What are Shell Companies ?

A shell company is considered to be an incorporated company with no independent operations, significant assets, ongoing business activities, or employees. Shell companies tend to be…holding companies.[1]

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To launder money, the shell company purports to perform some service that would reasonably require its customers to often pay with cash.

The launderer then deposits the money with the shell company, which deposits it into its business bank accounts. The company then creates fake invoices and receipts to account for the cash. Such transactions create the appearance of legitimacy and clean money.

The shell company can then make withdrawals and either return the money to the initial criminal or pass the money on to further shell companies before returning it to further disguise who initially deposited the money[2].


[1] https://aml-cft.net/library/shell-company/

[2] https://www.law.cornell.edu/wex/money_laundering

The author is the first Online Lawyer based in Trinidad and Tobago. She specialises in Anti-Money Laundering Compliance.

Website: www.asydneygroup.com

Call/Whatsapp for a quotation 868 373-1166

Services include:

Anti-Money Laundering (AML) Training for staff, directors;

Anti-Money Laundering Audits;

Compliance Program drafting;

Consulting services and much more.

Ebooks available for only $100TTD !

Payment through Paywise and Paypal!

Ebooks on Sale:

How to Register a Sole Trader;

How to De-Register a Sole Trader;

How to Register a Partnership;

How to Change from a Sole Trader to a Limited Liability Company Trinidad;

How to Dissolve a Limited Liability Company;

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THE ROLE OF A COMPLIANCE OFFICER

The Compliance Officer is the primary liaison with the FIU . The identities of the Compliance and Alternate Compliance Officers must be held with the strictest confidence.

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The duties of the Compliance Officer include:

a)Creating, monitoring and updating the AML/CFT Compliance Programme to ensure continuous compliance with the legal framework. The internal controls and policies therein must be implemented by the CO.

b)Receiving and assessing SAR/STR reports made by staff members.

c) Reporting SARs/STRs to the FIU using the Suspicious Activity/Transaction Report Form within fourteen (14) days of the suspicious transaction being detection.

d)Maintaining records of internal SARs/STRs from staff.

 e)Maintaining a register of of SARs/STRs filed with the FIU.

f)Maintaining Customer Due Diligence records and transactions;

g) Monitoring the FATF list of high risk individuals and legal entities and Non-Cooperative Countries and Territories (NCCTs).

h)Monitoring the United Nations ISIL Da’esh & Al Qaida List (UN 2253 List) for persons identified as terrorists or involved in terrorist activity.

  i)Provide training to all members of staff.

The author is the first Online Lawyer based in Trinidad and Tobago. She specialises in Anti-Money Laundering Compliance.

Website: www.asydneygroup.com

Call/Whatsapp for a quotation 868 373-1166

Services include:

Anti-Money Laundering (AML) Training for staff, directors;

Anti-Money Laundering Audits;

Compliance Program drafting;

Consulting services and much more.

Ebooks available for only $100TTD !

Payment through Paywise and Paypal!

Ebooks on Sale:

How to Register a Sole Trader;

How to De-Register a Sole Trader;

How to Register a Partnership;

How to Change from a Sole Trader to a Limited Liability Company Trinidad;

How to Dissolve a Limited Liability Company;

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AMNESTY FROM PENALTIES FOR LIMITED LIABILITY COMPANIES

You have one more month to take advantage of the Amnesty from Penalties from the Registrar’s General Department for outstanding documents in Trinidad and Tobago.

The Amnesty took effect from Wednesday May 1st 2019 and will end Wednesday 31st August 2019.

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Take advantage of this chance to file:

I)Outstanding Annual Returns under Section 194 of the Companies Act (1995).

II)Notice of Secretary/Assistant Secretary (ies) or Change thereof under Section 178 of the Companies Act (1995);

III)Notice of Change of Directors or Change thereof under Section 79 of Companies Act (1995);

IV)Notice of Change of Address or Change thereof under Section 176 (2) of Companies Act (1995)

V)Notice of Execution or Termination of unanimous shareholder agreement under Section 137 (4) of Companies Act (1995)

After the amnesty, the penalty of $300.00 TTD per month WILL BE INCURRED.

