AG seeking to have US$123M in proceeds  of crime repatriated to this country

AG seeking to have US$123M in proceeds of crime repatriated to this country

US$123 million in money deemed to be the proceeds of crime, could be repatriated to Trinidad and Tobago.

This was revealed Thursday by Attorney General Faris Al-Rawi, as he piloted a bill in the Senate which he said could help return the money.

The Miscellaneous Provisions (FATF Compliance) Bill 2020, amends several bills including the Proceeds of Crime Act (POCA), the Financial Intelligence Unit, Anti-Terrorism Interception of Communication, Central Bank and Companies Registrar.

Al-Rawi said the Proceeds of Crime law involved a Seized Assets Fund which was very important since monies from court matters— involving the Unexplained Wealth laws—went into that fund.

Government is now expanding the system so that monies from infractions under the Proceeds of Crime law will go to the benefit of society.

The AG said the bill will broaden the use of money in the Seized Asset Fund from just community development, drug rehabilitation, law enforcement, compensation/restoration and use under the Civil Asset Management Authority.

The explanatory notes to the bill say it will “empower the Minister of Finance, by order, subject to negative resolution of Parliament, to determine other areas or purposes for which money in the Seized Asset Fund may be used.”

Al-Rawi said money is already in the fund by the order of law courts.

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