Financial Crime World

Turks and Caicos Islands Financial Intelligence Agency: Combating Money Laundering and Terrorist Financing

Recent Developments

The Turks and Caicos Islands Financial Intelligence Agency (FIA-TCI) has been actively working to combat money laundering, terrorist financing, and other financial crimes. Here are some key updates:

Enhanced Follow-Up Report & Technical Compliance Re-Rating

  • The FIA-TCI has published its 3rd Enhanced Follow Up Report & Technical Compliance Re Rating, a result of re-ratings at the 55th Caribbean Financial Action Task Force (CFATF) Plenary.

International Cooperation

  • The FIA-TCI signed memoranda of understanding with Haiti and Guyana at the CFATF Plenary to strengthen international cooperation in combating financial crimes.

Emerging Threats

Social Media Scams

  • An emerging typology has been identified: social media scams, which involve using social media to deceive online users in the Turks and Caicos Islands.
  • The FIA-TCI has issued a Fraud Alert regarding this emerging trend, highlighting common scamming tactics and providing tips on how individuals can safeguard themselves against such threats.

Outreach and Awareness

Completing Outreach Sessions

  • The FIA-TCI completed its 2023/24 round of Outreach and Awareness sessions to ensure that reporting entities are aware of their obligations to report suspicious and attempted transactions.

Intelligence Gathering and Dissemination

  • The FIA-TCI receives, stores, analyzes, and disseminates intelligence related to suspected money laundering, terrorist financing, and proliferation financing (ML/TF/PF).

Sanctions

  • Sanction Orders within the TCI are mainly derived from those issued by the UN and the EU.

Useful Resources

Here are some useful resources related to anti-money laundering and combating the financing of terrorism (AML/CFT):

  • Attorney General’s Chambers – Turks and Caicos Islands: [link]
  • Caribbean Financial Action Task Force: [link]
  • EGMONT Group: [link]
  • Financial Action Task Force: [link]
  • INTERPOL: [link]
  • Royal Turks and Caicos Islands Police Force: [link]
  • Turks and Caicos Islands Financial Services Commission: [link]
  • Turks and Caicos Islands Government: [link]
  • Turks and Caicos Islands Integrity Commission: [link]
  • Turks and Caicos Islands Sanctions List: [link]
  • United Nations: [link]
  • United Nations Consolidated Sanctions List: [link]