Money laundering control: the missing link in Trinidad and Tobago

Sherene Alicia Murray-Bailey

Journal of Money Laundering Control, 2019, vol. 22, issue 4, 694-720

Abstract: Purpose - This paper aims to examine the socio-economic effect of money laundering in Trinidad and Tobago. It assesses the efficacy of the administration of justice in addressing money laundering and the confiscation of the proceeds of crime. It identifies deficiencies within the existing anti-money laundering system and provides recommendations to ensure a robust anti-money laundering framework in keeping with international standards. Design/methodology/approach - The paper embraces a pluralist approach. It uses qualitative and quantitative methods and uses a case study approach with contextual qualitative analysis. Empirical data are used and causal connections are linked to the analysis. Findings - The paper highlights a fragmented and inefficient system in addressing money laundering and the confiscation of the proceeds of crime. It concludes that a robust money laundering framework, which meets international standards, requires strong legislative and institutional alignments that promote timeliness, collaboration and efficiency across many agencies. Research limitations/implications - Findings are limited to Trinidad and Tobago and to the period ending December 2018. Accordingly, these findings lack generalisability. Practical implications - Trinidad and Tobago needs to revisit its silo approach to anti-money laundering (AML). New policies which embrace harmonisation, collaboration and timeliness in adjudicating upon ML matters are critical. Social implications - The negative socio-economic effects of money-laundering are considered in this paper. A disruption of money laundering and the confiscation of the proceeds of crime, benefits society economically and socially. Originality/value - Trinidad and Tobago has been listed as a country with strategic AML deficiencies by the Financial Action Task Force (FATF). This study provides assistance in guiding much needed reform in the anti-money laundering area and has not before been undertaken.

Keywords: Money laundering; Trinidad and Tobago; Anti-money laundering; Proceeds of crime (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:jmlc-01-2019-0003

DOI: 10.1108/JMLC-01-2019-0003

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