The T&T Securities and Exchange Commission (TTSEC) recently hosted an informative session for its securities market registrants titled AML/CFT: The Money, the Law and You.Attendees included representatives from entities such as RBC Merchant Bank, ANSA Merchant Bank, Citicorp Merchant Bank, First Citizens Asset Management Ltd, First Citizens Investment Services, Guardian Group, Republic Securities and other securities market players.
TTSEC chairman Prof Patrick Watson opened the session by clarifying money laundering and terrorist financing, its effect on T&T and the world and the Commission's role as supervisory authority. He also placed emphasis on the imminent Fourth Round Mutual Evaluation by the Caribbean Financial Action Task Force (CFATF) which will be conducted in mid-January.
Watson affirmed that "money laundering schemes (ML) in the securities sector normally involve transaction types associated with the integration and layering stages of ML. The activities of this sector's participants principally involve the flow of value instruments both within the local economy and internationally.
"Consequently, we, as a Commission, are required to mitigate against the risk that the proceeds of criminal activity and funds intended for terrorist activities, become included in these capital flows."Also on the agenda were presentations on AML/CFT and the Securities Sector, the Role of the TTSEC in AML/CFT Regulation, Review of the Securities Sector's National Risk Assessment and the AML/CFT Regulation: The Way Forward.
In bringing the session to an end, TTSEC CEO C Wainwright Iton urged attendees to recognise the possible disastrous effects money laundering and terrorist financing can have on the economy and T&T's reputation.He also urged them to implement the necessary systems and internal controls to treat with money laundering and terrorist financing.