Guidance to Law Essay

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1 Supervised Entity > THE ART SECTOR AML/CFT GUIDANCE FOR THE ART SECTOR PURPOSE AND CONTENTS The Financial Intelligence Unit of Trinidad and Tobago (“the FIU”) provides this sector specific guidance to entities collectively referred to as ‘the art sector’ on their legal obligations under the Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) laws of Trinidad and Tobago. In this guidance, these entities collectively referred to as ‘the art sector’ include any individual or company that buys and sells works of any category of art. This guidance uses plain language to explain the most common situations under the specific laws and related regulations which impose AML/CFT obligations. It is provided as general information only. Because AML/CFT obligations are contained in several laws, amendments and regulations, it would be easier for the gambling sector to access the relevant provisions pertaining to their obligations in one place. It is not legal advice, and is not intended to replace the AML/CFT Acts and Regulations. The use of the word “must” indicates a legislative requirement, “should” indicates a best practice and the word “may” states an option for you to consider. This guidance, which is divided into ten (10) parts, includes: 1. Do these obligations apply to you? - Clarification on the specified business activities which apply to the Art Sector. What is a Listed Business? The role and function of the FIU in the AML/CFT regime. What is Money Laundering? What is Financing of Terrorism? Why are entities in the Art Sector designated as a Listed Business? Examples of Money Laundering using the Art Sector. What are your AML/CFT legal Obligations? - An explanation of the main AML/CFT legal obligations, how they should be applied and Best Practices. 2. 3. 4. 5. 6. 7. 8. Level 25, Tower D, International Waterfront Complex, 1A Wrightson Road, Port of

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