Government will be tightening restrictions on the financial sector.
This, from Minister of Finance Davendranath Tancoo, who says he’s focused on financial reforms to secure Trinidad and Tobago’s future.
At the Institute of Chartered Accountants of Trinidad and Tobago (ICATT)’s 16th Annual International Finance and Accounting Conference at the Hyatt Regency in Port of Spain on Friday, the Finance Minister issued a call for collaboration among stakeholders in the financial sector.
“Together we can deliver real value in a future where Trinidad and Tobago is stronger, more competitive and just, a future where public institutions earn confidence, a future where wealth generation and creation includes every citizen.”
Minister Tancoo reaffirmed the government’s commitment to tackling illegal gambling, pointing out its impact on national revenue. He highlighted that while the National Lotteries Control Board earns nearly $3 billion annually, unregulated lotteries continue to divert significant funds away from the public purse.
“We have chosen to respond firmly to this problem. Penalties will be increased and criminal offences will be introduced. Also, illegal operators who use NLCB results to run shadow lotteries will now face serious consequences.”
The Finance Minister said as the government moves to modernise payment services, it has also considered that it must remain inclusive, ensuring that no one is left behind as the country continues to strengthen its digital economy.
“Financial inclusion remains a national priority. Too many individuals and small businesses remain unbanked, too many families operate on a cash-only basis, and as a result, many are unable to access credit.”
Minister Tancoo piloted the Virtual Assets and Virtual Assets Service Providers Bill, 2025, during Friday’s sitting of the Lower House. He underscored the need for vigilance and adaptability in a rapidly changing digital world, warning that emerging technologies could be exploited not only to commit fraud but also to threaten the stability of the financial system if safeguards are not in place.