Greater role for seized assets in crime fight

Trinidad and Tobago's government possesses a potent, yet largely untapped, legislative tool in its fight against sophisticated financial crimes like drug trafficking, money laundering, and terrorism: the Unexplained Wealth Act (UWA). A recent Privy Council judgment underscored this, dismissing an appeal against a Preliminary Unexplained Wealth Order (PUWO) linked to a drug trafficking investigation.

The UWA, part of the Civil Asset Recovery and Management and Unexplained Wealth Act passed seven years ago, has seen limited use, featuring in only two investigations. This contrasts sharply with its potential. The law allows investigators to act on reasonable suspicion of unexplained wealth, bypassing the need for a prior criminal conviction required by the Proceeds of Crime Act (POCA). This is crucial, as demonstrated in a case where suspects with convictions for cocaine possession and trafficking generated significant income from a mini-mart, enabling them to acquire multiple properties and bank accounts without clear legitimate sources.

Despite its advantages, the UWA's implementation faces hurdles, primarily resource constraints. Snr Supt Avinash Singh of the Financial Investigations Branch noted that while no substantive obstacles exist, these cases are inherently time-intensive. The potential for the Civil Asset Recovery and Management Agency to become self-sustaining through seized assets is significant, given the profitability of illegal economies. Experts suggest that tweaking the act, incorporating external expertise, offering performance-based bonuses, and incentivizing informants could address resource shortfalls and mitigate internal corruption.

The act remains only partially proclaimed, limiting its full application. The Privy Council's ruling serves as a reminder of the UWA's power and the need for its more robust utilization to effectively combat financial crime and recover illicit assets.

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investigators had not encountered any substantive obstacles, but these kinds of cases were inherently time-consuming and required extensive investigations.