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Rambarran: MoU will prevent financial crimes
Central Bank Governor Jwala Rambarran is confident that the new memorandum of understanding (MOU) between the Securities Exchange Commission (SEC) and the Central Bank will bring greater stability to the financial system and will protect citizens from financial crimes.
“As financial regulators, we have a shared responsibility when it comes to the effectiveness of the regime in place to protect our country and its citizens from organised financial crime. Both the SEC and the Central Bank are demonstrating that we are incorporating international best practices into our own regulatory and supervisory regimes,” he said.
Rambarran spoke on Monday at the official signing of the signing of the MOU between the SEC and the Central Bank at the Hyatt Regency Hotel, Port-of-Spain. He also said the MOU will go a long way in addressing money laundering.
“Such collaboration among the country’s three financial regulators is also a further step in supporting our efforts to combat money laundering and terrorism financing. The region is the transit point for a torrent of narcotics whose street value far exceeds the value of the entire formal economies of the Caribbean. Caught in the crossfire of the international drug trafficking network, financial regulators have an important stake in T&T’s efforts to make it more difficult for organised criminal groups to move money through our financial system,” he said.
He said the MOU advances the process of better managing systemic risk. “It is about ensuring the protection of every citizen who trusts their bank, securities firm or financial institution with their money. It will allow us to share relevant information on corporate structure, administration, quality of organization and systems and other information that maybe relevant to the adequate supervision of financial entities of the securities industry,” he said.
He also said through the MOU, the Central Bank and the SEC can determine whether senior personnel and other individuals, who can impact the strategic direction of a financial institution, are fit and proper in the roles they occupy. “It is necessary if we are to be effective in regulating and overseeing our financial systems. Exchange of information should not just be relevant in times of crisis, but to prevent a crisis from happening,” he said.