Suspicious transactions are already being reported to authorities following Government’s $100 bill changeover plan.
Attorney General Faris Al-Rawi confirmed this to reporters yesterday responding to queries on the changeover, including concerns coming from the public.
The changeover from paper $100 notes to polymer bills is the foundation of Government’s latest anti-crime thrust to nab persons not only with counterfeit bills but also flush out culprits hoarding ill-gotten gains including from gang operations.
“One of the tools you can use (to fight crime) is to take the profit out of it. It’s been a big agenda on my part to do this and it’s working, This will sober our country up,” Al-Rawi added.
He said Government was already seeing anti-crime results from the changeover thrust, “Very much so,” he added.
He said the Financial Intelligence Unit (FIU) and TTPS’ Financial Intelligence Bureau (FIB) has a “keen eye out.”
He added that a number of businesses have alerted to suspicious transactions - large sales where people have paid cash and then later cancelled their order, seeking cheque refund.
“This is exactly what you want to have happened,” he said, indicating the situation occurred soon afterword of the changeover broke.
Al-Rawi said under FIU law, a list of entities such as banks, jewellers’, real estate agents, art dealers, attorneys, pawnbrokers, accountants, consulting services, car dealers, casinos and other businesses must report suspicious activities. Their information is passed to the FIU and FIB.
“This (current situation) means ‘eyes everywhere’,” he added, saying National Security and police would come out “swinging to do their part.”
The FIU yesterday reminded financial institutions and listed businesses - obligated to report suspicious activities to FIU- to identify customers/clients/members by name, address, occupation, nationality, valid ID and other relevant information.
Al-Rawi who was confident the changeover plan would work said the drug trade doesn’t operate on “credit card”.
Asked about the fact that the changeover won’t capture culprits’ US dollar transactions, Al-Rawi added, “Point is you can’t catch everything, how about if we take what we can.”
On the rigorous process involved in the changeover and people getting angry, he said, “We can ask people to be patient, it’s a significantly important event ...it’s a bit of a challenge but it will get done. The most important thing is to ask T&T to have a little patience, be cautious; the police are out there blanketing the situation.
“The retail industry is reporting heavy cash sales. On the one side, that’s a wonderful phenomenon, a mini-boom! Businesses will be happy.”
He shrugged off concerns about businesses refusing to accept “old” notes, saying people could just deposit it in the bank.
In the Senate Al-Rawi, replying to Opposition questions said he was aiming to bring legislation to Parliament in January on national workplace policy on sexual harassment. This has to be approved by Cabinet.