Maroc - NEWSDAY.CO.TT - A la Une - 05/Aug 08:21

Powerful FIU vital to combat white-collar crime

LOUIS W WILLIAMS GIVEN OUR horrific murder rate and the prevalence of other violent crimes, quite understandably the focus of our attention has been somewhat skewed toward those who are directly involved in the execution of such crimes (the foot soldiers). Law-abiding citizens are scared for their lives and want those perpetrators to be apprehended and punished in a timely manner. What appears to have escaped the attention of many law-abiding citizens is the relationship between many violent crimes and the white-collar variety. The foot soldiers and their gang leaders do not have the wherewithal to corrupt law-enforcement officials and, indeed, other key state officials, and/or to import illegal drugs and illegal firearms. That falls exclusively within the domain of some very crafty and elusive individuals (the "Mr Bigs") in our country who display a flawless public facade of respectability, but in reality are the ones involved behind the scenes corruptly financing illegal activities and obtaining huge financial rewards from such activities. These individuals utilise our financial institutions in their nefarious enterprise. Accordingly, if we are to effectively combat both serious blue-collar and white-collar crime, a powerful and proactive Financial Intelligence Unit (FIU) is essential. It would be absurd for a critical law-enforcement institution such as the FIU to be authorised to only investigate matters regarding suspicious financial activities/transactions referred to it by financial institutions. The officials in such institutions are not trained in law-enforcement and, therefore, do not possess the appropriate forensic skills. They are at a severe disadvantage when dealing with nefarious characters who find clever ways to hide their ill-gotten gains. Moreover, such nefarious characters have been known, globally, to successfully corrupt and/or intimidate bank officials to get their way. As a consequence, the FIU has to be proactive and ought to be empowered to investigate suspicious financial activities/transactions based on information provided to it from any source. It ought to establish a confidential contact port similar to what obtains at Crime Stoppers where people can anonymously report such financial crimes. Such confidential sources in crime-fighting are oftentimes "on the inside" and therefore quite familiar with the modus operandi of those nefarious people. Those confidential sources can provide information on a host of things including the methods used to evade detection of suspicious financial activities/transactions by financial institutions. It is therefore imperative that our parliamentarians ensure that if the current legislation is deficient in that it does not permit the FIU to commence an investigation in the absence of a report initiated by a financial institution, then the legislation ought to be suitably amended to grant the FIU such authority. There are safeguards in the current legislation to address the leaking of the confidential information of the person being investigated, and the tipping-off of that person that he/she is under investigation, as any official of the FIU or other person who does so is liable to a hefty fine and imprisonment. However, given our crime situation, the penalties should be increased to mandatory sentences of 25 years, with hard labour, without the possibility of parole. There is a lot of hysteria in some quarters, but if the FIU does an investigation and finds nothing worthy of forwarding to the police, then that is the end of the matter and no information on such matters can be disclosed to anyone under the penalty of a hefty fine/imprisonment. In my view, given our current crime situation where the right to life and the enjoyment of one's property are being seriously impacted by the extremely high rate of murder and other violent crimes that have their genesis in white-collar crimes, it is absolutely necessary that we allow the FIU to proactively investigate all suspicious financial activities/transactions that come to its attention. It is certainly reasonably justifiable for the reasons outlined above. Obviously, if our nation has a proper respect for the rights and freedoms of the individual, it must take all appropriate measures to safeguard its inhabitants' right to life, most of all, and to the enjoyment of their properties. It is critical that the FIU must take stern action against all those who leak the confidential information of anyone who is being investigated, or the tipping-off of such an individual. Failure to do so is a serious dereliction of duty. Moreover, failure to pursue such a matter will embolden others to do the same as there would be no fear of consequences for such actions. Let such perpetrators seek to convince the court that they are whistle-blowers. The post Powerful FIU vital to combat white-collar crime appeared first on Trinidad and Tobago Newsday.