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Lou Screuz wrote:I wonder if people remember this ?
http://www.tobagotoday.co.tt/news/2013- ... -and-goods
Thieves raid Imbert’s home, take away $.5m in currency and goods
Camille Clarke
Published:
Wednesday, March 20, 2013
Two men are now in police custody after Member of Parliament Colm Imbert’s house at Hillsborough, Maraval, was robbed on Monday afternoon. Police said thieves broke into the house of Diego Martin North East MP Imbert and stole approximately $244,000 in items, $200,000 in local currency and $20,000 in US currency. Also taken were a Playstation 3 with ten games, an Acer laptop, a gold chain, a flatscreen TV and a safe.
A report stated around 9 am, Imbert left his son asleep in the house. Police said around mid-day, his son woke up and realised that someone had broken into the house. Sgt Roberts, PC Bernard of the Maraval CID received information and immediately executed warrants of the suspect’s homes but noting was found. The 64-year-old and 52-year-old men from Maraval were assisting the police with enquiries up to late yesterday. When contacted, Imbert said he was a victim of crime and refused to comment any further on the matter.
zoom rader wrote:Impsbert is ah injun he storing money home ?
How come he had $20000 US home?
AG: Don’t fight over old $100 notes
Sean Douglas
ATTORNEY General Faris Al-Rawi urged citizens not to squabble with businesses who refuse to take the existing $100 note in the run-up to their year-end voiding but rather to simply deposit the bills in their bank accounts and pay by credit or debit card.
Speaking to reporters at the Senate yesterday, he said it is unsure if businesses can be compelled to accept the still-legal old notes now.
“Why go through all of that? You have an alternative. Go to the bank. Put your money in.”
Told of frustrated people at banks filling out source of funds forms, the AG said, “We will ask people to be patient. That’s all we can do.” He said the vast majority of TT’s $8 billion in banknotes is actually already in banks. “So we don’t have that much in circulation.
“It is going to be a bit of a challenge. It will get done.”
The AG said the change in bank notes plus explain-your-wealth legislation will hurt the illicit drug trade.
He said the Financial Intelligence Unit (FIU) and the police service’s Financial Intelligence Bureau (FIB) are very alert at this time.
The AG said businesses have already reported suspicious transactions.
“For instance, coming and paying cash today and then tomorrow asking for a refund because they are cancelling the order.” This trick allows a crook to trade dirty money for a clean cheque, he explained. He said such cases help the FIU and FIB to do their job to detect suspicious transactions.
Al-Rawi said many anti-crime initiatives are coming together and he asked fot patience over the trade-in of old $100 bills.
“I can tell you the retail industry is reporting heavy sales, heavy cash sales. On the one part, that is a wonderful phenomenon, a mini boom if you want to call it, a lot of circulation and businesses I’m sure will be very happy.
“But at the other point, we’ve got to each do our part and make sure we speak to it. I’m confident the police will encourage people to make a tip off."
Al-Rawi said the best way to stop crime is to take the profit out of crime, such as by laws on proceeds of crime, terrorism, non-profit organisations and explain your wealth.
Newsday asked about the Prime Minister’s recent claim of barrels of money buried across TT by those involved in corrupt deals.
The AG replied, “Why just them? Why not drug men? Why not trafficking in persons? What do you think the drug trade runs on?”
He urged, “Let’s give TT a fighting chance.”Al-Rawi was glad his ministry’s registrar-general department was going cashless using online payments, and soon too the licensing office.
Asked about the parliamentary Opposition relenting on the new banknotes last week, he said, “This is an issue in which they cannot afford to be on the wrong side of. There are some things you ought to do and should just keep quiet on.”
Imbert awaiting legal tender advice
Businesses refusing to accept old $100 notes
Carla Bridglal
Finance Minister Colm Imbert expected to have an answer late on Tuesday about whether or not it is legal or illegal for businesses to refuse to accept old $100 notes. Imbert told the Senate he was awaiting advice from two senior counsel on "whether you can compel somebody to take a particular note."
Imbert was responding to questions from Opposition Senator Wade Mark. who asked what arrangements the government had put in place to address this problem.
