What is the FIU?AML Compliance Consultants

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.

Website :http://asydneygroup.com

Contact 868 373-1166

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How to Register a Small Business in Trinidad

There are  two steps in registering a business as a sole trader in Trinidad and Tobago namely:

  1. Application for Name Approval/Name Reservation and;
  2. Preparing and filing the Application for Registration by an Individual.

1.The Name Approval / Name Reservation includes the applicant’s name, address, contact information, the proposed name of the business and the nature of the business.

To download the forms click here:

http://www.legalaffairs.gov.tt/companiesForms.htm  

The applicant signs the bottom of the form, however an incorporator, accountant or attorney at law can sign for and on behalf of the applicant only with respect to the Application for Name Approval.

The relevant fees are paid to the cashier and the receipt is stamped with the date of return for the applicant. This is usually five to seven working days. If the Registrar has an issue with the proposed name, a query will be placed on the application. When the applicant returns to collect the name search results, the query must be satisfied in writing. In the event that there are no queries, the applicant will collect the name approval and proceed the next step.

Click here to download the forms:

http://www.legalaffairs.gov.tt/companiesForms.htm

2.Preparing and filing the Application for Registration by an Individual.

At this juncture, the application for Registration by an Individual must be completed and submitted together with the name approval that was previously collected.  Details such as the business name, principal place of business, nature of the business, full name of the applicant must be included in this form. Only the applicant can sign this form and a copy of photo identification must also be submitted with the application to verify the signature of the applicant. The relevant fees are paid and the cashier issues a receipt with the stamped date for the applicant to return, usually five to seven working days. Once this application is approved, the certificate will be produced and ready for collection by the applicant.

A.Sydney is an attorney at law by profession in Trinidad and Tobago. She specializes in AML/CFT/FIU  Compliance, Taxation and provides Corporate Secretarial Services.

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Take the little you have and make it work

Start where you are with what you have. Despise not the day of small beginnings. Use the little salary that you currently have to fund your dream.Dreams are expensive. Every month put aside cash to invest in your business.
Learn to cut costs,such as rent ,cell phone bills. Perform a monthly audit to see where your money goes.Then look at ways to spend less. Once the item is in good working condition do not afraid to buy it used. Try not to make excuses as to why you are not living your dreams. You cannot learn business by reading books or watching videos . You must actually start the business. Promote your business and reinvest profits in your own business.

The author is an attorney at law in Trinidad and Tobago and she specializes in Anti Money Laundering and the Financing of Terrorism . See the website http://asydneygroup.com and Instgram @asydneygrouptt WhatsApp 868 484-7778

 

Are Lawyers required to comply with the Financial Intelligence Unit (FIU) in Trinidad and Tobago?:AML Compliance Consultants

According to the CFATF Mutual Evaluation Report June 2016 “there is no evidence that the legal profession complies with AML/CFT measures in Trinidad and Tobago. This is a serious deficiency having regard for the significant role played by these professional as financial intermediaries (gatekeepers) in introducing and facilitating such a large percentage of financial transactions”.

Gatekeepers are professionals who can facilitate the entry of illicit money into the financial system . These professionals include: Accountants, Auditors, Lawyers, Notaries, Company Formation Agents.

In AML CFT terminology, lawyers fall under the umbrella term DNFB-Designated Non Financial Businesses and Professions.

The First Schedule of the Proceeds of Crime Act (POCA) captures lawyers as listed businesses but states that the lawyer is only accountable when performing the following functions on behalf of a client:

a)Buying and selling real estate;

b)Managing of client money, securities and other assets;

c)Management of banking, savings or securities and other assets;

d)Organization of contributions for the creation, operation or management of companies;

e)Creation, operation or management of legal persons or arrangements, and buying and selling of business entities.

Lawyers are susceptible to being used as a conduit to money launderers to facilitate their nefarious purposes.1

It is therefore imperative that local attorneys understand their AML/CFT obligations and comply with the FIU to safeguard their practice and to retain their reputation.

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Which lawyers are at risk?

Sole practitioners, small firms and large firms are all plagued by the risk of being used by money launderers and perpetrators of other financial crimes. A risk assessment ought to be conducted to ensure that measures are put in place that are commensurate with the risks posed by the customer.

