The fact is however, that many insurance intermediaries deal in cash (for example, in collecting insurance premiums) and herein lies one potential source of money laundering.
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.