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Give Central Bank power to police credit unions

Sunday, July 20 2014

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SIR ANTHONY COLMAN...
SIR ANTHONY COLMAN...

SIR ANTHONY Colman, in his report on the collapse of the Hindu Credit Union (HCU) tabled in Parliament on Friday, calls for more powers to be given to the Central Bank to enable it to regulate credit unions and take law enforcement action independent of the Police Service.

“It is important that the Central Bank of Trinidad and Tobago should be able to act as its own prosecuting authority, should it be necessary to take enforcement or punitive proceedings in the High Court or the criminal courts,” the Report states.

“An enforcement system which relied to any material extent on investigation and/or preparation for Court by the police or the DPP would not be effective: neither would have adequately qualified personnel to carry out that function.”

The Report continues, “Further, in order for the dual regulatory regime to work smoothly, it would clearly be desirable for there to be provision for an inter-departmental body to be set up to ensure that regulatory action and, particularly enforcement measures, as between the Commissioner for Cooperative Development and the Inspector of Financial Institutions did not conflict.”

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