The purpose of the Economic Sanctions (Implementation of United Nations Resolution on the Democratic Republic of Korea) Order, 2018 and the Economic Sanctions (Implementation of United Nations Resolution on the Islamic Republic of Iran) Order, 2018 is to implement measures to prevent and disrupt the financing of the proliferation of weapons of mass destruction which constitutes a substantial threat to both domestic and international peace and security.
The Economic Sanctions (Implementation of United Nations Resolution on the Democratic Republic of Korea) Order 2018 and the Economic Sanctions (Implementation of United Nations Resolution on the Democratic Republic of Iran) Order 2018 seeks to put measures in place to prevent the proliferation of weapons of mass destruction (WMD) . The Proliferation of weapons of mass destruction poses a clear and present danger to global peace and security.
Listed Businesses (LBs) and Financial Institutions (FIs) must consult the list of entities which have been subject of a freezing Order by the Supreme Court in Trinidad and Tobago and inform the Financial Intelligence Uni (FIU) where the FI or LB knows or has reasonably suspects that an entity named in the Court Order has property or funds in the FI or LB; or
A transaction is being conducted by an individual involving property or money owned or controlled by an entity named in the Court Order.The prescribed form is the Economic Sanctions Reporting Form.
About the Author: Antoinette Sydney LLB LEC CAMLFC CFRMP, Bar No. SYA2015211, Attorney at Law. The author is the first Online Lawyer based in Trinidad and Tobago. She has clients in Guyana, St Vincent, Barbados, the British Virgin Islands and North America. She specializes in Corporate Law and Anti-Money Laundering Compliance. She helps clients to start their Online Business Empire.
ANTOINETTE SYDNEY LAW OFFICE: MONTROSE MAIN ROAD CHAGUANAS, TRINIDAD AND TOBAGO
The most important obligation of a listed business is to register with the Financial Intelligence Unit (FIU) .The following represents a list of other obligations:
1.To report suspicious transactions and activities
2.To obtain and verify customer information in accordance with Regulations 15 and 16 of the Financial Obligations Regulations (FORs) ;
3.To keep records of customer information for 6 years (Regulation 31 of the FORs);
4.To provide the FIU with a copy of those records once requested in writing;
5.To provide Law Enforcement Agencies with a copy of those records once requested in writing;
6.No tipping off in accordance with section 51 Proceeds of Crime Act (POCA);
7.To reference every customer’s name against the 3 Sanction lists (UN 2253 List, FATF List of Non- Cooperative Countries and Territories and the TT Consolidated List of High Court Orders .
8.To conduct Enhanced Due Diligence (EDD) on PEPS in accordance with regulation 20 of the FORs ;
9.To conduct an internal and external Anti Money Laundering Audit annually;
10.To attend AML training every year;
11.To conduct Due Diligence on new employees (KYE).
About the Author: Antoinette Sydney LLB LEC CAMLFC CFRMP, Bar No. SYA2015211, Attorney at Law. The author is the first Online Lawyer based in Trinidad and Tobago.. She has clients in Guyana, St Vincent, Barbados, the British Virgin Islands and North America. She specializes in Corporate Law and Anti-Money Laundering Compliance. She helps clients to start their Online Business Empire.
THE LAW OFFICE OF ANTOINETTE SYDNEY LAW IS LOCATED ON MONTROSE MAIN ROAD CHAGUANAS, TRINIDAD AND TOBAGO
To Change a Sole Trader Business to a Limited Liability Company in Trinidad and Tobago:
A name search application using Form 25 must be completed and filed with the Registrar of Companies, paying the prescribed fee . Once the name approval is obtained then the incorporation documents must be completed and filed in duplicate, in addition to Form 9. Form 9 is used to de-register the existing Sole Trader .Best practice is to include a letter addressed to the Registrar General advising of your desire to upgrade to limited liability company.
