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The confirmation of the appointment of Ms Susan Francois to the position of Director – Financial Intelligence (FIU) is a welcome decision after months of deliberation by the Public Services Commission (PSC).

The confirmation by the Public Services Commission (PSC) of Ms Francois as Director of the FIU ends a period of uncertainty in an area which directly impacts Trinidad and Tobago’s worldwide financial intelligence standing and reputation.

My administration inherited a situation where we found ourselves in the unenviable position of having to operationalize the FIU to avoid being blacklisted by the international Financial Action Task Force (FATF). It was against this backdrop that Ms Francois was appointed to act by the PSC as Director of the FIU.  I am advised that since then, Ms Francois has led delegations to several FATF meetings with the result that our rating has stabilized. 

While significant strides have been made by government to address deficiencies in our systems which impinge on compliance with the Financial Action Task Force (FATF) recommendations; there is still much work to be done to attain a positive rating. It is in this context that I have favourably considered the representations made by the Honourable Winston Dookeran Minister of Finance in support of Ms Francois's retention as Director of the FIU.

We must be able to pass the constant monitoring and evaluation by FATF designed to maintain international standards and ensure that individual countries are implementing the criminal justice, regulatory and financial measures to combat money laundering and terrorist financing.

A fully operational and efficiently functioning FIU is key to avoiding black-listing by the FATF. Such a listing exposes a country to negative stigma, which may hinder simple credit card transactions and present hurdles to attracting foreign investment.

I am guided by the recommendations of the Honourable Winston Dookeran, Minister of Finance that Ms Francois and her team at the FIU are well positioned to effect the necessary actions and procedures which will bring our national systems into compliance with the FATF. Further I am advised that several positions in the FIU are about to be filled. To this end, Mr Nigel Stoddard has also been confirmed as Deputy Director of the FIU. Mr Stoddard is a police officer with over twenty years experience and the holder of a BSC. Degree in computing and Information systems.

 

 

Ms Francois has held the position in the Public Service of Trinidad and Tobago as Registrar General of Trinidad and Tobago from 1999 to 2011, and is a qualified Attorney at Law having been called to the Bar of Trinidad and Tobago over 29 years ago.  She is also the holder of a Masters Degree in Corporate Commercial Law.

I give the assurance that my government will do everything within its power to ensure Trinidad and Tobago’s future good standing on the issue of preventing detecting and deterring financial crime in compliance with internationally accepted standards.