More than $3 billion has been laundered in Trinidad and Tobago over the past three years, according to the country’s Financial Intelligence Unit director, Susan Francois.

Speaking at the University of the Southern Caribbean (USC) in Maracas at the launch of the Money Laundering and Financial Crimes Institute in Trinidad and Tobago (MLFC), a joint effort by USC and the Arthur Lok Jack Graduate School of Business, Francois noted that the amount represents only what was reported by financial institutions and showed “why people take the risk, that is why they conduct criminal activity, that is why they commit crime, because of the huge profits which are generated.”

According to Francois, just as drug traffickers find inventive ways to hide and smuggle their drugs, so the money launderer will find new ways to disguise and move the money earned from his illegal activity.

“This is why education and awareness are necessary tools, tools which are necessary to create a hostile environment for organised criminality.”

Francois said that under the existing legislation there are about 2,000 institutions registered with the FIU as being responsible for implementing anti-money laundering laws and regulations combating the financing of terrorism (AML/ CFT) and each of these institutions must have a compliance officer, and an alternate compliance officer, a total of 4,000 persons.

Read more here: newsday.co.tt