What are attorneys required to do?

  • Register with the FIU;
  • Create a Compliance Program;
  • Appoint a Compliance Officer;
  • Submit a Fit and Proper Form for the Compliance Officer to be approved by the FIU;
  • Train staff on the Compliance Program;
  • Receive internal suspicious activity and transaction memos from staff;
  • Report Suspicious Activity in the SAR/STR to the FIU;
  • Undergo Continuous training;
  • Conduct an annual internal review of the Compliance Program;
  • Conduct annual external review of the Compliance Program.

How do money launderers use the legal and professional services  law firms and sole practitioners to launder their funds?

  • Creating corporate vehicles and complex legal entities such as trusts. These obscure the links between the proceeds of crime and the perpetrator.2
  • Buying and selling property can be used in the layering stage, or in the integration stage where the asset is purchased and retained.3
  • Performing financial transactions on behalf of a client (making deposits, issuing cheques, making and receiving wires, buying and selling stock).4
  • Providing financial and tax advice. Criminals may pose as wealthy individuals who need help sheltering wealth from tax.5

The issue of lawyers  providing advice to their client is controversial, as they have a confidential relationship with their clients.6

According to the CFATF Mutual Evaluation Report June 2016 at paragraph 260 “Financial Institutions (FIs) have indicated that they have particular concerns with doing business with real estate entities and lawyers that buy and sell real estate due to concerns that there is inadequate AML/CFT understanding and application of the requirements such as CDD”.

The Evaluators at paragraph 282 of the MER requested that there be collaboration between the FIU and the Law Association to make the legal fraternity aware the AML/CFT legislative requirements as well as their obligations to implement these requirements.

The Evaluators noted at paragraph 317 of the MER that there appears to be a gap in the registration of lawyers. The majority of lawyers opined that they did not qualify for inclusion as a listed business since their services did not fall withAre Lawyers required to comply with Financial Intelligence Unit (FIU) in Trinidad and Tobago? clearly identify who should be registered.

Penalties

For the offence of Money Laundering, the penalty :

  • On summary conviction,  is  a fine of $10M & to imprisonment for 10 years
  • On Indictment, to a fine of $25M & to imprisonment for 15 years under POCA, S 53 (1)

For the offence of the Financing of Terrorism the penalty,

  • On conviction on indictment for  Individuals $5M & 25 years imprisonment;
  • On summary conviction Legal entities $5M & 5 years imprisonment  under Anti Terrorism Act s 22 A (3) (4) .

When must legal practitioners conduct Customer Due Diligence(CDD)?

When the services provided to the client falls under those services described in the First Schedule of the POCA. This CDD must be applied on a risk sensitive basis when lawyers  establish a “business relationship” with a client, when attorneys carry out an occasional transaction, when they suspect money laundering, when they suspect terrorist financing or when they doubt the veracity of identification documents.7

When must legal practitioners conduct Enhanced Due Diligence (EDD)?

For ongoing matters that present a higher risk of money laundering or terrorist financing, where the client has not been physically present for identification purposes or where the client is a Politically Exposed Person (PEP).8

Kevin Shepherd back in 2002 stated that “Some believe that the special relationship between lawyers and their clients gives lawyers an early inside view into crimes that could make their insights invaluable in the war on domestic and international criminal activity.”9

Lawyers as gatekeepers must start the Know Your Customer (KYC) process. “There is just no other current way of ensuring that the information an Financial Institution (FI) receives is not just a big cobweb of complexities created by a lawyer, helping the customer protect personal identification and corporate ownership information”.10

The time is coming when lawyers will be closely observed by the regulators as powerful and effective gatekeepers. Please get your affairs in order.

The author is an internationally certified Anti Money Laundering specialist and  attorney at law in Trinidad .

