Financial Crime World

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CARIBBEAN FINANCIAL ACTION TASK FORCE RE-RATES TURKS AND CAICOS ISLANDS ON ANTI-MONEY LAUNDERING FRAMEWORK

The Caribbean Financial Action Task Force (CFATF) has re-evaluated the anti-money laundering and counter-terrorist financing framework of the Turks and Caicos Islands, citing significant progress made by the jurisdiction in strengthening its AML/CFT measures since 2020.

Progress Made by Turks and Caicos Islands

The Turks and Caicos Islands have demonstrated substantial improvement in addressing technical compliance deficiencies identified in the mutual evaluation process. Specifically, the jurisdiction has made notable progress in areas related to:

  • Correspondent Banking: The Turks and Caicos Islands have improved their regulations and supervision of correspondent banking relationships.
  • Regulation of Designated Non-Financial Businesses and Professions (DNFBPs): The jurisdiction has strengthened its oversight and regulatory framework for DNFBPs.

Upgraded Ratings Reflect Commitment to AML/CFT Framework

The upgraded ratings reflect a significant shift for the Turks and Caicos Islands, with the country now meeting the requirements of 37 out of the 40 FATF Recommendations. This improvement is a testament to the jurisdiction’s commitment to enhancing its AML/CFT framework and ensuring compliance with international standards.

Positive Impact on Reputation and Attractiveness

The CFATF’s re-rating is expected to have a positive impact on the Turks and Caicos Islands’ reputation and attractiveness to financial institutions, businesses, and investors. The upgraded ratings demonstrate the jurisdiction’s commitment to maintaining a robust AML/CFT framework, which will help to:

  • Enhance its reputation as a trustworthy and compliant financial center
  • Attract more businesses and investments to the jurisdiction
  • Improve its relationships with international partners and regulators

Conclusion

The CFATF’s re-rating of the Turks and Caicos Islands’ anti-money laundering framework is a significant milestone for the jurisdiction. The upgrade reflects the country’s progress in strengthening its AML/CFT measures and demonstrates a commitment to maintaining a robust and compliant regulatory environment.