The passage of the three key pieces of anti-money laundering legislation in October 2009 – the Proceeds of Crime Amendment Act, the Financial Intelligence Unit of Trinidad and Tobago Act and the Financial Obligations Regulations – is intended to serve as a catalyst for a major upgrade of the country’s AML systems.
In the 1970s, monetary policy not only accommodated the initial shocks but also allowed second-round effects to become embedded in more persistent increases in inflation. Since the early 1980s, the pass-through to core prices has been limited or nonexistent, at least in part because households and firms have expected the Federal Reserve to counter any lasting inflationary impulse that they might produce.