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Reports Of Terrorism-linked Financial Activities Tripled In T&T: Report

PORT OF SPAIN, Trinidad, Feb 24, (CMC) – The Financial Intelligence Unit of Trinidad and Tobago (FIUTT) says, the number of reports of financial transactions, suspected of being linked to terrorism activities, has tripled over the past year.

In its annual report, presented in the Senate, on Tuesday, the Unit said, that the number of terrorism-related reports “jumped from five in 2013-14 to 16 in 2014-15”.

“However, although there were 16 reports, the number of suspects identified in these reports, that is suspected terrorists and their financiers, exceeded that amount,” said the Unit’s director, Susan Francois.

She said, that the reports are only one source of information with the FIUTT receiving and analysing “information on other local and international sources, on over 100 persons, who are suspected of participating in terrorist activities”.

She said, that recent events have underscored extremist groups’ “desire to expand the reach of their terror.

“Such terrorist organisations are bent on establishing communities and causing loss of life; activities which are likely to have a global impact around the world, including the Caribbean.

“The relevant authorities should be mindful of Trinidad and Tobago’s robust anti-terrorism legislation, which makes it an offence to participate in the commission of a terrorist act, in or outside of Trinidad and Tobago, and to finance terrorism.”

She said, that with respect to suspicious transactions activities (STR’s/ SARs) submitted by the Reporting Entities, the monetary value of the reported activities “was considerably less” with a “dramatic decline” from TT$689.2 million in 2013-14 to TT$354.4” during the period 2014-15.

Francois said, a “concern is the under-reporting of the actual dollar amount of the suspected transaction or activity.

“Accordingly, the FIUTT has initiated steps to verify the actual monetary value involved in the suspicious transaction or activity recorded in the STR/SAR, and if required, will instruct on the corrective action to be taken.”

The FIUTT, which said it would support a re-examination of its legal structure, said, it is commonly acknowledged that “cash is the mainstay of criminal transactions.

“Therefore cash-intensive environments, which foster a lack of transparency in transactions, facilitate criminal activities. Thus, the FIUTT will also recommend that the authorities give serious consideration to instituting limits to the use of cash for the purchase of goods and services, as well as, in the collection of revenue at government offices”.

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