Trinidad and Tobago’s entry into the Egmont Group of Financial Intelligence Units (FIUs) on July 3 is further endorsement and recognition for the country’s fight against money laundering and terrorist financing, Finance Minister Larry Howai said in a release Sunday.

This latest recognition confirms the significant strides that have been made by the local FIU in taking on the scourge of money laundering, terrorist financing and other forms of corruption, it added.

The Egmont Group’s primary mission is to improve co-operation in the fight against money laundering and terrorism financing and to foster the implementation of domestic programmes through dedicated support, the release said.

T&T’s admission into the Brussels, Belgium-based organisation gives international recognition to the local FIU and will facilitate the exchange of information among 138 international FIUs, as well as provide training opportunities and support for the FIUTT.

“Admittance in the Egmont Group sends a strong signal that this Government is serious about fostering and strengthening the financial integrity of Trinidad and Tobago in the local and international arena,” Howai said.

This recognition comes after Trinidad and Tobago’s removal last October from the Financial Action Task Force’s (FATF) ‘grey list’; and last month’s full-signatory status to the International Organisation of Securities Commission Memorandum of Understanding (IOSCO MOU) following the passage of the Securities Act 2012.

“My vision is to build a strong regulatory environment to prevent crises in the financial services sector as occurred with the CLICO meltdown and more than that to enable the building of a strong and resilient financial services sector that would add meaningful jobs to the local economy and position Trinidad and Tobago as a regional financial centre,” Howai said.

Source:  www.trinidadexpress.com