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Sunday, July 20, 2025

Rambarran: MoU will prevent financial crimes

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20140108

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.


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