He said as Finance Minister, he would ask the Central Bank governor see what arrangements can be made for merchants who wish to turn in old notes close to the end of the year.
"I am being advised, because it’s a bit of a complicated matter, but that is the plan," he told the Senate.
Since the introduction of a new polymer $100 bill was announced last Thursday, some businesses have said they will not accept the old paper-based $100 bill because it was inconvenient.
The new bills were made available from Tuesday through commercial banks. Customers arrived at banks from early on Tuesday morning, with long queues extending well beyond branch doors.
Mark, in his supplemental question, specificially asked if it was legal or illegal for businesses to refuse notes offered.
"Can businesses automatically, whimsically refuse $100 bills?"
The exisiting cloth/paper note is legal tender, Imbert said, and will be until December 31.
Legal tender, as defined by the Oxford English Dictionary, refers to coins or banknotes that must be accepted if offered in payment of a debt.
"The issue is whether in a private transaction, because it’s a transaction between two private parties, whether you can compel somebody to take a particular note. For example, a person may not have change.
"I am being advised and I think I will receive proper legal advice later in the afternoon," Imbert said.
He said the two senior counsel will advise based on other jusridictions which have engaged in demonetisation (removing a currency from circulation).
"But I want to stress it is a private transaction between a private individual and we have to look at that and see." He also noted the Attorney General advises the government on legal matters.
"I don’t want to step out of my crease and give a definitive answer at this point in time," he said.
Newsday contacted the Office of the Financial Ombudsman, which said refusing legal tender was "incorrect," and while that office dealt with complaints from the public aboutfinancial institutions, suggesed any complaint or query should be taken to the Consumer Affairs Division or a chamber of commerce.
The Consumer Affairs Division, a unit of the Ministry of Trade, did not immediately respond to a request for comment.
Muslims can take $100 notes to Central Bank
No change to Dec 31 deadline
Sean Douglas
MUSLIMS who have no bank accounts can exchange their old $100 banknotes at the Central Bank before they become void at year-end, Finance Minister Colm Imbert told the Senate on Tuesday.
He was replying to an urgent question from Opposition Senator Wade Mark, who asked what arrangements were being made for this community in view of a $10,000 limit placed on such exchanges by private banks.
Imbert said he had no plan to extend the December 31 deadline for legality of current bills.
He said private banks will change only up to $10,000 in old banknotes at a one go.
“Persons who are banked, and who have more than $10,000 per transaction, simply go to the Central Bank, (which) would change the money for them.
“They would simply have to fill out the normal form, produce a form of identification, produce a proof of address, like a utility bill, and fill out a source-of-funds form.
“So if someone walks in with $2 million in cash, they would have to go through the normal know-your-customer procedures at the Central Bank.
"So the Central Bank is the area where persons of the Muslim faith can go to if they have large amounts of cash that they wish to redeem.”
Imbert did not consider a time extension.
“The notice is actually from December 9-December 31. That is a little more than 14 days (the new notification period in the new bill).
“So that’s the deadline at this point in time. The plan is to stick to that deadline."
He added, "But the Government has given itself the flexibility in the legislation to extend the date of cancellation, if necessary, but at this point in time the plan is to stick to the deadline.”
He said an amendment (clause 27A) to the Central Bank Act provides for the redemption of banknotes.
“The banks have know-your-customer arrangements in place. They have had this for years, as a result of the enactment of the Financial Intelligence Unit Act 2009.” That act was twice amended as Financial Action Task Force and anti money-laundering provisions began to kick in, he said, adding that cash and wire transactions were also monitored by the Global Forum.
“So there have been arrangements in the banks for years with respect to transactions.
“Prior to Monday, a ‘large transaction’ was $90,000 or more. It is now $50,000 or more.
“For casinos, you have a special regime. Prior to Monday, a large transaction in a casino was $18,000 or more. It is now $10,000 or more.”
Imbert said for the “unbanked” who have never banked before, private banks have set a limit of $10,000 per transaction on the existing $100 notes to be changed for polymer notes. Individuals with more than $10,000 in old notes can exchange them at the Central Bank.
