PORT OF SPAIN, Trinidad, CMC -The Financial Intelligence Unit of Trinidad and Tobago (FIUTT)says the monetary value of the 950 Suspicious Transaction Reports/ Suspicious Activity Reports (STRs/SARs) it received last year totaled more than TT$5.9 billion (One TT dollar=US$0.16 cents).
According to the FIUTT annual report for the year ended September 30 last year that was laid in the Parliament on Friday, of the 950 STRs/SARs received, 784 totaling TT$1.3 billion were completed transactions and represented a 12 percent decrease when compared to the six previous reporting period.
The report noted that 226 were attempted transactions, the monetary value of which amounted to TT$4.5 billion and represented a significant increase over the previous reporting period.
Notably, seven STRs/SARs contained both completed and attempted transactions.
The FIUTT said it completed analysis on 523 STRs/SARs, generating 60 Intelligence Reports, of which 51 were suspected money laundering (ML) cases, and nine were suspected FT cases.
“Of the 60 reports generated and subsequently disseminated, 35 were Spontaneous Disclosures. Of the 35 Spontaneous Disclosures, 26 were submitted to local competent authorities while nine were shared with foreign Law Enforcement Authorities and FIUs.”
During the review period, 25 entities from various sectors were de-registered from the FIUTT, and deregistration notices were issued. As of September 30, 2023, 4,821 Supervised Entities were operating under the FIUTT’s AML/CFT/CPF supervision.
In the area of financial analysis, during the reporting period, the FIUTT received a total of 950 Suspicious Transaction Reports/ Suspicious Activity Reports (STRs/SARs) which Reporting Entities submitted.
“The Banking Sector continues to record the highest number of STRs/SARs, accounting for 60% of the total STRs/SARs received. This was followed by the Money or Value Transfer Services sector and Co-operative Societies, which accounted for 23% and eight % of the total STRs/SARs received.”
The FIUTT also noted a 21 percent decrease in STRs/SARs submissions from the banking sector and a notable increase from finance companies, from three to 29 or an 867 percent increase compared to the previous reporting period.
Submissions from the Money or Value Transfer Services sector and Co-operative Societies increased by 113 percent and 55 percent, respectively. A 93 percent increase was noted in the STRs/SARs submissions by non-regulated financial institutions(NRFI).
However, a 19 percent decrease was noted in submissions by financial institutions and a 17 percent decrease in submissions from listed businesses. The FIUTT said a 250 percent increase in STRs/SARs submissions from private member clubs and a 25 percent increase in the STRs/SARs submissions from motor vehicle sales.
The FIUTT said that over the past year, it sustained its engagements and strategic partnerships with other FIUs, law enforcement authorities, intelligence agencies, and other Anti-Money Laundering/Counter Financing of Terrorism/Counter Proliferation Financing (AML/CFT/CPF) authorities among stakeholders.
The FIUTT also received 13 requests from foreign authorities during the reporting period, which featured 38 subjects.
“The suspected criminal conduct in the majority of cases was ML-related. In conducting its analyses, the FIUTT made 18 requests to foreign authorities for financial intelligence and information. The requests comprised 32 subjects and involved suspected Fraud, ML, and other predicate cases. Requests received from foreign authorities originated mainly from the Americas, followed by the Caribbean and Europe.”
During the year, the FIUTT disseminated nine Spontaneous Disclosures to foreign FIUs and law enforcement authorities.
“The spontaneous dissemination of intelligence was linked to the suspected criminal conduct related to ML and FT in foreign jurisdictions. ML accounted for 44 percent of spontaneous intelligence reports disseminated, while FT accounted for 33 percent. The other suspected criminal conduct amounted to 23 percent.”
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