A barber has walked into a bank with one million dollars in $100 cotton bills asking for it to be changed to the new polymer ones.
This was revealed by National Security Minister Stuart Young and Finance Minister Colm Imbert at Thursday’s post-Cabinet media briefing at Diplomatic Centre, St Ann’s.
The ministers said within the last few days during the rush by members of the public to exchange the old $100 bills that become invalid on December 31, 2019, there have been several suspicious transactions.
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A new polymer $100 bill has come into circulation on Tuesday in Trinidad and Tobago.
Imbert said some individuals were finding it difficult to fill out a source of funds declaration form “to indicate where they got the money from.”
He admitted that if someone walked in to a bank with $1 million in cash and claimed it was their savings over the years that that could prove to be a challenge.
In cases like that, Imbert said the customer would be advised to go to the Central Bank to have the money exchanged.
He said, “We are dealing with the issues as they arise. As issues come up we are addressing it.”
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Imbert said commercial banks and Central Bank have been working with the Government.
Young said, “Some of the examples would shock any law-abiding citizen of persons turning up with significant amounts of cash and when being asked about the source of funds some of the explanations are very difficult from a point of view.
“We have had quite a few instances of persons turning up and claiming to be of professions…you would be very surprised to be carrying around $1 million in cash and thereabout. Some with more than $1 million in cash.”
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Speaking about the barber, he said, “That is a very expensive set of haircuts. Again, I am not casting any aspersions.”
He said some individuals had purchased foreign-used cars and gold with the old $100 bill to get it off their hands.