Please see the website : http://asydneygroup.com

For a quotation Call/Whatsapp 868 373-1166

Services:

AML Audits;

AML Training;

Compliance Programs;

FIU Consulting

References

1 – http://www.telegraph.co.uk/money/criminal-activities/anti-money-laundering-solicitors-front-line-defence

2- 6 http://aml-expert.com/study-notes/Gatekeepers:_Accountants_Auditors_Lawyers_Notaries_Company_Formation_Agents

7-8 https://www.niceactimize.com/blog/Regulation-of-UK-lawyers-as-gatekeepers-for-AML-538

9-10 http://www.cypressresources.com/blog/aml-gatekeepers-engage

#lawyer #financial #FIU #FATF #attorneys #compliance #CFATF #Trinidad #KYC #KnowYourCutsomer #KYE #KnowYourEmployee #accountants #Training #Consultants #Firms #PrivatePractice #CompanyRegistration #company #incorporator #lawyers #Bar #juniorattorneys #sydney #sydneygroup #FIURegistration #Audit 

Updated 19th June 2019

Even a broken clock is right two or three times a day

I am well on my way to reading one book every week  pursuant to my new year’s resolution. This week, I am exploring “The magic of Thinking Big by David Schwartz. In one chapter he narrates a  story of an irate guest at a hotel who sent a telegram to reserve a room for a single occupant but who came to the hotel clerk requesting  hotel room with double occupancy. The customer insulted the clerk threatening to have him fired and questioned his intelligence. The young clerk apologized but declared that he was merely following instructions.

The author was next in line to deal with the clerk but was pleasantly surprised when the clerk greeted him warmly. The author told the clerk that he admired the way that he dealt with the previous customer. The clerk stated that he refused to be infuriated by a customer like that, he empathised with the man and supposed that he was having marital problems and that the man used him as a scapegoat to feel superior. The clerk added that “…underneath he is  probably a nice guy, most folks are…”

The author then suggested that we remember this statement the next time someone “declares war on us. He said the best way to deal with situations like this is to let the other person say their piece, then forget about it”.

We have nothing to lose by following this approach. Instead of responding to their insults , especially for those of us who work in the service industry, it is wise to hold our tongue. There is nothing to gain by charging with bitter words. The other person may in fact be experiencing some trying times and may simply want attention. Although you may find that your minimum wage does not pay you enough to take insults, I am sure by the following week that you will forget the exchange of words.

No delay in the game

How much of human life is lost in waiting? Do not wait until the timing is perfect. Proceed with your plans . Time waits on no one . Plan and execute. You have to state your intentions to the world and put it out in the universe. It will come back to you. The elements will line themselves up. Everything will fall into place. Start today,baby steps .Do not wait until the time is right. Do not wait for conditions to be favourable,just proceed and they will follow your lead. You have to guide the way ,you will become weary in waiting . Plan ,execute and repeat . Write your plans down for your records and tell your friends about it to remain accountable . Press on.

Not everyone can run a Bar : Special skills are required for certain types of businesses

How much of human life is lost in waiting? Do not wait until the timing is perfect. Proceed with your plans . Time waits on no one . Plan and execute. You have to state your intentions to the world and put it out in the universe. It will come back to you. The elements will line themselves up. Everything will fall into place. Start today,baby steps .Do not wait until the time is right. Do not wait for conditions to be favourable,just proceed and they will follow your lead. You have to guide the way ,you will become weary in waiting . Plan ,execute and repeat . Write your plans down for your records and tell your friends about it to remain accountable . Press on.

How to Register a Limited Liability Company in Trinidad and Tobago ?

Registering your limited liability company with the Companies Registrar has many benefits. Once you obtain the Certificate of Registration, a bank account can be opened in respect of the company and the company can enter into contracts.

There are three steps to incorporate a limited liability company in Trinidad and Tobago namely:

  1. Name Search and Reservation
  2. Incorporation documents
  3. By-Laws

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These will now be discussed in turn.

  1. Name Search and Reservation

This form has to be submitted to Registrar of Companies along with the necessary filing fee. The desired name for the company as well as two (2) alternative names must be included in the form. These alternative names will be considered in the event that the desired company name has already been registered or reserved. Once the name is reserved, the applicant has 28 days to complete the registration process. The applicant has to sign at the bottom of the Name Search form, an incorporator (attorney at law, accountant or specialized incorporator) can sign for and on behalf of the applicant. In the event that the proposed name and the two alternatives are rejected by the Registrar, a new name search must be filed. The Registrar may reject a company name for the following reasons :

(i) names prohibited by the Companies Act;

(ii) names similar to those already registered or;

(iii) a combination of general words that lack distinction or

(iv) names that are misleading to the public.