Call OR Whatsapp us , Give us the name of your Company, Sign and Pay…WE DO THE REST !!

The author is the first Online Lawyer based in Trinidad and Tobago. She specialises in Anti-Money Laundering Compliance.

Website: www.asydneygroup.com

Call/Whatsapp for a quotation 868 373-1166

Services include:

Anti-Money Laundering (AML) Training for staff, directors;

Anti-Money Laundering Audits;

Compliance Program drafting;

Consulting services and much more.

Ebooks available for only $100TTD !

Payment through Paywise and Paypal!

Ebooks on Sale:

How to Register a Sole Trader;

How to De-Register a Sole Trader;

How to Register a Partnership;

How to Change from a Sole Trader to a Limited Liability Company Trinidad;

How to Dissolve a Limited Liability Company;

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What does IR mean? : AML Compliance Consultants

IR is an acronym for Intelligence Report.

An Intelligence Report is a report forwarded by the FIU to the various branches of the TTPS. This report is based on intelligence obtained from Suspicious Activity Reports (SARS) .

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The author is the first Online Lawyer based in Trinidad and Tobago. She specialises in Anti-Money Laundering Compliance.

Website: www.asydneygroup.com

Call/Whatsapp for a quotation 868 373-1166

Services include:

Anti-Money Laundering (AML) Training for staff, directors;

Anti-Money Laundering Audits;

Compliance Program drafting;

Consulting services and much more.

Ebooks available for only $100TTD !

Payment through Paywise and Paypal!

Ebooks on Sale:

How to Register a Sole Trader;

How to De-Register a Sole Trader;

How to Register a Partnership;

How to Change from a Sole Trader to a Limited Liability Company Trinidad;

How to Dissolve a Limited Liability Company.

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What does ATA mean? AML Compliance Consultants

The acronym “ATA” stands for the “Anti-Terrorism Act”. This Act criminalizes terrorism and allows for the detection, prevention, prosecution, conviction and punishment of terrorist acts, the financing of terrorism, forfeiture and seizure of terrorists’ assets.

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The author is the first Online Lawyer based in Trinidad and Tobago. She specialises in Anti-Money Laundering Compliance.

Website: www.asydneygroup.com

Call/Whatsapp for a quotation 868 373-1166

Services include:

Anti-Money Laundering (AML) Training for staff, directors;

Anti-Money Laundering Audits;

Compliance Program drafting;

Consulting services and much more.

Ebooks available for only $100TTD !

Payment through Paywise and Paypal!

Ebooks on Sale:

How to Register a Sole Trader;

How to De-Register a Sole Trader;

How to Register a Partnership;

How to Change from a Sole Trader to a Limited Liability Company Trinidad;

How to Dissolve a Limited Liability Company.

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What are the FORs? AML Compliance Consultant

The Financial Obligations Regulations were created under section 56 of the Proceeds of Crime Act (POCA). It states the measures and procedures which Reporting Entities must implement to enable them to deter and detect ML and to report suspicious transactions to the Financial Intelligence Unit (FIU).

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The author is the first Online Lawyer based in Trinidad and Tobago. She specialises in Anti-Money Laundering Compliance.

Website: www.asydneygroup.com

Call/Whatsapp for a quotation 868 373-1166

Services include:

Anti-Money Laundering (AML) Training for staff, directors;

Anti-Money Laundering Audits;

Compliance Program drafting;

Consulting services and much more.

#amlcomplianceconsultant #trinidadonlinelawyer #asydneygroup.com #businessregistration #antoinettesydney #sydneygroup #asydneygroup #trinidad #company #companies #lawyer #caribbean #aml #fiu #cft #frm #fraudrisk #graphicdesign #tax #taxation #taxes #nis #vat #bir #fiu #compliance #complianceofficer #realestate #casinos #cardealer

What does AAL mean?: AML Compliance Consultants

AAL is an acronym for Attorney at Law. Lawyers are required to be registered with the Financial Intelligence Unit once they provide certain services. After registering with the FIU, a Compliance Officer and Alternate Compliance Officer must be appointed, a Compliance Program must be created.

The author is the first Online Lawyer based in Trinidad and Tobago. She specialises in Anti-Money Laundering Compliance.

