By Joey Bartlett
The Central Bank’s assets rose by almost $1.9 billion in one week, reaching nearly $47 billion. Separately, the Financial Intelligence Unit (FIUTT) issued an advisory warning financial institutions about updated global risks linked to money laundering and terrorist financing.
The Central Bank’s Weekly Statement of Account for the week ending October 28 showed total assets rising to $46.998 billion, up from $45.098 billion the previous week. This represents an increase of approximately 4.2 per cent.
Most of the increase came from external assets, particularly foreign currency balances and investments. These rose by $1.863 billion, from $31.154 billion to $33.018 billion.
Total external assets increased from $42.629 billion to $44.492 billion. The Central Bank’s holdings linked to the International Monetary Fund (IMF) remained unchanged. Its IMF subscriptions stood at $4.288 billion, while Special Drawing Rights holdings remained at $7.186 billion.
The statement also showed an increase in the Central Bank’s holdings of government treasury bills. Its value rose from $100,000 to $36.79 million. Other government securities remained unchanged at $22,000.
Other assets increased slightly, from $2.381 billion to $2.382 billion. Fixed assets remained at $87.395 million. On the liabilities side, the amount of cash in circulation fell by approximately $96 million. It dropped from $9.042 billion to $8.946 billion.
The value of banknotes in circulation declined from $8.759 billion to $8.663 billion. However, the value of coins increased slightly, from $283.179 million to $283.317 million.
Demand liabilities rose from $11.107 billion to $11.868 billion. The balances held by commercial banks at the Central Bank increased by approximately $57.6 million, reaching $13.375 billion.
The negative balance recorded under Government and Governmental Organisations also narrowed. It moved from $5.940 billion to $5.429 billion, a change of approximately $511 million. Other liabilities increased from $23.349 billion to $24.584 billion. Capital and reserves remained unchanged at $1.6 billion.
Alongside the Central Bank figures, the Financial Intelligence Unit of Trinidad and Tobago (FIUTT) issued a separate notice on changes to international financial risk ratings.
The notice followed a meeting of the Financial Action Task Force (FATF), which ended on October 30. It outlined updated assessments of countries facing risks linked to money laundering, terrorist financing and the financing of weapons proliferation.
Dated November 2, the notice was issued under Section 17(1)(a) of the Financial Intelligence Unit Act, Chap. 72:01. It informs banks and other businesses that must report financial activity of updated risks.
North Korea, and Iran were identified as high-risk jurisdictions requiring countermeasures. Myanmar was also listed as a country requiring enhanced checks. The notice did provide exemptions for humanitarian assistance, non-profit organisation activities and legitimate remittances.
A further 18 jurisdictions remain under increased monitoring, commonly known as the FATF grey list; Venezuela is included on that list.
The updated list means financial institutions and other reporting businesses in Trinidad and Tobago must consider these risks when dealing with customers and transactions linked to the listed jurisdictions.
For countries identified as high risk, institutions must carry out closer checks and apply the required countermeasures. These measures are intended to reduce the risk of money laundering, terrorist financing and the financing of weapons proliferation.
