Trinidad and Tobago
This report analyses the implementation of the AEOI Standard in Trinidad and Tobago with respect to the requirements of the AEOI Terms of Reference. It assesses both the legal frameworks put in place to implement the AEOI Standard and the effectiveness of the implementation of the AEOI Standard in practice.
The methodology used for the peer reviews and that therefore underpins this report is outlined in Chapter 2.
Overall findings
AEOI legal framework
Trinidad and Tobago’s legal framework to implement the AEOI Standard is not in place. This is because Trinidad and Tobago has not put in place a domestic legislative framework requiring Reporting Financial Institutions to conduct the due diligence and reporting procedures (CR1) nor an international legal framework to exchange the information with all Interested Appropriate Partners (CR2).
Effectiveness of AEOI in practice
Trinidad and Tobago’s implementation of the AEOI Standard is not compliant with the requirements of the AEOI Terms of Reference to ensure the effectiveness of the AEOI Standard in practice. This is because Trinidad and Tobago has not put in place a domestic legislative framework requiring Reporting Financial Institutions to conduct the due diligence and reporting procedures (CR1) nor an international legal framework to exchange the information with all Interested Appropriate Partners (CR2).
Overall rating in relation to the effectiveness in practice: Non-Compliant
General context
Trinidad and Tobago committed to commence exchanges under the AEOI Standard in 2018.
Trinidad and Tobago has not yet put in place a domestic legislative framework and does not yet have an international legal framework to exchange the information. It has also not yet put in place technical solutions necessary to receive and validate information reported by Reporting Financial Institutions.
It should be noted that the review of Trinidad and Tobago’s legal frameworks implementing the AEOI Standard concluded with the determination that its domestic legal framework and its international legal framework is Not In Place. This has been taken into account when reviewing the effectiveness of Trinidad and Tobago’s implementation of the AEOI Standard in practice.
Trinidad and Tobago advised that its Parliament has approved primary domestic legislation. However, it will not be proclaimed as law until after the required administrative arrangements are in place.
Findings and conclusions on the legal frameworks
The detailed findings and conclusions on the AEOI legal frameworks for Trinidad and Tobago are below, organised per Core Requirement (CR) and then per sub-requirement (SR) as extracted from the AEOI Terms of Reference (see Annex C).
CR1 Domestic legal framework: Jurisdictions should have a domestic legislative framework in place that requires all Reporting Financial Institutions to conduct the due diligence and reporting procedures in the CRS, and that provides for the effective implementation of the CRS as set out therein.
Trinidad and Tobago has not put in place a domestic legislative framework requiring Reporting Financial Institutions to conduct the due diligence and reporting procedures, therefore the CR1 Domestic legal framework is determined to be not in place. As no such framework is in place a detailed analysis in relation to each SR has not been possible.
CR2 International legal framework: Jurisdictions should have exchange relationships in effect with all Interested Appropriate Partners as committed to and that provide for the exchange of information in accordance with the Model CAA.
Trinidad and Tobago has not put in place the international legal framework to exchange the information with all of Trinidad and Tobago’s Interested Appropriate Partners, therefore the CR2 International legal framework is determined to be not in place. As no such framework is in place a detailed analysis in relation to each SR has not been possible.
Findings and conclusions in relation to effectiveness in practice
The detailed findings and conclusions in relation to effectiveness in practice of AEOI for Trinidad and Tobago are below, organised per Core Requirement (CR) and then per sub-requirement (SR) as extracted from the AEOI Terms of Reference (see Annex C).
CR1 Effectiveness in practice: Jurisdictions should ensure that in practice Reporting Financial Institutions correctly implement the due diligence and reporting procedures, which includes a requirement for jurisdictions to have in place an administrative framework to ensure the effective implementation of the CRS.
Trinidad and Tobago has not put in place a domestic legislative framework requiring Reporting Financial Institutions to conduct the due diligence and reporting procedures, therefore the effectiveness in practice of its administrative compliance framework and its collaboration with exchange partners (CR1 Effectiveness in practice) has been determined to be Non-Compliant. As no such legal framework is in place, a detailed analysis in relation to each SR is not necessary.
CR2 Effectiveness in practice: Jurisdictions should exchange the information effectively in practice, in a timely manner, including by sorting, preparing, validating and transmitting it in accordance with the AEOI Standard.
Trinidad and Tobago has not put in place the international legal framework to exchange in the information with all Interested Appropriate Partners, therefore the effectiveness in practice of its exchange of the information (CR2 Effectiveness in practice) is determined to be Non-Compliant. As no such framework is in place a detailed analysis in relation to each SR is not necessary.