Tuesday, October 6 2009

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Ramesh Deosaran...

POLITICAL campaign financing, casinos, the real estate and yachting industries could be sources of money laundering in the country. Independent senator Professor Ramesh Deosaran sounded this warning in his contribution to debate on the Proceeds of Crime Amendment Bill in the Senate yesterday.

Stating there was a view in the Organisation of American States (OAS) that money laundering and election financing are “first cousins,” Deosaran wondered why neither Government nor any of its predecessors had done anything to address this matter. Recalling that he successfully piloted a private member’s motion in the Senate to form a committee to look at this issue, Deosaran expressed concern that it has been left “dangling in the Lower House” which has not submitted the names of members to that committee to date. “This election financing is serious,” he added.

Recalling that Prime Minister Patrick Manning made a commitment two years ago to crack down on illegal gambling in the country, Deosaran observed: “Casinos are flourishing. Government should say what changed their mind.” In response, Minister in the Ministry of Finance Mariano Browne said it took a while to move from discussion to legislation to ensure regulation of the industry. He advised Deosaran that just because something is not being spoken about does not mean that nothing is being done.

Deosaran then expressed concern that growth in the real estate sector which seems “too sudden” suggests that money laundering is taking place there. He was also concerned that the relative freedom by which yachts “come and go with ease” from this country also implies money laundering is happening there.

Explaining that white collar crimes are one of the most difficult crimes to prosecute, Deosaran observed that the moment people believes there is stability in the Office of the Director of Public Prosecutions (DPP), the head of that office is “being cut off or transferred to the Judiciary.” He wondered whether the Judiciary was become the dumping grounds for former DPPs.

Stating that a failing criminal justice system and judicial mistrust were some of the conditions which allow money laundering to thrive, Deosaran said Government must not allow the country’s motto to turn into “Together we aspire, together we thief. The moral authority of the Government is paramount and must be seen to be paramount,” he declared.

Deosaran described a remark by Browne that there was nothing unusual about countries having an underground economy as unfortunate. He said TT should be seeking to be better than others rather than being “just as bad as everyone else.” He was also concerned that insider trade could be “alive and well” in TT.