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LATEST CORONA VIRUS INFO – OFFICIAL STATS AND MAPS

Fine and Imprisonment For Those Who Fail to Report Suspicious Financial Transactions.

by | Dec 12, 2019

Acting Director of the Financial Intelligence Unit, Nigel Stoddard says there are three stages to which persons launder money. 

Speaking at the weekly TTPS Media Briefing on Wednesday morning, Stoddard said the first stage is the placement of funds which was acquired through criminal proceeds, the second is called layering phase and the third is referred to as the integration stage, where the money obtained is then sought to purchase assets. 

Stoddard says failure by any institution to report suspicious transactions will result in a fine and imprisonment. 

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