The unexplained wealth order: a boost for Trinidad and Tobago’s fight against money laundering?

Marie Freckleton

Journal of Money Laundering Control, 2020, vol. 23, issue 2, 509-513

Abstract: Purpose - This paper aims to explain the reasons for the introduction of unexplained wealth orders (UWOs) in Trinidad and Tobago and highlights potential obstacles to implementation. Design/methodology/approach - The research is based on secondary sources. The Civil Asset Recovery and management and Unexplained Wealth Act (CARAMAUWA) (2019) and relevant reports were reviewed. Findings - The CARAMAUWA provides two potentially powerful tools to confiscate the proceeds of crime. However, the UWOs have greater potential. Effective implementation will require adequate human and financial resources, as well as measures to reduce corruption. Research limitations/implications - The CARAMAUWA became operational on 14 June 2019 so it was not possible to assess actual implementation. Practical implications - UWO is a useful tool for controlling money laundering. Social implications - Effective control of money laundering can reduce crime. Originality/value - No other study has examined the reasons for the introduction of the UWO in Trinidad and Tobago and the potential challenges to implementation.

Keywords: Money laundering; Unexplained wealth order (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:jmlc-09-2019-0077

DOI: 10.1108/JMLC-09-2019-0077

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