Financial Crime World

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Financial Inclusion and Anti-Money Laundering in Turks and Caicos Islands Under Scrutiny

A recent comprehensive review of anti-money laundering (AML) and counter-terrorist financing (CFT) measures in place in the Turks and Caicos Islands has revealed a mixed bag of progress and areas for improvement. According to a recent assessment, the island nation has made significant strides in implementing international standards, but still lags behind in certain key areas.

Assessment and Evaluation

The evaluation was conducted by a team of experts from September 10th-21st, 2018, based on the Financial Action Task Force (FATF) 40 Recommendations and the 2013 Methodology. The report, which has been endorsed by the FATF, provides an in-depth analysis of the Turks and Caicos Islands’ AML/CFT system.

Key Areas for Improvement

The assessment found that the country has made notable progress in implementing key measures to prevent money laundering and terrorist financing. However, it also identified several areas for improvement, including:

  • Strengthening customer due diligence procedures: The report highlights the need for more robust customer due diligence procedures to ensure that financial institutions can identify and track suspicious transactions.
  • Enhancing beneficial ownership transparency: Experts are calling on the government of the Turks and Caicos Islands to increase transparency around beneficial ownership, making it easier to identify who is ultimately behind a company or organization.

Calls for Strengthened AML/CFT Framework

In light of these findings, experts are calling on the government of the Turks and Caicos Islands to strengthen its AML/CFT framework to bring it in line with international standards. This includes:

  • Improving ability to identify and track suspicious transactions: The report recommends enhancing financial institutions’ ability to detect and report suspicious activities.
  • Enhancing customer due diligence procedures: Strengthening customer due diligence is crucial for preventing money laundering and terrorist financing.
  • Increasing transparency around beneficial ownership: Experts believe that increased transparency around beneficial ownership will help combat illicit activities.

Conclusion

The report’s recommendations are aimed at ensuring that the country’s financial system remains stable and secure, while also promoting financial inclusion and combating illicit activities. As the Turks and Caicos Islands continues to develop its financial sector, it is essential that it prioritizes AML/CFT efforts to maintain the trust of international partners and investors.

Key Findings and Recommendations

The full report, including key findings and priority actions, can be accessed through the Executive Summary.