(Trinidad Guardian) Dirty money can be laundered in T&T through real estate, jewelry stores, money transfers, on-line lottery games, plus other business lines, Attorney General Anand Ramlogan said yesterday. Ramlogan spoke about the situation during yesterday’s Senate debate on legislation to strengthen the Financial Intelligence Unit anti-money laundering unit and make it compliant with international stipulations. The bill was passed in the Lower House recently. Under the bill, the FIU will be empowered to establish a register to monitor real estate dealers, money and wire transfer firms, jewelry, on-line gaming lottery systems, attorneys, notaries, casinos, accountants and other types of companies.
Ramlogan said there had been complaints over a length of time from people doing legitimate business about other people engaging in similar businesses to launder “dirty” money. He said legitimate businesses could not compete since the other businesses employed below-cost prices for instance. Citing the real estate market, he said questions had to be asked when people without the known means of income or jobs could amass sizeable fortune in real estate. “This is how dirty money is laundered, by people buying properties and reselling,” he added.
