Financial Crime World

Combatting Terrorist Financing Through Financial Institutions in Turks and Caicos Islands

National Coordination Efforts

The Anti-Money Laundering Committee (AMLC) plays a crucial role in the effort to combat terrorist financing by overseeing the prevention of money laundering, terrorist financing, and the financing of proliferation. The AMLC is chaired by the Attorney General, who also advances and protects the interests of the Turks and Caicos Islands in international disputes.

Responsibilities of the AMLC

  • Advising the Governor on national plans of action to prevent money laundering and terrorist financing
  • Developing policies and issuing codes and guidance
  • Overseeing the prevention of money laundering, terrorist financing, and the financing of proliferation

Key Agencies Involved

Several agencies are involved in combatting terrorist financing through financial institutions in Turks and Caicos Islands:

Financial Services Commission

  • Oversees compliance by licensees with laws, codes, and guidelines related to money laundering or the financing of terrorism
  • Ensures that financial institutions adhere to anti-money laundering regulations

Director of Public Prosecutions

  • Conducts criminal confiscation proceedings to recover financial benefits gained from committing a crime
  • Works to ensure that perpetrators of terrorist financing are held accountable

Royal Turks and Caicos Islands Police Force

  • Investigates and develops ML/TF cases
  • Applies for production orders to gather evidence
  • Recovers proceeds of crime to disrupt terrorist financing networks

Customs Department

  • Collects import and export duties
  • Prevents and interdicts illegal drugs and other prohibited goods
  • Contributes to the overall effort to combat money laundering and terrorist financing

Financial Intelligence Agency

The Financial Intelligence Agency plays a central role in the Turks and Caicos Islands anti-money laundering regime. It receives Suspicious Activity Reports from financial businesses and DNFBPs, conducts enquiries, and develops intelligence reports to support law enforcement agencies.

Turks and Caicos Islands is committed to combatting terrorist financing through its robust framework and cooperation between key agencies. By working together, these agencies can effectively prevent the financing of terrorism and protect the community from the risks associated with money laundering.