the proposed business name is queried, carefully review the comments made by
the Legal Officer, this can be seen at the bottom portion of the Search
the name is already reserved or registered, you may have to use another name.
the name is too close to another name, further information may be requested to
clarify the origin of the name.
should draft a letter including your name, the date, the proposed name of the business,
the response to the query and your name and signature. A template of the letter
is available at the Ministry of Legal Affairs.
What is Terrorism? Terrorism is the calculated, premeditated use of unlawful violence to cause panic or advance a political, religious, ideological cause.
Financing of Terrorism Funding of terrorism involves providing funds from both legal (personal donations and profits from businesses and charitable organizations ) and or illegal sources (the drug trade, the smuggling of weapons and other goods, fraud, kidnapping and extortion), directly or indirectly or knowing that the monies are to be used to finance terrorism activity or organizations according to FINTRAC.
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Terrorism is financed in order to: Promote militant ideology; Purchase food for recruits; Purchase weapons; Pay operatives; Arrange for travel; Train new recruits; Forge documents; Pay bribes; Acquire land; Stage attacks.
How to proceed when it is discovered that a potential or existing customer is a terrorist ? As soon as a financial institution or listed business receives the list of designated entities or the consolidated list referred to in section 22AA(2)(c) or (e), the following procedures shall apply: (a) the financial institution shall immediately inform the FIU on the prescribed form, if any person or entity named on either list has funds with the financial institution or listed business; (b) if the financial institution or listed business has reasonable grounds to believe that a person or entity named on either list has funds in Trinidad and Tobago, it shall immediately inform the FIU on the prescribed form; (c) (Deleted by Act No. 14 of 2012); and (d) if a person or entity named on that list attempts to enter into a transaction or continue a business relationship, the financial institution or listed business shall submit a suspicious activity report to the FIU immediately and shall not enter into or continue a business transaction or business relationship with such person or entity.
The law requires that the transaction and by extension, the business relationship be brought to an end and a Suspicious Activity/Transaction Reported be submitted by the Compliance Officer to the FIU.
See Anti Terrorism Act of Trinidad and Tobago,PART III FINANCING OF TERRORISM 22AB
The author is an attorney at law in Trinidad. She specialises in Anti Money Laundering and Financial Crimes. Website http://asydneygroup.com
According to the FATF , Politically Exposed Persons are considered to be higher risk customers because of their status and influence. This can be used to commit money laundering offences and other predicate offences.
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The Author is an Attorney based in Trinidad. She specializes in Anti Money Laundering and Risk and Fraud Risk Management.
When was the last time that you opened a business account at a financial institution ?
You were required to produce a list of documents were you not? The banker may have asked you whether you are employed or a business owner.
If your response was an employee then the following are the required documents :
Two forms of Government issued,photo identification,must be valid ;
Job letter ,must not be dated more than 3 months ;
Payslip ,must not be dated more than 3 months ;
Proof of address ,e.g. utility bill ,must not be more than 3 months old .
If the utility bill is not in the name of the applicant ,an authorization letter ,signed by the person whose name appears on the bill . This person must also submit a copy of valid ,Government issued ,photo identification.
When your banker asks you for these documents ,please be reminded that this is in order to comply with Financial Regulations. Your banker will also present you with a number of forms for your review and signature .
The FIU is the primary institution for the collection of financial intelligence and information and the analysis, dissemination, and exchange of such financial intelligence this will also include information among law enforcement authorities, financial institution and listed businesses
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What does the FIU do?
1.Acts as an autonomous independent body to serve as a national centre for the collection, analysis and dissemination of financial intelligence and information.
2.The FIU functions as a specialised intelligence agency for the receipt and analysis of STRs/SARs) and the dissemination of financial intelligence and information.
3.FIU acts as a Supervisor to monitor specified Supervised Entities and enforce compliance of AML/CFT (AML/CFT) obligations.
4.The FIU does not engage in investigative action, which is conducted by the Law Enforcement Authorities (LEAs).
The Author is an attorney at law based in Trinidad. She specializes in Anti Money Laundering and Financial Crimes. She is also an Internationally Certified Fraud and Risk Management Professional.