Saturday 28 March, 2020

BATT calls on UNC and PNM to work to get T&T off EU blacklist

The Bankers Association of Trinidad and Tobago (BATT) is calling on the government and opposition to pass legislation in order to ensure that the country becomes compliant with the Global Forum on Transparency and Exchange of Information for Tax Purposes. 

Currently, T&T is the only Global Forum member country deemed non-compliant and consequently remains “blacklisted” by the European Union.

The appeal was made in a statement issued by BATT on Thursday.

Meanwhile, the association praised the government for taking the necessary steps to facilitate T&T's removal from the Financial Action Task Force’s (FATF) grey list.   

According to the FATF website, the twin-island republic is no longer subject to increased monitoring.

Prior to this, the country was among 19 others subject to increased surveillance.

As a result, the government was actively working with the FATF to address strategic deficiencies to counter money laundering, terrorist financing and proliferation financing. 

BATT said the country’s removal from the list bears testimony to government authorities' efforts to fix the issues raised in the 2016 mutual evaluation findings and strengthen the Anti-Money Laundering/Combatting the Financing of Terrorism (AML/CFT) regime. 

The financial association further thanked the Ministry of the Attorney General for the substantial work undertaken to strengthen the nation's legislative framework which contributed to this upgrade. 

BATT ended by saying it remains committed to working with the government and other stakeholders for the collective good of the country.   

Get the latest local and international news straight to your mobile phone for free: