00:00NCB Merchant Bank Limited has confirmed that the U.S. 2 million seized by customs and excise officials at the
00:07Piako Airport belong to the bank.
00:09The bank also says the cash was being transported in the ordinary course of business and that the shipment complied
00:17with all applicable laws, regulations and industry protocols.
00:21The express questioned the NCB Merchant Bank and its executive, Chief Executive Officer Marley A. Kreese, who provided the following
00:30answers.
00:31The cash referred to belonged solely to the bank. It was being couriered in the normal course of business in
00:37compliance with all applicable laws and regulations.
00:41He said the bank was contacted by the Customs and Excise Division in relation to the shipment for additional verification
00:49and confirmation.
00:50The bank said it complied with all requests.
00:54Kreese said additional supporting documentation was requested and provided.
00:58As far as NCB is aware, the funds remain in the custody of the central bank awaiting clearance for shipment.
01:06Kreese maintains all usual and required protocols were adhered to.
01:11Well, the recent discovery of millions of U.S. dollars awaiting export has sparked widespread public debate with many questioning
01:20why a bank would move physical cash overseas in an age of electronic banking.
01:27Tonight, we explain why banks move physical cash, how the process normally works and what investigators typically examine to determine
01:35whether shipment is compliant.
01:39Most people think of moving money between countries, they think of wire transfers, but commercial banks around the world still
01:47move physical currency across international borders.
01:50Our research has revealed that these shipments are uncommon compared to electronic transfers, but they remain a normal part of
01:58international banking.
02:00Our research was based on international banking and cash in transit standards published by organizations such as the Financial Action
02:08Task Force, the Federal Financial Institutions Examinations Council, and the World Customs Organization recognized authorities on these procedures.
02:18Banks may transport physical U.S. currency for several legitimate reasons.
02:24They may have accumulated more U.S. cash than they need and want to return the access to correspondent banks
02:30overseas.
02:31They may need to replenish supplies of U.S. banknotes in another jurisdiction, or older or damaged notes may be
02:39shipped to be replaced.
02:41Banks may also move cash to support foreign exchange operations, balance their cash inventories,
02:47or meet customer demand for U.S. currency.
02:50The process usually begins inside the bank's vault.
02:54The banknotes are counted using high-speed currency machines authenticated to detect counterfeit notes,
03:00sorted by denomination and bundled according to international banking standards.
03:05Every bundle is recorded and reconciled against the bank's internal cash records.
03:11The cash is then placed into tamper-evident security bags or sealed containers,
03:16fitted with uniquely numbered security seals designed to show any attempt at interference.
03:23At the same time, extensive documentation is prepared.
03:26That documentation can include shipment manifests, insurance certificates, declarations of value,
03:33customs paperwork, export documentation, and detailed chain of custody records
03:39identifying every person or company responsible for handling the shipment from beginning to end.
03:45The shipment is then transferred under strict security.
03:49Rather than using an ordinary courier service, banks generally rely on special cash logistics companies
03:55that transport high-value currency worldwide using armored vehicles,
04:00trained security personnel, GPS tracking, and strict handling procedures.
04:05The cash is taken to the airport where customs officials review the relevant documentation
04:11before the shipment undergoes aviation security screening.
04:15Once cleared, it's loaded as secured cargo for transport.
04:19On arrival overseas, customs authorities process the shipment before it's delivered to the receiving bank or cash vault.
04:26The receiving institution recounts the money, verifies the seals, and documentation,
04:32authenticates the banknotes, and credits the sending bank's account.
04:36Throughout the journey, every transfer of responsibility is documented to preserve an unbroken chain of custody.
04:43Financial experts say those safeguards are designed to ensure every dollar can be accounted for
04:49from the moment it leaves the vault until it reaches its final destination.
04:54So what attracts the attention of investigators?
04:58Well, experts say transporting millions of dollars in cash is not by itself unusual for a commercial bank.
05:05Instead, investigators focus on whether every required procedure was followed.
05:10Among the questions they seek to answer are whether the shipment was properly declared to customs,
05:16whether all supporting documentation accompanied the cash,
05:19whether the shipment was insured, whether an approved cash logistics provider was used,
05:25whether security protocols were maintained throughout the journey,
05:28and whether there was a complete and verifiable chain of custody.
05:33Investigators also examine whether the shipment complied with anti-money laundering regulations,
05:39airline cargo requirements, and banking procedures.
05:42Questions may also arise about how the money was packaged.
05:46While banknotes are ordinarily expected to be secured in sealed, tamper-evident bank cash bags or security containers,
05:55experts note that an outer-woven polypropylene sack, commonly known in Trinidad and Tobago as a crocus bag,
06:02may sometimes be used simply as an external protective covering during transport.
06:09On its own, the use of a crocus bag does not necessarily indicate wrongdoing.
06:14What matters is whether the cash inside remained properly sealed, documented,
06:19and continuously accounted for throughout the shipment.
06:22Ultimately, investigators assessed the totality of the circumstances,
06:27not just the amount of money or the appearance of the packaging.
06:31The focus is on whether the shipment complied with banking procedures,
06:35customs requirements, aviation security rules,
06:38and international anti-money laundering standards from departure to destination.
06:45We asked Finance Minister Divinjanath Tanku for some insight into the procedure
06:50and what could have been the red flag in this instance to cause concern for customs officials.
06:56He said the answers ought to be directed to the Central Bank of Trinidad and Tobago.
07:01Governor Larry Hawaii did not respond to our request for information up until news time.
07:06will be presented to number five foundationalities as well.
