PORT of Spain South MP Keith Scotland was shocked that for the last three years, 80 per cent of police investigations into fraud perpetrators against the customers of financial institutions have not been completed.
He was also shocked that part of the reason for this appears to be a lack of co-operation from some of these institutions with the police. Scotland raised his concerns on these matters during a public inquiry held by the Parliament’s Finance and Legal Affairs Joint Select Committee on March 22 with the police and officials from the Central Bank and the Financial Intelligence Unit (FIU).
Scotland asked why so many investigations had not been completed between 2020-2023. FIU director Nigel Stoddard attributed this in part to financial institutions doing due diligence on these matters. Scotland was not satisfied by this response
“Why is it taking so long? 80 per cent? Three years?”
Fraud Squad Snr Supt Arlet Groome told JSC members, “As it relates to fraud investigations, there are a number of stoppages that we (police) have no control over.”
He cited the challenge of suspects and stolen money going to countries where Trinidad and Tobago has no mutual legal assistance treaty, such as Kuwait and Panama.
In the absence of a treaty in these situations, Groome said, “It (investigation) stops there.”
He told committee members the Director of Public Prosecutions (DPP) often issues advice to financial institutions to provide the police with information pertinent to police investigations into fraudulent activities believed to have been committed at their institutions.
Groome said, “When we reach the financial institutions, there lies the problem. We have a lengthy waiting period. That waiting period, he continued, could be from three months to a year.”
Groome said that even when information is received from the financial institution, it may not be of a quality which the police can turn into evidence to support charges against offenders.
Scotland said, “That is unacceptable. The more time you allow to go, is the more time you allow for the perpetrators to either cover their tracks or go to Kuwait.”
Groome replied, “But there is no legislation to force them or force anyone to give us statements that we would have gotten by warrants or production orders.”
He said the police would welcome any legislative amendment which would force financial institutions to provide information to the police relative to fraud investigations.
Scotland was concerned by reports received by the JSC that financial institutions were not being cooperative with police investigations into fraud cases that concern them.
“Say it isn’t so.”
Groome said not all financial institutions have been uncooperative with the police on these matters.
Opposition Senator Jayanti Lutchmedial-Ramdial was concerned there could be pushback from financial institutions for fraud investigations by the police.
Scotland told Groome, “Complain to the Central Bank. Let the Central Bank intervene and put some turpentine (on the financial
