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
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.
The penalty for late filing of Annual Returns in Trinidad and Tobago is $300.00 TTD . This penalty is imposed 30 days after the anniversary of the incorporation date of the company and an additional $300.00 will be payable for every month that the annual returns remains outstanding.
Congratulations on registering your limited liability company. Please be gently reminded that there a few post-registration considerations such as tax compliance, AML/CFT/FIU compliance for listed businesses and the filing of annual returns with the Companies Registrar every year.
For further assistance, contact Sydney 868 373-1166
An Annual Return is critical to a company since this document presents a correct, updated reflection of the company’s state of affairs. This documents presents an up to date snapshot of all directors and officers of the company, share capital as well as company debts. Once this document is filed at the Companies Registry, this information will be registered with the Registrar. When conducting company business, banks and other stakeholders will request the most recent Annual Returns. From this document all present company officers and company debts can be discerned.
When should a Company file an Annual Return?
The law states that a company should file an Annual Return no later than 30 days after each anniversary date of its continuance, incorporation or amalgamation at the Companies Registrar.
What happens if a company fails or refuses to file an Annual Return?
Where a Company fails or refuses to file a document with the Registrar within the time specified in the Act, the Registrar shall be entitled to collect from that Company a penalty of one hundred dollars ($300.00) for every month or part thereof.
The Companies Act of the Republic of Trinidad and Tobago requires companies to file an Annual Return every year even if the company has not been trading. In accordance with Section 194 (1) of the Companies Act of the Republic of Trinidad and Tobago, each company must file an Annual Return no later than thirty (30) days after each anniversary date of incorporation in the applicable form. At any point, the officers of the company can change directors, corporate secretaries, issue shares or acquire loans and these changes must be captured in the Registrar’s records of the company.
The following must be updated in the Annual Returns:
(a)Name of the Company
(b)The Registered Office of Company
(c) The Anniversary date of the Company
(d) Share Capital
(e)Authorized Share Capital
(f) Details of the persons holdings shares in the company
(g) The Total amount of indebtedness of the company (loans, mortgages, charges)
(h) Updated details of all directors of the company
(i) Updated details of corporate secretaries
(j) Signature of the corporate secretary or the director
For further assistance, contact Sydney 868 373-166
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.
ABOUT THE AUTHOR:
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. Kindly explore the website for her portfolio of companies: http://asydneygroup.com .