Kangaloo signs FATF Act into law

President Christine Kangaloo. - File photo

PRESIDENT Christine Kangaloo has signed a series of legislation into law, which are aimed at making Trinidad and Tobago compliant with international financial and tax regulations.

Legal Notices published on the TT Gazette on November 16 showed Kangaloo assented to all sections of the Miscellaneous Provisions (Financial Action Task Force (FATF) Compliance) Act, 2025.

She also assented to section 10 (a), (b) and (c) of the Miscellaneous Provisions [Proceeds of Crime, Anti-Terrorism, Financial Intelligence Unit of Trinidad and Tobago, Securities, Insurance, Non-Profit Organisations, the Civil Asset Recovery and Management and Unexplained Wealth and Miscellaneous Provisions (FATF Compliance)] Act, 2024 and sections 4(a), 5(1)(b), and 7(d), (g), (h) and (j) Miscellaneous Provisions (FATF Compliance) Act, 2020.

The laws come into effect from November 17.

The Miscellaneous Provisions (FATF Compliance) Act, 2025 was passed in the Houses of Representatives on September 16 and the Senate on September 26, without amendments.

The Act amends several laws including the Prevention of Corruption, Anti-Terrorism and Mutual Assistance in Criminal Matters Acts.

Attorney General John Jeremie, who piloted the bill in the Senate, said the battle for TT to become a compliant jurisdiction with the FATF has been a long exercise.

He highlighted in 2020 the country avoided some banks being de-risked on the international financial market following its removal from FATF’s grey list.

“It made clear that we had made substantial reforms and those reforms had taken place by all of us in this house and that is why I ask all of us to do the right thing this afternoon,” he said.

TT remains among 11 jurisdictions including Panama, Russia and the US Virgin Islands currently on the EU’s list of non-cooperative jurisdictions for tax purposes.

Jeremie said the government will bring other pieces of legislation to address other recommendations made by FATF to become fully compliant.

The other acts were passed by the PNM administration on December 18, 2020 and December 16, 2024.

TT is set to be the first Caribbean jurisdiction to be assessed by Caribbean Financial Action Task Force (CFATF) in March 2026.