Website: www.asydneygroup.com

Call/Whatsapp for a quotation 868 373-1166

Services include:

Anti-Money Laundering (AML) Training for staff, directors;

Anti-Money Laundering Audits;

Compliance Program drafting;

Consulting services and much more.

Ebooks available for only $100TTD !

Payment through Paywise and Paypal!

Ebooks on Sale:

How to Register a Sole Trader;

How to De-Register a Sole Trader;

How to Register a Partnership;

How to Change from a Sole Trader to a Limited Liability Company Trinidad;

How to Dissolve a Limited Liability Company.

#amlcomplianceconsultant #trinidadonlinelawyer #asydneygroup.com #businessregistration #antoinettesydney #sydneygroup #asydneygroup #trinidad #company #companies #lawyer #caribbean #aml #fiu #cft #frm #fraudrisk #graphicdesign #tax #taxation #taxes #nis #vat #bir #fiu #compliance #complianceofficer #realestate #casinos #cardealer

How to Register with the Financial Intelligence Unit (FIU) in Trinidad?AML Compliance Consultants

What is the FIU?

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


Which businesses are required to register with the FIU?

Non Regulated Financial Institutions[3]

  • Credit Union
  • Building Society
  • Money or Value Transfer Services

Listed Businesses[4]

  •  Motor Vehicle Sales
  • Real Estate
  • Gaming House
  • Pool Betting
  • National Lotteries On-Line Betting Games
  • Jeweler
  • A Private Members’ Club
  •  An Art Dealer
  • An Accountant, an Attorney-at-law or other Independent Legal Professional
  • Trust and Company Service Providers 

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.

What is the penalty for failing to register with the FIU?


What is the penalty for failing to register with the FIU?

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The author is the first Online Lawyer  based in Trinidad and Tobago. She specializes in Corporate Law and Financial Crimes.

Request a quotation: 868 373-1166

Website: http://asydneygroup.com

Services: AML Audits;

AML Compliance Program;

AML Training;

Consulting

Ebooks available for only $100TTD !

Payment through Paywise and Paypal!

Ebooks on Sale:

How to Register a Sole Trader;

How to De-Register a Sole Trader;

How to Register a Partnership;

How to Change from a Sole Trader to a Limited Liability Company Trinidad;

How to Dissolve a Limited Liability Company.

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[1]http://www.investopedia.com/terms/a/aml.asp

]http://www.fiu.gov.tt/about_fiu.php?mid=3

3]http://www.fiu.gov.tt/about_fiu.php?mid=4

[4]http://www.fiu.gov.tt/about_fiu.php?mid=4

What does AML mean?:AML Compliance Consultants

AML is an acronym for “Anti-Money Laundering”. Anti-Money Laundering refers to the laws and regulations that mandate supervised entities to implement measures to prevent, detect and report money laundering.

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Whatsapp 868 373-1166 for all your AML Compliance needs.

Website: http://asydneygroup.com

The author is the first Online Lawyer  based in Trinidad and Tobago. She specialises in Anti-Money Laundering Compliance.

She is a Certified Professional in the following areas:

Anti-Money Laundering and Financial Crimes;

Taxation;

Corporate Training;

Fraud Risk Management;

Graphic Design.

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What does the Financing of Terrorism mean?: AML Compliance Consultants

The 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.

It follows that Countering the Financing of Terrorism refers to all the efforts to counter this.

Please Whatsapp 868 373-1166 for all your Anti-Money Laundering Compliance needs.

Website: http://asydneygroup.com

The author is the first Online Lawyer  based in Trinidad and Tobago. She specialises in Anti-Money Laundering Compliance.

She is a Certified Professional in the following areas:

Anti-Money Laundering and Financial Crimes;

Taxation;

Corporate Training;

Fraud Risk Management;

Graphic Design.

#businessregistration #antoinettesydney #sydneygroup #asydneygroup #trinidad #company #companies #lawyer #caribbean #aml #fiu #cft #frm #fraudrisk #graphicdesign #tax #taxation #taxes #nis #vat #bir #fiu #compliance #complianceofficer #realestate #casinos #cardealer