Trinidad & Tobago Country Summary

FATF Status

Trinidad and Tobago is no longer on the FATF List of Countries that have been identified as having strategic AML deficiencies

Latest FATF Statement - 21 February 2020

The FATF welcomes Trinidad and Tobago’s significant progress in improving its AML/CFT regime and notes that Trinidad and Tobago has strengthened the effectiveness of its AML/CFT regime and addressed related technical deficiencies to meet the commitments in its action plan regarding the strategic deficiencies that the FATF identified in November 2017. Trinidad and Tobago is therefore no longer subject to the FATF’s increased monitoring process. Trinidad and Tobago will continue to work with CFATF to improve further its AML/CFT regime.

Compliance with FATF Recommendations

The latest follow-up Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Trinidad and Tobago was undertaken in 2019. According to that Evaluation, Trinidad and Tobago was deemed Compliant for 26 and Largely Compliant for 9 of the FATF 40 Recommendations. It was also deemed Highly Effective for 0 and Substantially Effective for 0 with regard to the 11 areas of Effectiveness of its AML/CFT Regime.

Trinidad and Tobago has implemented several laws aimed at combating corruption, such as the Integrity in Public Life Act and the Freedom of Information Act, but their effectiveness is limited by infrequent enforcement and lack of coverage for officials' family members and political parties. The country faces significant challenges with organized crime, including drug trafficking and human trafficking, often involving foreign actors, while the judicial system is perceived as weak and underfunded. Despite these issues, there are efforts from the government and civil society to address corruption and support victims of crime, although the perception of corruption remains high.

Trinidad and Tobago has a mixed economy heavily influenced by its rich natural resources, particularly in the energy sector, which has historically attracted significant foreign direct investment (FDI). The country faces challenges such as regulatory uncertainty, high crime rates, and fiscal vulnerabilities, but it continues to offer investment opportunities across various sectors, including renewable energy, telecommunications, and manufacturing. Recent government initiatives aim to improve the investment climate, although perceptions of bureaucratic hurdles and a lack of transparency remain prevalent among investors.

Trinidad and Tobago has a mixed investment climate, primarily driven by its rich natural resources in the energy sector, which attract significant foreign direct investment (FDI). While the government is actively seeking to improve the investment environment through regulatory reforms and infrastructure development, challenges such as regulatory uncertainty, high crime rates, and fiscal vulnerabilities persist, impacting investor confidence. Additionally, the nascent stage of renewable energy initiatives presents both opportunities and uncertainties for potential investors.