Published: 10 Aug 2010

http://guardian.co.tt/news/crime/2010/08/10/sandy-money-laundering-top-financial-crimes

National Security Minister John Sandy says money laundering has become the most prominent form of financial crime.

Sandy was speaking yesterday at the launching of the Caribbean and Americas Forum on Governance, Regulation, and Financial Crime Prevention five-day workshop at the Hyatt Regency Hotel. He said: “The vulnerability for money laundering in T&T exists primarily as a result of its geographic location between illicit drug-producing countries in the south and illicit drug consuming markets in the north.”

Sandy said analysts estimated between US $590 billion to US $1.5 trillion, which amounts to two and five per cent of the global gross domestic product, is being laundered world-wide. He said financial felonies include insider trading, tax violations, kickbacks, embezzlement, identity thefts, cyber crimes and fraud. He added: “Additional fraudulent activity involves skimming, carousel fraud and advance fee fraud.

“The future of T&T will not be secured unless law and order and the security of persons and financial institutions are addressed. “Our Government already has signaled its intention to address the issue of criminal behaviour, including white colour crime and corrupt activities.” He said legislation had been passed against financial crimes and the Financial Investigations Branch has been actively pursuing criminal activities.

Sandy said the financing of terrorism has been identified as the lifeblood of terrorist activities. “T&T is party to all 12 conventions and has signalled to the international community that we are dedicated at making terrorism unsustainable anywhere in the world,” Sandy said. Acting Police Commissioner James Philbert and Special-Anti Crime Unit Peter Joseph also attended.