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It is wise to be specific in stating the type of services that will be offered by your company. The Registrar can request that the applicant clarify any difficulties with the proposed name by putting a query on your application. At that point, the applicant will then satisfy the Registrar’s request by writing a letter explaining why the particular name was chosen. After filing the Name Search in the appropriate form, the applicant has to return to the office of the Companies Registrar in five to seven working days to collect the response. The date for the applicant to return will be stamped on the receipt collected after the fees are paid to the cashier. If the company name is approved, the applicant can move on to the second step, that is the incorporation documents.

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  1. Incorporation documents

The four incorporation documents must be completed in duplicate and filed by the applicant along with the necessary filing fees. Be sure to keep the name approval safely and to submit same with the incorporation documents. The incorporation documents are:

(a) Articles of Incorporation;

(b) Notice of Directors;

(c) Notice of address of Registered Office

(d) Notice of Secretary(ies)

With respect to the Articles of Incorporation , the approved name of the company must be inserted. The applicant must state whether the company will be a private or public company.  The type of liability of the members must also be included whether limited or unlimited. The number of directors must be stated, by law a minimum of 2 directors are needed, a maximum of 10 directors are allowed. The name ,occupation, address and signature of the incorporator has to be included in the Articles of Incorporation. The applicant (one of the directors) also has to sign both copies of the form.

The Notice of Directors must also be completed and filed.  This form provides the names, occupation and addresses of all of the directors. It is reiterated that there must be a minimum of 2 directors and a maximum of 10 directors.

The Notice of Address of Registered Office sets out the registered address of the company. All official company documents and files must be kept here. Generally, the applicant can use his residence as the registered office, however if the applicant is seeking to open a company bank account, one bank in particular will request to see the premises to ensure that it has an office conducive to operating a business.

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The Notice of Secretaries is usually filed as part and parcel of the incorporating documents. The Board of Directors will usually appoint the Corporate Secretary, a director can also act as a Corporate Secretary. The Corporate Secretary will ensure that the company complies with statutory requirements as well as ensuring that the annual returns are filed on time. Caution should be exercised in selecting a Corporate Secretary since this person can sign the documents to dissolve the company.

Once these incorporation documents are prepared and signed, an officer at the Companies Registry will review it briefly and then direct the applicant to the cashier. The applicant will pay the relevant fees and the cashier will prepare a receipt and stamp the date for the Certificate to be collected. Usually five to seven working days, may be longer. If there are further queries by the Registrar, these will have to be satisfied.  Once the applicant returns on the stamped date, and the Certificate is produced it can be collected.

3.By-Laws

The date stated on the Certificate of Incorporation will be deemed the date of incorporation of the company. This is relevant to the entering of contracts by the company and the opening of company accounts.  The next step after the issue of the Certificate is the development of By Laws to conduct the affairs of the company. This document is not filed at the Companies Registry, particularly for companies for profit. The By Laws will be kept at the registered office of the company.

Please be guided that Annual Returns have be filed at the Companies Registry yearly. The company must also  acquire a Board of Inland Revenue number, register for VAT where applicable, and other statutory taxes. The company may also have to be registered with the Financial Intelligence Unit if it is considered a Listed Business as per FIU Regulations.

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Disclaimer

The content herein is provided for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney at law to obtain advice with respect to any particular issue or problem.

Last Updated January 2019

About the Author:

A.Sydney is an attorney at law in Trinidad and Tobago. She specializes in AML/CFT/FIU/Tax Compliance, and provides Corporate Secretarial Services to local and international giants in various industries. Feel free to explore the website for her portfolio of companies and add her on social media:

Website:

http://asydneygroup.com

Instagram:

https://www.instagram.com/asydneygrouptt/?hl=en

LinkedIn:

https://www.linkedin.com/in/sydney-group-238922141

Call/WhatsApp Sydney 868 373-1166