The process is so easy that you can do it yourself. For more guidance on completing the forms correctly to upgrade from a Sole Trader Business to a Limited Liability Company in Trinidad and Tobago BUY MY EBOOK! Only $19.99USD: https://gum.co/qxbBF
About the Author:
Antoinette Sydney LLB LEC CAMLFC CFRMP, Bar No. SYA2015211, Attorney at Law. The author is the first Online Lawyer based in Trinidad and Tobago. She has clients in Guyana, St Vincent, Barbados, the British Virgin Islands and North America. She specializes in Corporate Law and Anti-Money Laundering Compliance. She helps clients to start their Online Business Empire.
LAW OFFICE: MONTROSE MAIN ROAD CHAGUANAS, TRINIDAD AND TOBAGO
Both Financial Institutions (FIs) and Listed Businesses (LBs) are required to file TFRs in Trinidad and Tobago.
FIs and LBs must consult the United Nations 2253 List and the Trinidad and Tobago Consolidated List of High Court Orders. If the FI or LB knows or has reasonable grounds to believe that a designated entity has property or funds in Trinidad and Tobago. The FI or LB will then contact the FIU and indicate that the LB/FI has property or funds belonging to a designated individual or entity. The Terrorist Funds Report is then completed and submitted soft copy via the FIU’s secure reporting system or by hand via a sealed envelope.
About the Author: Antoinette Sydney LLB LEC CAMLFC CFRMP, Bar No. SYA2015211, Attorney at Law. The author is the first Online Lawyer based in Trinidad and Tobago. SHE IS A LECTURER AT THE ARTHUR LOK JACK GLOBAL SCHOOL OF BUSINESS IN TRINIDAD. She has clients in Guyana, St Vincent, Barbados, the British Virgin Islands and North America. She specializes in Corporate Law and Anti-Money Laundering Compliance. She helps clients to start their Online Business Empire.
LAW OFFICE: MONTROSE MAIN ROAD CHAGUANAS, TRINIDAD AND TOBAGO
It is good practice to reference the name of new and existing staff against Sanction Lists. Regulation 5 of the Financial Obligation Regulations requires that financial institutions and listed businesses use the best practices of the industry to recruit employees who have integrity and are competent.
This practice will ensure that individuals who are designated as terrorist or terrorist financiers are not retained by the regulated entity.
About the Author: Antoinette Sydney LLB LEC CAMLFC CFRMP, Bar No. SYA2015211, Attorney at Law. The author is the first Online Lawyer based in Trinidad and Tobago. SHE IS A LECTURER AT THE ARTHUR LOK JACK GLOBAL SCHOOL OF BUSINESS IN TRINIDAD. She has clients in Guyana, St Vincent, Barbados, the British Virgin Islands and North America. She specializes in Corporate Law and Anti-Money Laundering Compliance. She helps clients to start their Online Business Empire.
ANTOINETTE SYDNEY LAW OFFICE: MONTROSE MAIN ROAD CHAGUANAS, TRINIDAD AND TOBAGO
One of my friends is an artist and she tells me of here adventures. She once told me that at one of her art shows a customer saw her painting, went for her cheque book and was prepared to buy my friend’s piece. The lady issued a cheque payable to my friend’s personal name. In order to advance her career my friend must be close with art dealers and art galleries. She told me that the art galleries take a commission for each painting that the artist sells.
I attended my friend’s art exhibition and I was amazed at the people in the crowd. They were mainly well-dressed professionals. Everyone was refined and sipped on the complimentary wine. The prices of the paintings ranged from $1200.00 TTD to $200,000.00 TTD. I became curious as to how money launderers can abuse art dealers to launder money.
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High value artwork can be purchased with cash obtained from criminal activities and then re-sold to another purchaser for more than the purchase price. This second purchaser can pay via cheque with the payee being the Art Dealer. The dirty money has been laundered and the proceeds from the sale of the artwork will appear legitimate because the funds will pass through a financial institution when the cheque is encashed.
Artwork can be purchased with dirty money and shipped to another country where it will be sold at a profit. This allows for the cross-border movement of a high valued asset.
