In a significant move to combat financial crimes, Trinidad and Tobago’s Financial Intelligence Unit (FIUTT) and the Inland Revenue Division (IRD) have formalized a renewed cooperation agreement through a memorandum of understanding signed this week. The agreement establishes an enhanced framework for intelligence sharing and collaborative action against financial offenses.
The newly signed MoU replaces a previous arrangement dating back to 2010, signaling an upgraded approach to financial security. Under this partnership, both agencies will operate within their respective legislative mandates to voluntarily exchange critical financial intelligence or provide information upon formal request.
Finance Minister Davendranath Tancoo characterized the agreement as “a critical pillar in the government’s approach in protecting the integrity of our financial system.” He emphasized that the collaboration creates “a formidable front against money laundering, terrorism financing and proliferation financing” by bridging the gap between financial intelligence gathering and tax administration.
The FIUTT operates under specific legislation that empowers the unit to collect, analyze, and disseminate financial intelligence to law enforcement authorities, including the IRD. Meanwhile, the IRD maintains responsibility for investigating and prosecuting tax offenses and money laundering cases through civil, criminal, or administrative channels.
This coordinated effort represents Trinidad and Tobago’s latest measure to strengthen its financial regulatory framework and combat increasingly sophisticated financial crimes that threaten economic stability.