REGULATORY FRAMEWORK FOR FINANCIAL INSTITUTIONS IN TURKS AND CAICOS ISLANDS
A Significant Development: Rhondalee Braithwaite-Knowles as Attorney General of Turks and Caicos Islands
The Caribbean Financial Action Task Force (CFATF) has applauded the appointment of Rhondalee Braithwaite-Knowles as the new Attorney General of the Turks and Caicos Islands (TCI). This significant development is expected to strengthen the country’s regulatory framework for financial institutions, aligning with efforts to combat money laundering and terrorist financing.
Background
The TCI government has been seeking to enhance its regulatory framework for financial institutions, including banks, insurance companies, and securities firms. This move aims to increase transparency, accountability, and investor confidence in the country’s financial sector.
Key Developments
- Appointment of Rhondalee Braithwaite-Knowles: Braithwaite-Knowles has been appointed as the new Attorney General of TCI, a significant development in strengthening the country’s regulatory framework for financial institutions.
- Comprehensive Regulatory Framework: Braithwaite-Knowles has begun working on developing a comprehensive regulatory framework that ensures compliance with international standards and best practices in financial regulation.
- Licensing and Supervision of Financial Institutions
- Anti-money laundering (AML) and Combating the Financing of Terrorism (CFT) measures
Stakeholder Reaction
- Welcomed by Stakeholders: The appointment of Braithwaite-Knowles has been welcomed by stakeholders in the TCI’s financial sector, who see it as a positive step towards enhancing the country’s reputation as a stable and secure jurisdiction for financial services.
- Governor’s Statement: Governor Peter Beckingham has expressed his enthusiasm for Braithwaite-Knowles’ appointment, calling it a “great day” and an example to others.
Selection Process
The selection process for Braithwaite-Knowles was an open and competitive one, which included international candidates from the Caribbean and Europe. The recruitment panel consisted of senior officials from the TCI government, including:
- Anya Williams, Deputy Governor
- Honorable Samuel Bulgin, Attorney General of the Cayman Islands
- Dr. Beatrice Fulford, Chairman Public Service Commission
- Mr. Patrick Boyle, Governor’s Office
- Mark Greenway, Director Human Resources
Conclusion
The appointment of Rhondalee Braithwaite-Knowles as Attorney General of TCI is a significant development in shaping the country’s regulatory framework for financial institutions. Her comprehensive approach to developing a regulatory framework that ensures compliance with international standards and best practices will enhance transparency, accountability, and investor confidence in the country’s financial sector.