A money launderer can purchase artwork at a low price with funds from illegal activity and then use the services of an auctioneer to sell the art to the highest bidder. The auctioneer can be paid in cash with money gained from the proceeds of crime.
An art dealership can be registered, an art gallery can be opened to display art. The expenses of the art dealership such as rent and salaries can be paid with dirty money.
After purchasing artwork with dirty money, the high valued art can be used as collateral for a loan application with a financial institution or money lending service.
An artist can be hired to forge rare pieces of art and these can be sold to unsuspecting customers, who think that they are being the original.
Pieces of art from a young and upcoming artist can be purchased and then can be sold in a few years when and if the artist becomes famous.
The money launderer can connect with companies who want to contribute artwork to a Charity. The artwork that will be sold to the company can be purchased at minimal cost. The owner of a charity here in Trinidad told me about an instance where he asked for sponsorship from a big local company. The company donated almost $100,000 TTD in artwork to his cause.
Art work can be purchased cheaply and then sold online to anyone interested in the piece. Naturally the piece will be sold for more than the purchase price.
Expensive artwork can be stolen from a museum and then sold privately to an interested buyer.
The nature of these art sales is usually private and this makes it ideal for those desirous of washing money. In Trinidad and Tobago, art dealers are regulated by the Financial Intelligence Unit and must appoint a compliance officer, create a compliance program, attend anti-money laundering training and conduct anti-money laundering audits.
About the Author: Antoinette Sydney LLB LEC CAMLFC CFRMP, Bar No. SYA2015211, Attorney at Law. The author is the first Online Lawyer based in Trinidad and Tobago. SHE IS A LECTURER AT THE ARTHUR LOK JACK GLOBAL SCHOOL OF BUSINESS IN TRINIDAD. She has clients in Guyana, St Vincent, Barbados, the British Virgin Islands and North America. She specializes in Corporate Law and Anti-Money Laundering Compliance. She helps clients to start their Online Business Empire.
ANTOINETTE SYDNEY LAW OFFICE: MONTROSE MAIN ROAD CHAGUANAS, TRINIDAD AND TOBAGO
According to section 33 (3) of the Anti-Terrorism Act (ATA), Financial Institutions (FIs) must report to the Financial Intelligence Unit (FIU) every three (3) months:
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(a)if it is not in possession or control of terrorist property via Quarterly Terrorist Report (QTR) 1;
(b)if it is possession or control of terrorist property; and the particulars relating to the persons, accounts and transaction involved and the total value of the property, via Quarterly Terrorist Report (QTR) 2.
As seen above only Financial Institutions must file the QTR1 and QTR2. Listed Businesses do not file QTR1 and QTR2.
I am Antoinette Sydney, LLB LEC CAMLFC CFRMP the first Online Lawyer based in Trinidad and Tobago. I specialise in Corporate Law and Financial Crimes.
About the Author: Antoinette Sydney LLB LEC CAMLFC CFRMP, Bar No. SYA2015211, Attorney at Law. The author is the first Online Lawyer based in Trinidad and Tobago. SHE IS A LECTURER AT THE ARTHUR LOK JACK GLOBAL SCHOOL OF BUSINESS IN TRINIDAD. She has clients in Guyana, St Vincent, Barbados, the British Virgin Islands and North America. She specializes in Corporate Law and Anti-Money Laundering Compliance. She helps clients to start their Online Business Empire.
ANTOINETTE SYDNEY LAW OFFICE: MONTROSE MAIN ROAD CHAGUANAS, TRINIDAD AND TOBAGO
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 .
The FIU Form RG 1 must be printed from the FIU website and completed. This form must be submitted to the office of the Financial Intelligence Unit within three months of the registration of the company or business. Within 14 days the FIU will confirm receipt of your registration documents by email or phone call. The FIU will indicate whether your certificate is ready for collection.
