FATF Status

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

FATF Statement re AML Strategic Deficiencies:   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 last Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Trinidad and Tobago was undertaken by the Financial Action Task Force (FATF) in 2016. According to that Evaluation, Trinidad and Tobago was deemed Compliant for 12 and Largely Compliant for 13 of the FATF 40 Recommendations.

EU Commission list of High Risk Countries

Trinidad and Tobago is on the EU Commission list of High Risk Countries although not on the FATF AML Deficiency list

US Department of State Money Laundering assessment (INCSR)

Trinidad and Tobago is categorised by the US State Department as a Country/Jurisdiction of Primary Concern in respect of Money Laundering and Financial Crimes. 

Overview  

Trinidad and Tobago’s geographic location in the southern Caribbean, developed financial systems, and use by criminal organizations as a transshipment point for narcotics and other illicit goods makes it vulnerable to money laundering. 

In 2021, Trinidad and Tobago made progress towards strengthening its anti-money laundering/combating the financing of terrorism (AML/CFT) regime, including strengthening its legislative framework and investigating and prosecuting suspected cases of money laundering.  In 2021, Trinidad and Tobago started its second national risk assessment (NRA) exercise with donor support and passed new laws regulating the gaming industry and allowing for mutual legal assistance requests from non-Commonwealth nations.  

Despite some progress on judicial reform, existing vulnerabilities related to the country’s slow judicial system, prevalence of drug trafficking, corruption, and illegal gaming are reasons for concern. 

EU Commission Tax Blacklist

Trinidad and Tobago has been attributed a rating of “Non Compliant” by the Global Forum on Transparency and Exchange of Information for Tax Purposes, has not signed and ratified the OECD Multilateral Convention on Mutual Administrative Assistance in Tax Matters as amended, has a harmful preferential tax regime and did not commit to addressing these issues by 31 December 2018. 

Trinidad and Tobago's commitment to comply with criteria 1.1 and 3 will be monitored.

On March 12, 2019, the EU Commission confirmed that Trinidad and Tobago had major transparency concerns and, therefore, it will remain on the EU Tax Blacklist.

Rating                                                                           (100-Good / 0-Bad)

Transparency International Corruption Index                          42

World Governance Indicator – Control of Corruption             41

Trinidad and Tobago (TT) is a high-income developing island country that maintains an open, heavily trade dependent economy. The International Monetary Fund (IMF) projects that TT’s Gross Domestic Product (GDP) of $24.5 billion will rise by 3.5 percent in 2023. Upstream and downstream energy production drive the economy and this sector has attracted the most foreign investment of all sectors. Petrochemicals and steel are other sectors accounting for significant foreign investment. The energy sector usually accounts for approximately half of GDP and 80 percent of export earnings.

TT’s investment climate is generally open and the TT government (GoTT) continues to work to strengthen intellectual property protection, leverage new financial technologies to improve the delivery of services, streamline the tax structure, and facilitate better customs procedures. While most formal investment barriers have been eliminated, U.S. companies cite inefficient bureaucracy and opaque procedures as hurdles.

Over the past twelve months, foreign direct investment (FDI) in both energy and non-energy sectors has increased, with several companies expanding operations, reflecting a return to confidence combined with successful efforts by the investment promotion agency. The GoTT is also prioritizing the incorporation of digital technologies as a means of improving the business and investment climate.

TT is working towards implementing its nationally determined contributions to the Paris Agreement (15 percent reduction in emissions from power generation, public transportation, and industry by 2030) with the construction of utility scale solar plants, the development of an e-mobility policy, enabling the conversion of conventional motor vehicles to run on cleaner compressed natural gas, and developing a poly on carbon capture and storage. The war in Ukraine has impacted food security through inflation which reached a high of 8.7 percent at the end of 2022.

Country Links

Financial Intelligence Unit of Trinidad and Tobago (FIUTT)​

Central Bank of Trinidad and Tobago​