Trinidad and Tobago: NCB Merchant Bank Defends US$2 Million Cash Seized at Piarco International Airport

Trinidad and Tobago: NCB Merchant Bank has defended a US$2 million cash shipment seized at the South Terminal of Piarco International Airport, describing it as a legitimate transaction. The cash, found in a white crocus bag on June 25, was confirmed by the bank in a statement issued on Friday, July 3.

An investigation was launched into this matter after which it was confirmed that the money originated from NCB Merchant Bank and was being shipped to Miami, with a stopover in Jamaica. However, it was seized before the shipment took place by Customs and Excise officials at Piarco International Airport. Officials said the seizure was due to "certain transactional and accountability deficiencies." 

NCB Merchant Bank (T&T) Ltd ‘s chief executive officer Marli Creese confirmed that the cash shipment belonged to it on Friday, July 3, and was related to a transaction which was conducted in the ordinary course of business with another regulated financial institution.

The bank also clarified that the transaction was being carried out in compliance with its established operational procedures, as well as all applicable legal, regulatory, and security requirements.

The bank explained that even though physical cash was being shipped, its actual financial value was never at risk. The bank stated that as soon as the cash would be delivered safely, it would have been fully paid in US dollars. This guaranteed that the bank’s money and financial interests were protected the entire time.

The bank added that it continues to cooperate fully with Trinidad and Tobago’s regulatory and supervisory authorities and would support all administrative processes related to the matter. They mentioned that it would be inappropriate to comment further while the authorities conduct their review.

NCB Merchant bank said that it is a licensed financial institution under the Financial Institutions Act, 2008, and an authorised dealer under the Exchange Control Act. 

It explained that the legislation permits it to import and export notes of any class that are, or have at any time been, legal tender in Trinidad & Tobago or any other jurisdiction, subject to applicable legal and regulatory requirements. 

Moreover, they also said that the bank remains committed to maintaining the highest standards of compliance, governance, transparency, risk management and operational integrity across all aspects of its business.

As per reports the bag was secured by Customs in the bond and was placed under the guard of the Airports Authority Police Department (AAPD) officers and Custom officials and the US$2 million was taken to Central Bank where they were held after being seized.