About the Author: Antoinette Sydney LLB LEC CAMLFC CFRMP, Bar No. SYA2015211, Attorney at Law. The author is the first Online Lawyer based in Trinidad and Tobago. SHE IS A LECTURER AT THE ARTHUR LOK JACK GLOBAL SCHOOL OF BUSINESS IN TRINIDAD. She has clients in Guyana, St Vincent, Barbados, the British Virgin Islands and North America. She specializes in Corporate Law and Anti-Money Laundering Compliance. She helps clients to start their Online Business Empire.
ANTOINETTE SYDNEY LAW OFFICE: MONTROSE MAIN ROAD CHAGUANAS, TRINIDAD AND TOBAGO
“It was my first job,packing the groceries in bags and boxes at the supermarket. My supervisor handed me a brown paper bag and instructed me to take it upstairs accompanied by the security guard on duty at the grocery. I peeked inside the brown bag and there were coils of $100 notes in TTD cuurency. This was not the cash from the cash registers because there are set times where all the cashiers would clear their drawers. I delivered the bag upstairs as instructed and returned behind cash register #5 where I was placed for the page.” These were the words of my client. I told him that tomorrow he would appear before the Magistrate and would be asked if he pleaded guilty or not guilty to the charges.
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Is your local supermarket a front for a money laundering operation ? It is possible. Supermarkets are cash intensive businesses and many of them in Trinidad, do not accept Linx. There are other supermarkets that will even change your government issued disability checks as long as you purchase a few items.
Below are the Top 10 Ways to Launder Dirty Money using a Supermarket:
1.Use dirty cash as float or change to be used by cashiers to give to customers;
2.Use cash gained from illegal activities to pay suppliers such as fresh fruits and vegetables vendors,coconut water suppliers. Some suppliers accept cash only or even extend 7 days or 30 days credit to the supermarket;
3.Employees of the supermarket can be paid in cash weekly with the proceeds of crime. Most staff of a supermarket receive cash payments in brown a envelope;
4.Bags of dirty cash can be deposited into the supermarket’s business bank account as cash from sales;
5.Rent for the premises of the supermarket can be paid with dirty money;
6.Utilities such as electricity, internet and water can be paid with money obtained from illegal activities;
7.Accept checks from recipients of disability checks issued by the Government and pay them with cash gained from criminal activities;
8.Dirty Cash in small denominations ($10 bills, $20 bills) can be given to the cashier and she will exchange it with $100 bills, or just change the notes;
9. The grocery can sell items wholesale such as cigarettes and alcohol to a bar that is also owned by the proprietor of the supermarket ,dirty cash will be used for this purchase;
10.Cash can be accepted and fake invoices generated and the grocery issues a checks to the criminal.
About the Author: Antoinette Sydney LLB LEC CAMLFC CFRMP, Bar No. SYA2015211, Attorney at Law. The author is the first Online Lawyer based in Trinidad and Tobago. She has clients in Guyana, St Vincent, Barbados, the British Virgin Islands and North America. She specializes in Corporate Law and Anti-Money Laundering Compliance. She helps clients to start their Online Business Empire.
ANTOINETTE SYDNEY LAW OFFICE: MONTROSE MAIN ROAD CHAGUANAS, TRINIDAD AND TOBAGO
You have to declare that you will never be poor another day in your life..Believe that you are destined for greatness and your subconscious mind will accept this and oblige. Unless you decide to break free, poverty will pass from generation to generation. It has been likened to a disease that consumes the victim. Poverty has a smell, it is depressing. I reiterate from a previous post, that another failure of the education system is the lack of courses on financial literacy. We, the youth, do not understand mortgages, taxes, or the laws of money. We are not taught how to rise out of poverty and to accomplish what others dream about.
There are different definitions of poverty according to the Sociologists. For the purpose of this post, poverty refers to the inability to be financially free. By this, I mean you are barely making ends meet, you do not have any savings or investments, and you do not have any assets. You have dreams and aspirations but you cannot finance them and you are mad at the world. Conquering poverty requires hard work and dedication. The results are not apparent in the immediate future. Others may see you struggling to come out of poverty and dissuade you from even trying. I beg you, ignore them, misery and by extension poverty likes company.
