leads and identify possible future behaviour.
- Set reporting standards to be followed by financial institutions and listed businesses.
- Engage in the exchange of financial intelligence with members of the Egmont Group- www.egmontgroup.org
- Disseminate at regular intervals, financial intelligence and information to local and foreign authorities and its affiliates within the intelligence community, including statistics on recent money laundering practices and offences.
- Facilitate the sharing of information among local financial institutions and listed businesses and prosecutorial authorities.
- Provide assistance to financial institutions and listed businesses in connection with their obligation under the FIU Act.
- It shall retain all pertinent information it receives for a minimum of six years.
Monitoring the Effectiveness of the System
- The FIU would also implement a system for monitoring the effectiveness of its anti-money laundering policies by maintaining comprehensive statistics on-
- Suspicious transaction or suspicious activity reports received and transmitted to law enforcement
- Money laundering investigation and convictions;
- Property frozen, seized and confiscated; and
- International request for mutual legal assistance or other co-operation.
Suspicious Transaction or Suspicious Activity Report
- In the event the FIU receives suspicious transaction or suspicious activity report or information from a financial institution or listed business under the Act, it shall provide feedback in writing on the report or information to the financial institution or listed businesses.
Powers of the FIU
- Where after the analysis of a suspicious transaction or suspicious activity report from the financial institution or listed businesses the Director is of the view that further information may disclose that a specified offence has been or may be committed or the proceeds of crime are or may be in Trinidad and Tobago or elsewhere, he may:
- Request further information from a financial institution or listed business within a specified time, which information shall be provided accordingly; or
- After the FIU has concluded its analysis or evaluation of a suspicious transfer or activity report, and in which the Director is the view that circumstances warrant investigation:
- A report shall be submitted to the relevant law enforcement authority for investigation to determine whether a money laundering offence has been committed, or whether the proceeds of crime is in Trinidad and Tobago or elsewhere.
Co-operation and liaison with other authorities and Persons
The FIU may, in the performance of its functions, co-operate and liaise with:
- The Central Bank and any other agency of Government;
- The relevant authorities specified by or under a treaty for cooperation.
- Any person who in the opinion of the Director can assist in the provision of information relevant to an analysis of intelligence or other information.