Suspicious Activity /Suspicious Transaction Reports(STRs/SARs)
The Proceeds of Crime Act (POCA) and the Anti -Terrorism Act (the ATA) require that a STR/SAR be made to the FIU by Reporting Entities when they know or have reasonable grounds for suspicion of Money Laundering or Financing of Terrorism. Suspicious Activity/ Suspicious Transaction Reports (STRs/SARs) suspicious transaction and suspicious activity reports are received from financial institutions and listed business in accordance with the Financial Intelligence Act.
What Is A Suspicious Transaction/Activity?
Suspicion of money laundering or financing of terrorism requires a degree of satisfaction that may not amount to belief, but should extend beyond mere speculation and be based on some foundation that money laundering or terrorist financing has occurred or is about to occur.
Voluntary Information Reports (VIRs)
If any member of the public would like to provide information about suspicions of money laundering or of the financing of terrorist activities, a voluntary information report (VIR) can be submitted via mail to the FIUTT. If you believe that the information you provide is serious and requires an immediate law enforcement response, then you may also wish to provide this information directly to your local law enforcement agency.
Quarterly Terrorist Property Reporting (QTR)
Financial institutions are required to consult the list of designated entities and the Trinidad and Tobago Consolidated List of Court Orders and report to the FIU every three (3) months whether or not they are in possession of terrorist property (Section 33 (3) of the ATA). To ensure this obligation is fulfilled adequately, financial institutions are guided as follows:
- After confirmation you ARE NOT in possession of terrorist property (that is, none of the financial institution’s customers appear on the (UN1267) or Trinidad and Tobago Consolidated List of Court Orders) a Quarterly Terrorist Property Report 1 (QTR1 form) must be submitted
- After confirmation you ARE in possession of terrorist property (that is, none of the financial institution’s customers appear on the (UN1267) or Trinidad and Tobago Consolidated List of Court Orders) a Quarterly Terrorist Property Report 2 (QTR2 form) must be submitted.
Financial institutions should note further that once a Terrorist Funds Report was previously submitted to the FIU, they will now be required to submit the QTR2 quarterly once they are still in possession of the terrorist property.
For guidance on how to complete and submit the QTR forms, please consult the FIU’s Guidance to Financial Institutions for Quarterly Reporting of Terrorist Property.
Economic Sanctions Reporting (ESR)
The purpose of the Economic Sanctions (Implementation of United Nations Resolution on the Democratic Republic of Korea) Order, 2018 and the Economic Sanctions (Implementation of United Nations Resolution on the Islamic Republic of Iran) Order, 2018 is to implement measures to prevent and disrupt the financing of the proliferation of weapons of mass destruction which constitutes a substantial threat to both domestic and international peace and security.
Pursuant to these Orders, each Financial Institution (FI) and Listed Business (LB) must have regard to Clause 9 (1) which provides that, when the Attorney General circulates the list of entities which have been the subject of a freezing Order by the Supreme Court of Judicature of Trinidad and Tobago, the FI or LB MUST immediately inform the FIU where any of the following apply –
- The Financial Institution or Listed Business has knowledge or reasonably suspects that any entity named in the Court Order has property or funds within the Financial Institution or Listed Business; or
- There is a transaction being conducted by a person involving property or funds owned or controlled, whether directly or indirectly, by an entity named in the Court Order in the form made by the Economic Sanctions Act, Chap 81:05, the Economic Sanctions Reporting Form
Terrorist Funds Report
In accordance with section 22AB of the Anti -Terrorism Act (the ATA), as amended, all FIs and LBs must report Terrorists’ Funds immediately and without delay to the Financial Intelligence Unit (the FIUTT).
All Reporting Entities are required to consult the UN 1267 List and the Consolidated List to verify whether any designated entity or listed entity has funds in the financial institution or listed business.
- After consulting the Lists, if the Reporting Entity knows or has reasonable grounds to believe that a designated entity or listed entity has property or funds in Trinidad and Tobago, the Reporting Entity MUST IMMEDIATELY WITHOUT DELAY take the following action:
- Orally, via telephone, inform the FIUTT, that they have property or funds belonging to an individual or legal entity falling into a category identified; and
- Complete the Terrorist Funds Report (the “FIU TFR form”) and
- Submit the completed FIU TFR form electronically, by the secure reporting system established by the FIUTT; or
- Submit the completed FIU TFR form in hard copy by hand in a sealed envelope.
UNDER NO CIRCUMSTANCES SHOULD A REPORTING ENTITY ENTER INTO OR CONTINUE A BUSINESS WITH A DESIGNATED OR LISTED ENTITY
Strategic analytical reports are produced from the FIUTT’s study of large sets of data from multiple STRs/SARs and other sources to identify patterns, future trends and typologies. Such analysis assists in intelligence-led policing and policy formation. In this reporting period the FIUTT initiated work on Strategic Analysis products which include Human Trafficking, Corruption and Drug Trafficking.