Trinidad's Central Bank Moves to Tighten Rules on Cross-Border Cash and Forex Reporting

The Central Bank of Trinidad and Tobago says it is preparing to strengthen oversight of cross-border cash shipments and foreign-exchange reporting under planned reforms to the Exchange Control Act. The disclosure followed public questions about the export of US currency after a large shipment was seized by customs officials.

The bank defended its management of the foreign-exchange system while acknowledging that improvements are needed. For the diaspora, tighter reporting rules could affect how larger sums move in and out of the country, making it worth confirming procedures with licensed institutions before sending or carrying funds.

Source: Trinidad Express; Trinidad Guardian.