Financing of Proliferation of Weapons of Mass Destruction:AML Compliance Consultants

The threat of proliferation is significant and the consequences are severe. Proliferation has many guises but ultimately involves the transfer and export of technology, goods, software, services or expertise that could be used in nuclear, chemical or biological weapon-related programmes, including delivery systems; it poses a significant threat to global security1.
Proliferation may be defined as the transfer and export of nuclear, chemical or biological weapons; their means of delivery and related materials.2 This could include, inter alia, technology, goods, software, services or expertise. Means of delivery include missiles, rockets and other unmanned systems capable of delivering nuclear, chemical or biological weapons that are specially designed for such use.
What is Proliferation Financing?
The provision of financial services for the transfer and export of nuclear, chemical or biological weapons; their means of delivery and related materials.
With respect to the Financing of Proliferation, the following deficiencies were noted by the Assessor in Trinidad and Tobago:
There does not appear to be a comprehensive policy or the completion of such a policy as it relates to the financing of the proliferation of Weapons of mass Destruction in Trinidad and Tobago;
The framework for targeted sanctions related to Terrorist Financing needs to be reviewed;
The sanctions and prohibitions are in respect of freezing funds are not covered in the Anti Terrorism Act;
There is no comprehensive policy on the proliferation of financing of weapons of mass destruction and there is no adequate legislation on this issue;
There does not appear to be a thorough appreciation of the risk of Terrorist Financing amongst the relevant authorities;
There are inadequate resources to effectively investigate and prosecute Terrorist Financing.


Hi Hustlers!!!!! I am Antoinette Sydney LLB LEC CAMLFC CFRMP Attorney at Law Bar No: SYA2015211!

I help you open your Business Bank Account and I sell ebooks showing you how to register your own business in Trinidad and Tobago. I give FREE business TIPS and FREE Anti-Money Laundering (AML) Training on my YouTube ChannelSubscribe and turn on post Notifications to be the first to see all my videos!

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 Disclaimer

The content herein is provided for informational purposes only and NOT for the purpose of providing legal advice. You should contact your attorney at law to obtain advice with respect to any particular issue or problem.

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References:
1 http://www.fatfgafi.org/media/fatf/documents/reports/Typologies%20Report%20on%20Proliferation%20Financing.pdf
2 S/RES/1540 (2004)
3 http://www.fatfgafi.org/media/fatf/documents/reports/Typologies%20Report%20on%20Proliferation%20Financing.pdf

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