(Trinidad Guardian) In the last three days, several suspicious transactions by dubious professionals have been unearthed in the banking sector as thousands of customers continue to rush financial institutions to exchange their existing $100 bill for the new $100 polymer notes.
The old $100 notes will become invalid on December 31, 2019
The changeover from paper to polymer is the basis of Government’s latest anti-crime plan to flush out criminal elements, cut off funding of gangs and take the profit out of crime.
Imbert was first to talk about the suspicious activities, stating that he received reports yesterday that some customers had been visiting banks with “large quantities of cash.”
Imbert said some of these individuals are finding it difficult to fill out a source of funds declaration form “to indicate where they got the money from.”
If someone walked into a bank with a $1 million in cash and claimed it was their savings over the years, Imbert said: “It can prove to be a challenge.”
“We are dealing with the issues as they arise. As issues come up we are addressing it,” Imbert said.
He said commercial banks and Central Bank have been working with the Government.
Young admitted that in the last three days banks have picked up in the system some unusual transactions.
Pressed by reporters to give examples of people claiming to have “professions” and had showed up at banks with large sums of cash in exchange for the $100 polymer note, Young said he could not divulge much as the state’s security services and heads of security at his ministry have been working on intelligence and gathering certain information.
“We had some ridiculous examples of persons going to legitimate businesses placing orders in cash and then cancelling the orders when it is time to collect and say, well, give me a cheque instead. Persons are turning up at the banks trying to cash hundreds of thousands…. millions of dollars in some instances….telling us it is a very dubious profession as to where the money came from,” he said.
Young cited an individual who identified himself as “a barber with over $1 million in cash. That is a very expensive set of haircuts. Again, I am not casting any aspersions.”
In the study of what they expected, Young said it is within the ambit of the T&T Police Service and Customs and Excise when faced with individuals with large sums of money “who cannot provide a proper explanation as to how they acquired the money” or “have suspicion on the proceed of crime” that they carry out an interrogation process, and if not satisfied with their answer, a seizure takes place and then it goes to court.
“That is being employed across the country.”
Young could not say how many transactions were flagged since banks began exchanging the old for the new notes.
Young reminded the population that money laundering was a criminal offence and anyone who facilitated money laundering can also be charged.
The Government, he said, did not create any new law to the amendment the Central Bank Act to have the demonetisation process done, pointing out that the Explain Your Wealth Bill was passed months ago to take the profit out of crime which they have been clamping down on.
Comments
Interesting …good idea !
In UK banks any transaction over £10.000
is thoroughly investigated as national banks
must inform
Central banks of the transaction.
Step in right direction.
International transfers are more pragmatic
with the intro of crypto currency.
City of London now little Switzerland
Money launderers of the planet
Go figure
Kamtan uk
Trini man tell me that gangs can bypass this law by buying luxury goods, and buying Venezuelan women like cattle to work in the rum shop. These anti-crime laws only affect the law-abiding class.
The UK and the Five Eyes countries have so much surveillance, but it doesn’t stop an Arabian Prince or dictator from buying a mansion in London or France.