The unexplained wealth order: a boost for Trinidad and Tobago’s fight against money laundering?

Abstract

Purpose

This paper aims to explain the reasons for the introduction of unexplained wealth orders (UWOs) in Trinidad and Tobago and highlights potential obstacles to implementation.

Design/methodology/approach

The research is based on secondary sources. The Civil Asset Recovery and management and Unexplained Wealth Act (CARAMAUWA) (2019) and relevant reports were reviewed.

Findings

The CARAMAUWA provides two potentially powerful tools to confiscate the proceeds of crime. However, the UWOs have greater potential. Effective implementation will require adequate human and financial resources, as well as measures to reduce corruption.

Research limitations/implications

The CARAMAUWA became operational on 14 June 2019 so it was not possible to assess actual implementation.

Practical implications

UWO is a useful tool for controlling money laundering.

Social implications

Effective control of money laundering can reduce crime.

Originality/value

No other study has examined the reasons for the introduction of the UWO in Trinidad and Tobago and the potential challenges to implementation.

Citation

Freckleton, M. (2020), "The unexplained wealth order: a boost for Trinidad and Tobago’s fight against money laundering?", Journal of Money Laundering Control, Vol. 23 No. 2, pp. 509-513. https://doi.org/10.1108/JMLC-09-2019-0077