T&T bankers peeved at label by Canadian newspaper

PORT-OF-SPAIN, Trinidad (CMC):

The Bankers’ Association of Trinidad and Tobago (BATT) has dismissed international media reports that Trinidad and Tobago is a known money laundering haven where anyone can stash millions of dollars and transfer funds to offshore accounts without being arrested.



“These statements are unfortunate and misguided,” said the BATT, which represents all the commercial banks operating here.



The Canadian Montreal Gazette in an article on May 30 quoted Canadian money-laundering specialist Garry Clement, a director with the Royal Canadian Mounted Police as saying that “Panama and Trinidad and Tobago were known money laundering havens”.



The newspaper report followed the arrest in Panama of Arthur Porter, the former head of the McGill University Health Centre, and his wife on money-laundering and conspiracy charges arising from a CAN$1.3 billion hospital construction contract.



The two were on their way to Trinidad and Tobago when they were arrested, but did not appear to have any business links in Port-of-Spain.



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