Oct 2009 Financial News

Independents want changes to financial intelligence bill

Oct 07, 2009

At least six of the nine Independent Senators yesterday put pressure on the Government to amend its proposed legislation to establish a Financial Intelligence Unit (FIU) if it wanted their votes.

A key concern for most of the Independent Senators was the bill's stipulation that the FIU be placed under the Ministry of Finance as they said this could lead to accusations of political interference.

Suggesting the FIU fall under the Central Bank instead, Independent Senator Helen Drayton said, "Although it is a supervisory body, it requires some distance from the political directorate."

The FIU bill requires a special two-thirds majority vote in both Houses of Parliament for passage and the Opposition Senators had declared their intention not to support the bill.

"We need the support of the Independent benches," Attorney General John Jeremie told the Senate last evening.

As at 7 p.m., however, Independent Senators Michael Annisette and Annette Nicholson-Alfred had not made any statements relating to the debate but the rest of their colleagues made their position clear on the bill.

Independent Senator Basharat Ali was absent from yesterday's sitting.

The bill needed to be approved by Friday in order to ensure this country is not blacklisted by the Caribbean Financial Action Task Force- a move which would have dire consequences on international investment revenues.

"If the country is blacklisted, well let the people of Trinidad and Tobago know fully and honestly that any consequences would be as a result of inaction by the Government, not any member of this Parliament not accepting legislation that is substandard and not in the interest of the stated goals of the Government,: Drayton said.

Independent Senator Corinne Baptiste-McKnight said the bill was "minimalist" at best. See Page 5


Source:
Juhel Browne
Trinidad Express
Wednesday, October 7th 2009

http://www.trinidadexpress.com/index.pl/article_news?id=161541261