FRUSTRATION
Rush at banks to change $100 notes
Marlene Augustine
Frustration was the order of the day on Tuesday as hundreds of people filled several commercial banks in Port of Spain waiting, some for hours, to exchange their old $100 bills for the new polymer notes.
The Central Bank has said after December 31, old $100 bills in circulation will cease to be legal tender.
Many people in the cashiers' lines, including the elderly, were seen clutching manila envelopes and bags close to their chests which presumably contained their $100 bills.
"Yuh see that line, not me, nah. I go come back another day," a man said as he entered Republic Bank's Henry Street branch and quickly left.
At 7.30 am at Scotia Bank's Park and Pembroke Street branch, more than 50 people stood outside waiting for it to open.
Both Scotiabank and RBL announced new temporary working hours in order to help facilitate the changeover. There were similar long lines outside the First Citizens and Royal Bank branches on Park Street in Port of Spain.
While the majority of people were reluctant to speak to Newsday about the process, some senior citizens called on the Government to extend the deadline.
A frustrated customer, who did not want to be named and who was seen leaving First Citizens Bank at around 12.45 pm, told Newsday the process on Tuesday was very slow.
“I was here very early this morning, and look at the time I now leaving the bank. This is ridiculous. I had to wait more than three hours before I could reach a teller. The government should give people more time so there would not be a rush like this.
“Beyond the Tape always tells the public not to walk around with too much cash. Look at what I have to do this morning. This is not safe, especially for seniors who move around by themselves."
The angry customer told Newsday after she received her Christmas money through Western Union she wanted to change the money one time. She said although people left the line to have a seat until their turn came up, it was a horrible experience waiting to get her money changed.
“I don’t know what I would do next week. I have no one coming to the bank with me to be carrying around money in this time and day.
“The process is too slow and the bank should have more tellers working, especially in the morning period, to facilitate the crowd.”
While approaching the bank, another customer, 63, who only gave her name as Linda, turned back because there was too much of a crowd at Republic Bank on Park Street.
Linda said, “I have a bad knee and I cannot stand up in that line, so I would have to come back another day. I don’t know if these people (government) know what they are doing. The time they have given to us is too short. They don’t know the danger they are putting people in.
“I have to pay the driver to bring me back on another day.
"You see that line? They don’t expect us to stand here all day just to change up some money? This is craziness.”
A woman from Diego Martin, who did not want to be named, said she left her home branch to see if the process would be easier in the city.
“That was the biggest mistake I made, coming to Port of Spain. It is even worse. When I saw the lines in Diego I came in town. I don’t think two weeks is enough. What would happen when people get pay next week? That would be madness.
“I don’t want to spend my money, so I need to get it change. I had to sacrifice a lot of my time in that long line to get it change.”
She said the exchange was not much and was only asked for her identification card before her money was changed.
CEO of ADM Distributors Ltd Balliram Maharaj called on business owners to put up signs saying December 27 would be the last day for the public to bring in old $100 bills.
In a release, Maharaj said this process would avoid confrontation and questions between banks, the Central Bank and the public.
Maharaj said it is easier to work around the deadline than to try to arrange meetings in the limited time to distort the entire process, as planned by the authorities.
“Bearing in mind that December 28 and 29 are not bank working days, December 30 will be the last full bank working day for the year, and December 31 will be a half-day bank working day.
“This puts all of us at a high risk to meet the deadline, December 31, 2019, even though most of us who deposit money into the banks on the deadline would observe the funds being credited by the first day of the New Year.”
He said there could be conflicts with deposits being considered as having been made after the deadline on December 31.
Maharaj said as a senior businessman with over 60 years’ experience, he is concerned at the government's decision to take the existing $100 bills out of circulation, especially at this busy time of year.
He said no doubt the government has valid reasons for the decision to update the $100 bills with the security-enhanced polymer notes.
Criminals rush to clean dirty money
Mark Bassant
Money launderers, drug traffickers, gangsters and other underworld figures are attempting to exchange their “dirty money” with the assistance of legitimate businessmen by offering them a fee to do the transaction. This illicit activity is being confirmed by high ranking law enforcement officers and senior financial sources as the country phases out the old $100 note to the new polymer note that will become legal tender on January 1.
