Turks and Caicos Islands Make Significant Progress in Anti-Money Laundering Efforts

The Caribbean Financial Action Task Force (CFATF) has recently upgraded the Turks and Caicos Islands’ rating on two key anti-money laundering and counter-terrorist financing measures, reflecting significant progress made by the country since 2020.

Upgrade Reflects Strengthened Framework

The upgrade to “Largely Compliant” status on Recommendations 13 and 28 is a testament to the Turks and Caicos Islands’ efforts to enhance its anti-money laundering and counter-terrorist financing (AML/CFT) measures. Recommendation 13 pertains to correspondent banking, while Recommendation 28 relates to the regulation and supervision of Designated Non-Financial Businesses and Professions (DNFBPs).

Key Areas of Improvement

• Correspondent Banking: The Turks and Caicos Islands has made significant progress in strengthening its framework for correspondent banking, including the implementation of effective measures to prevent money laundering and terrorist financing.
• Regulation and Supervision of DNFBPs: The country has also improved its regulation and supervision of Designated Non-Financial Businesses and Professions (DNFBPs), ensuring that these entities are subject to robust AML/CFT controls.

Positive Impact on Reputation

The CFATF’s upgrade is a significant achievement for the Turks and Caicos Islands, reflecting the country’s commitment to tackling money laundering and terrorist financing. This positive development will have a positive impact on the country’s reputation and strengthen international cooperation in the fight against money laundering and terrorist financing.

Future Improvements

The Turks and Caicos Islands’ progress demonstrates its commitment to continuous improvement in AML/CFT measures. The country is now well-positioned to further enhance its framework, ensuring that it remains at the forefront of international efforts to combat money laundering and terrorist financing.