A total of 131 suspicious transactions have been forwarded for investigation by the Financial Intelligence Unit (FIU), an increase of 32, over the previous year. In its 2013-2014 annual report, which was submitted by FIU head Susan Francois to Finance Minister Larry Howai last Friday, 17 Suspicious Transaction Reports/Suspicious Activity Reports (STRs/SARs) were submitted, carrying a total monetary value of $698 million while for the same period last year, that figure stood at $1.12 billion.
The report found that just one per cent or six people who were reported for suspected suspicious transactions fell under the politically exposed persons umbrella. The FIU also completed financial analysis on 515 STRs/SARs, which is made up of 513 money laundering issues and two financing of terrorism cases. The report found that of the 515 cases analysed, 323 were filed away for intelligence purposes while further in-depth analysis was conducted on the remaining 192 cases.
Of those 192 cases, 131 reports were generated and sent to the law enforcement agencies and a further two have been sent to the Commissioner of Police. “The FIU received five STRs/SARs relating to financing of terrorism. Analysis was completed on two financing of terrorism STRs/SARs which were forwarded to the Commissioner of Police and ongoing analysis is being completed on the remaining three.
The report said the number of intelligence reports disseminated to law enforcement authorities was “significant” and also highlighted several trends and money laundering patterns, including an increase in real estate purchases. “There has been an increase in the number of persons, both local and foreign, purchasing real estate with cash. In some instances, the purchaser may be acting on behalf of a third party,” the report stated.
The FIU also found increased indications of identity fraud and identity theft. It also found increased incidents of non-nationals, who live in T&T sending “frequent and large amounts of money to their home countries by wire transfers to both family and non-family members.”
The report also indicated an increase in the intra-island money transfers. According to the FIU there is now an expanded “network of senders across the country transferring funds via money or value transfer services to individuals in close proximity to the senders’ location. The funds remitted are usually under $500,” the report noted. The FIU also sent 17 requests for information to government agencies relating to specified categories of offences.