The Civil Asset Recovery and Management and Unexplained Wealth Bill was unanimously passed in parliament earlier this week.
Attorney General Faris Al-Rawi told legislators that innocent citizens have nothing to fear or hide and the law will only target wrongdoers.
The new legislation is seen as a major step in the battle against corruption and aims to establish an agency responsible for recovering criminal property and curbing ill-gotten gains.
A key provision of the law is the introduction of “unexplained wealth orders” which has been described by Al-Rawi as a “dynamite provision”.
This draws on experience in St Vincent and the Grenadines requiring some people suspected of crime to explain where their apparent wealth may have come from.
“And who better to explain how you bought your house, how you have a mansion worth X or Y, how you have a car? And who better to explain this than the person who owns it? Not everybody is brave enough to leave their name on a record for full public inspection,” Al-Rawi told parliament, according to the Trinidad and Tobago Guardian.
Corruption has become an important political issue in the Caribbean country which was listed at 78th place in the world by Transparency International's 2018 Corruption Perceptions Index (CPI).