T&T Government seeks entry to European crime unit

Trinidad (CMC):

The government of this oil-rich twin-island republic yesterday said it had applied for membership in the Brussels-based Egmont group of Financial Intelligent Units (FIUs).

Finance Minister Winston Dookeran made the announcement as he addressed delegates at a five-day forum on governance, regulation and financial crime prevention in the Caribbean and the Americas.

Dookeran argued that legislation alone cannot deal with the prevention of financial crimes.

"There is much more than legislation that is required, there is much more than enforcement measures that are required; what is required is a higher level of political will not only here in Trinidad and Tobago, but throughout the region to deal specifically with this problem.

"It is in this context I say that we shall stand shoulder to shoulder as we engage in the new assault against financial crime in our societies.

"We hope our application will be considered and approved in 2011 when the plenary session of the Egmount group meets next June," the finance minister said.

The group's members meet regularly to find ways to cooperate, especially in the areas of information exchange, training and the sharing of expertise.

National Security Minister Brigadier John Sandy said a probe into 35 matters had been authorised by the recently established Financial Investigations Unit in Trinidad.

He said that while the first cash seizure had been made in June, Trinidad and Tobago has "been aggressively pursuing investigations under the Proceeds of Crime Act", including applications for court orders, and assistance to foreign jurisdictions through the Mutual Legal Assistance Treaty.

Central Bank Governor Ewart Williams said that the time has come for good governance to take centre stage in combating financial crime.

Dookeran