The government has strengthened oversight over credit unions in Trinidad and Tobago with the signing of a MOU between the Commissioner of Cooperative Development (CDD) and the Financial Intelligence Unit (FIUTT).
The agreement improves information sharing, regulatory cooperation, training, and enforcement of anti-money laundering and counter-terrorism financing rules.
The move signals tighter scrutiny of credit unions through increased monitoring, compliance checks, and reporting requirements.
Ministry officials believe stronger collaboration between regulators will help detect suspicious activity earlier and reduce vulnerabilities within the financial system.
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 commitment to enhanced collaboration in the supervision and regulation of the Credit Union sector.
The credit union system in Trinidad and Tobago manages over TT$20 billion in assets, or more than 4% of the countryโs total financial assets.
The FIUTT 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.