If you subscribe to fairy tales, and books about imaginary, magical, mystical characters, then you will see wisdom from Solomon when he wrote the book of Ecclesiastes in the latter part of his life. In the Book of Ecclesiastes Chapter 11 verses 1- 2, Solomon advised: “Cast your bread upon the waters, for you will find it after many days. Divide your portion to seven, or to even to eight, for you do not know what misfortune may occur on the earth”. Here, we see our superhero, the wise King Solomon giving us financial advice that is applicable in the economic situation that is plaguing Trinidad and Tobago.In verse 1, he seemed to be suggesting that we should toil in our youth, so that we can reap the rewards when we get older. Solomon admonished on verse 2 that we have at least seven (7) or eight (8) side hustles because we did not know what the future holds. It is not difficult to fathom why surviving on the income from one job is proving to be a Herculean task.
How to develop multiple streams of income
Use your time wisely and discover our personal strengths and weaknesses.
Monetize your hobbies and passions, if you are good at baking cakes, charge a small fee to make your cakes. Your true friends and supporters will patronize. Long gone are the days where we can incur costs and let others indulge freely. I dislike favours, I much prefer transactions.
Get a job, full time or part time. A dollar is still a dollar. It matters not that others tease you because of where you work. I worked at a gas station full time for three (3) years while attending university. I mainly worked the night shifts (10 pm to 6 am) and all the weekend shifts and holidays. Those who laughed at me are now working at that gas station. You will learn valuable lessons about money, business, management and people when you are working for someone else. There are many university graduates who are unemployed with high expectations for a dream job. Life may disappoint you, my friend. You may have to accept a job and a salary that you believe to be incommensurate with your qualifications.
Tutor– You can tutor students on a part time basis to earn extra income. There is a lot of competition, so you must be creative. I have been tutoring since 2009 and it is my favourite job.
You can offer an editing/ proofreading service to students– this may be a good option if you also tutor CXC English.
You can offer to cut the lawns in your neighborhood for a reasonable fee.
You can wash cars– Be creative and offer an exclusive service to executives or taxi drivers or maxi taxis.
Learn a trade– You can start your own business after you learn a trade such plumbing, electrical installation or tiling.
There are endless opportunities to make money in Trinidad and Tobago. Our brothers and sisters come from the surrounding islands, start companies in Trinidad and are buying properties. We live here, and foolishly criticize our brothers and sisters who work hard to provide a better life for their families. Please allow me to reference the employees who were sent home this year by both private and public organizations. Those who thought they had permanent jobs and are now unemployed, there is still hope. The trick is to have multiple sources of income. In the event that you lose your job, you already have another source of income, and now you have the time to develop more.
The successful people that I know are always diversifying their streams of income. They work as though it’s their first day on the job. They work for at least twelve hours (12) per day. They hardly decline an opportunity to make an extra dollar. They are likely to have more than one company, and they offer various services. Whereas the unsuccessful people that I know rely solely on their job for as a source income. They complain that they need to make more money, but they are taking no action to increase their value. They do not want to exit the comfort zone, they go home and watch television or use social media after working an eight hour shift. It has been said that what you do between 4 pm and 8 pm may determine your future. Those who work on their side hustles after 4 pm or study for their exams in this time period will most likely succeed. Thank you for permitting me to belabour the point that by having multiple streams of income and by working diligently, you will never be poor another day in your life .
About the Author: Antoinette Sydney LLB LEC CAMLFC CFRMP, Bar No. SYA2015211, Attorney at Law. The author is the first Online Lawyer based in Trinidad and Tobago. SHE IS A LECTURER AT THE ARTHUR LOK JACK GLOBAL SCHOOL OF BUSINESS IN TRINIDAD. She has clients in Guyana, St Vincent, Barbados, the British Virgin Islands and North America. She specializes in Corporate Law and Anti-Money Laundering Compliance. She helps clients to start their Online Business Empire.
ANTOINETTE SYDNEY LAW OFFICE: MONTROSE MAIN ROAD CHAGUANAS, TRINIDAD AND TOBAGO
