Giving Venezuelans the opportunity to open bank accounts without the necessary checks and balances opens the door to a plethora of problems including money laundering.
These concerns were raised by Couva North MP Ramona Ramdial when she held a news conference on Sunday.
Ramdial said she wants the Minister of Finance to investigate these latest moves by some local banks.
Ramdial said a number of her constituents who had recently gone to a particular bank were denied the opportunity to open accounts yet this same bank was allowing Venezuelans residing in T&T to open accounts.
She said it was two years ago that nationals holding jobs in the gambling sector were prevented from opening bank accounts.
Ramdial said she wants to know why the Venezuelans are being “curry-favoured.”
She said, “ I want the Minister of Finance to clear these claims and allegations being made by my constituents who have gone to this particular bank and cannot open accounts and whereas the Venezuelans are being given preference for opening accounts and the requirements being waived.”
Ramdial said when the Venezuelans cannot provide job letters the bank was asking for some form of info.
“Any type of info is going to be provided by these Venezuelans, who is really going to check? These accounts being opened and the monies being processed into these accounts can be proceeds of crime, it can be a prostitute working in a brothel and is being allowed to open the account to deposit these monies, it can be a drug lord, someone dealing in arms and ammunition and being allowed to open accounts,” Ramdial said.
She said this system can very well be exploited by persons in human trafficking, prostitution of children, tax evasion, money laundering and international drug dealers. Ramdial referred to a recent report where a Venezuelan woman was arrested at the Piarco International Airport with over US $100,000.
She said she wants the concerns addressed by the banks and the Minister of Finance.
Already Scotiabank T&T Ltd as well as Republic Bank Ltd have publicly said migrants will be allowed to open accounts. But both banks gave detailed requirements for the accounts to be opened.