“There is a real concern that businessmen are obtaining illicit funds and underworld figures are willing to take a hit and are offering these businessmen $20 on every $100 to get the money into the system. This is something we are actively monitoring,” said a high ranking law enforcement official involved in investigating white-collar crime and tracking the movement of dirty money.
“With the December 31 deadline approaching we are seeing certain patterns to suggest this,” a senior financial source added.
They warned that anyone caught in this illicit practice is liable under the Proceeds of Crime Act.
Well placed intelligence sources told Guardian Media that in recent months police had detained several persons with large sums of TT and US counterfeit currency. Foreign nationals were also held and apparatus that appeared to be for printing money had been recovered.
“We were told that the machine seems to be able to print almost flawless bills,” the source said.
Police Commissioner Gary Griffith, contacted for comment, said he had “no knowledge about this.” But a high ranking law enforcement official who is familiar with white-collar criminal investigations said: “to change the notes so quickly there must have been something to have triggered this.”
“The information seems to be top-secret,” another senior law enforcement source said.
A senior source in the financial sector wondered why the government was quick to make the changes within three weeks when the polymer $50 note was introduced over six months.
National Security Minister Stuart Young, who last week announced the change in the $100 bills, would only say it was a way to curb money laundering and stamp out organised crime.
Members of the San Juan Business Association (SJBA) also asked why the government “hasn’t addressed, nor communicated their thought processes with common, law-abiding citizens.”
According to a senior law enforcement sources, officials from the Financial Action Task Force (FATF) and International Country Risk Guide (ICRG) are expected to visit this country within the next few weeks to check on the financial system. The objectives of the FATF are set to standards and promote effective implementation of legal regulatory and operational measures for combating money laundering, terrorist financing, and related threats to the international financial system.
“I think our system from four years ago to now has certainly improved. We had a lot of deficiencies then but now things are different and I expect FATF will be quite pleased with the strides Trinidad and Tobago have made,” the source said.
Between 2016-2017, FATF considered the progress made by T&T in addressing deficiencies with Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT). However, FATF’s procedures required publication of agreed measures to address the remaining deficiencies in the compliance document. This country was first added to this document in November 2017.
Attorney General Faris Al-Rawi said then publication of the updated compliance document reflected concrete steps that had taken to improve the country’ss AML/CFT regime since November 2017.
vaiostation wrote:It funny that law enforcement always seem to know who doing the money laundering, but ya never hear anybody get charge for it.
bluefete wrote:Impsbutt said that the new figure for source of funds form declaration is now $50,000.00 down from $90,000.00.
For casinos it is now $10,000.00 HAHAHAAAA for that one because is Imps pardners who control that industry.
zoom rader wrote:All this and 1% is free to do as they please
vaiostation wrote:zoom rader wrote:All this and 1% is free to do as they please
1% get de heads up a year or more in advance.
hydroep wrote:Muslims can take $100 notes to Central Bank
No change to Dec 31 deadline
Sean Douglas
MUSLIMS who have no bank accounts can exchange their old $100 banknotes at the Central Bank before they become void at year-end, Finance Minister Colm Imbert told the Senate on Tuesday.
He was replying to an urgent question from Opposition Senator Wade Mark, who asked what arrangements were being made for this community in view of a $10,000 limit placed on such exchanges by private banks.
Imbert said he had no plan to extend the December 31 deadline for legality of current bills.
He said private banks will change only up to $10,000 in old banknotes at a one go.
“Persons who are banked, and who have more than $10,000 per transaction, simply go to the Central Bank, (which) would change the money for them.
“They would simply have to fill out the normal form, produce a form of identification, produce a proof of address, like a utility bill, and fill out a source-of-funds form.
“So if someone walks in with $2 million in cash, they would have to go through the normal know-your-customer procedures at the Central Bank.
"So the Central Bank is the area where persons of the Muslim faith can go to if they have large amounts of cash that they wish to redeem.”
Imbert did not consider a time extension.
“The notice is actually from December 9-December 31. That is a little more than 14 days (the new notification period in the new bill).
“So that’s the deadline at this point in time. The plan is to stick to that deadline."
He added, "But the Government has given itself the flexibility in the legislation to extend the date of cancellation, if necessary, but at this point in time the plan is to stick to the deadline.”
