Search results

This paper aims to examine the socio-economic effect of money laundering in Trinidad and Tobago. It assesses the efficacy of the administration of justice in addressing money laundering and the confiscation of the proceeds of crime. It identifies deficiencies within the existing anti-money laundering system and provides recommendations to ensure a robust anti-money laundering framework in keeping with international standards.

The paper embraces a pluralist approach. It uses qualitative and quantitative methods and uses a case study approach with contextual qualitative analysis. Empirical data are used and causal connections are linked to the analysis.

The paper highlights a fragmented and inefficient system in addressing money laundering and the confiscation of the proceeds of crime. It concludes that a robust money laundering framework, which meets international standards, requires strong legislative and institutional alignments that promote timeliness, collaboration and efficiency across many agencies.

Findings are limited to Trinidad and Tobago and to the period ending December 2018. Accordingly, these findings lack generalisability.

Trinidad and Tobago needs to revisit its silo approach to anti-money laundering (AML). New policies which embrace harmonisation, collaboration and timeliness in adjudicating upon ML matters are critical.

The negative socio-economic effects of money-laundering are considered in this paper. A disruption of money laundering and the confiscation of the proceeds of crime, benefits society economically and socially.

Trinidad and Tobago has been listed as a country with strategic AML deficiencies by the Financial Action Task Force (FATF). This study provides assistance in guiding much needed reform in the anti-money laundering area and has not before been undertaken.

In 2008, the author wrote on the Concept of “Money Laundering Control: The Missing Link in Trinidad and Tobago. Now, approximately two years after that seminal assessment, the author has re-assessed the domestic anti-money laundering (AML) framework, with particular reference to the controls in place to address money laundering (ML) and the confiscation of the proceeds of crime. This paper aims to assess the efficiency and effectiveness of the newly implemented regime and considers whether it meets international standards.

This analysis embraces a pluralist approach. Within this assessment, a case study method is used with contextual qualitative analysis. Empirical data is analyzed and causal connections are linked to the analysis.

This research highlights catalytic change and creativity in addressing deficiencies within the AML architecture in Trinidad and Tobago. Upon analysis, it is pellucid that a radically altered criminal justice landscape has emerged and a more aggressive and targeted approach to address ML and the confiscation of the proceeds of crime is apparent. The result is a shift in paradigm with tangible outcomes to suggest that the strategies have borne fruit and that the twin island Republic is indeed committed to strengthening the link.

Findings are limited to Trinidad and Tobago and to the period ended April 2020.

As a country with a medium to high ML risk, the possible negative socio-economic effects of ML cannot be underscored. Disruption of ML and the confiscation of the proceeds of crime are, therefore, imperative. This paper considers the progress made in addressing these pertinent issues and assists in assessing the effects of the reformation efforts undertaken by Trinidad and Tobago.