The Ministry of Labour, Small and Micro Enterprise Development (MOLSMED) through its Commissioner for Co-operative Development (CCD), Co-operative Development Division (CDD) has formally signed a renewed Memorandum of Understanding (MOU) with the Financial Intelligence Unit of Trinidad and Tobago (FIUTT).
The MOU signing took place on Wednesday 1st April, 2026, at the FIUTT office, Level 25, Tower D, International Waterfront Complex and aims to reinforce a commitment to enhanced collaboration in the supervision and regulation of the Credit Union sector.
This updated MOU builds on the agreement signed on 5th July, 2021 and signals a shift toward deeper, more active collaboration between the two supervisory authorities. It establishes a framework for the effective exchange of information and coordination, enabling both institutions to more effectively carry out their respective mandates.
Under the terms of the MOU, the FIUTT and CDD will:
· Strengthen mechanisms for information sharing and regulatory cooperation
· Collaborate on initiatives to ensure compliance with Anti-Money Laundering/Counter Financing of Terrorism and Counter Proliferation Financing (AML/CFT/CPF) standards
· Provide mutual support in training, technical assistance, and capacity-building programmes
· Enhance enforcement of applicable laws, regulations and supervisory policies
The FIUTT, which serves as the central national agency for detecting, preventing and deterring money laundering, terrorist financing and proliferation financing, currently monitors over 5,000 listed businesses and non-regulated financial institutions (NRFIs), including 129 active credit unions to ensure compliance with Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT). The CDD, as the regulatory authority for co-operative societies, plays a critical role in ensuring that credit unions operate in a safe, sound and compliant manner.
The signing of this MOU underscores the shared commitment of both institutions to safeguarding the integrity of Trinidad and Tobago’s financial system and strengthening oversight of a vital sector of the national economy.