He said an amendment (clause 27A) to the Central Bank Act provides for the redemption of banknotes.
“The banks have know-your-customer arrangements in place. They have had this for years, as a result of the enactment of the Financial Intelligence Unit Act 2009.” That act was twice amended as Financial Action Task Force and anti money-laundering provisions began to kick in, he said, adding that cash and wire transactions were also monitored by the Global Forum.
“So there have been arrangements in the banks for years with respect to transactions.
“Prior to Monday, a ‘large transaction’ was $90,000 or more. It is now $50,000 or more.
“For casinos, you have a special regime. Prior to Monday, a large transaction in a casino was $18,000 or more. It is now $10,000 or more.”
Imbert said for the “unbanked” who have never banked before, private banks have set a limit of $10,000 per transaction on the existing $100 notes to be changed for polymer notes. Individuals with more than $10,000 in old notes can exchange them at the Central Bank.
https://newsday.co.tt/2019/12/11/muslims-can-take-100-notes-to-central-bank/
zoom rader wrote:All this and 1% is free to do as they please
randolphinshan wrote:zoom rader wrote:All this and 1% is free to do as they please
Despite billions spent to build box drain by Kams Penal going to flood out imminently. Jah bless Keith for having the vision to give people waterproof hundred dollar bills to hide under their mattress.
PNM cares for you
Everyday you prove yourself to be a bigger kantrandolphinshan wrote:zoom rader wrote:All this and 1% is free to do as they please
Despite billions spent to build box drain by Kams Penal going to flood out imminently. Jah bless Keith for having the vision to give people waterproof hundred dollar bills to hide under their mattress.
PNM cares for you
zoom rader wrote:So Muslims from deep south have to travel all the way to POS to change their cash .
Trust me it's not a few and not only Muslimspete wrote:zoom rader wrote:So Muslims from deep south have to travel all the way to POS to change their cash .
The very few that don't have bank accounts yeah.
zoom rader wrote:Trust me it's not a few and not only Muslimspete wrote:zoom rader wrote:So Muslims from deep south have to travel all the way to POS to change their cash .
The very few that don't have bank accounts yeah.
I don't really know.teems1 wrote:zoom rader wrote:Trust me it's not a few and not only Muslimspete wrote:zoom rader wrote:So Muslims from deep south have to travel all the way to POS to change their cash .
The very few that don't have bank accounts yeah.
Isn't there an option to get an interest free account with Scotiabank if you're Muslim?
zoom rader wrote:I don't really know.teems1 wrote:zoom rader wrote:Trust me it's not a few and not only Muslimspete wrote:zoom rader wrote:So Muslims from deep south have to travel all the way to POS to change their cash .
The very few that don't have bank accounts yeah.
Isn't there an option to get an interest free account with Scotiabank if you're Muslim?
Most of these folk don't trust banks and the nuisance cowboy fees associated with them .
Dizzy28 wrote:Saw a post where a pic of an FCB fast deposit machine shows it is down on purpose till New Year's. Sheit bout source of funds forms.
So a man who just want to deposit not change a 2000 have to line up for hours
Nah, I a simple cow farmer, Banknote trader and landlord bro.teems1 wrote:zoom rader wrote:I don't really know.teems1 wrote:zoom rader wrote:Trust me it's not a few and not only Muslimspete wrote:zoom rader wrote:So Muslims from deep south have to travel all the way to POS to change their cash .
The very few that don't have bank accounts yeah.
Isn't there an option to get an interest free account with Scotiabank if you're Muslim?
Most of these folk don't trust banks and the nuisance cowboy fees associated with them .
Then go back to bartering. You can't have your cake and eat it.
If you're going to use/hoard currency from the central bank, then you have to understand the institutions that come with that which are regulated commercial banks.
vaiostation wrote:Dizzy28 wrote:Saw a post where a pic of an FCB fast deposit machine shows it is down on purpose till New Year's. Sheit bout source of funds forms.
So a man who just want to deposit not change a 2000 have to line up for hours
Same with Scotiabank and jmmb. Tried today, but atm not taking it. This country is really a fcuking shiithole.
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