Financial Intelligence Agency (FIA) Report 2022/23: Key Findings and Trends

Introduction

The Financial Intelligence Agency (FIA) of the Turks and Caicos Islands presents its annual report detailing activities and findings for the fiscal year 2022/23.

Suspicious Activity Reports (SARs)/Suspicious Transaction Reports (STRs)

• Trends: Total SARs/STRs reported to the FIA decreased by 13% compared to the previous fiscal year.
• Industry Breakdown:
  • Retail Banks (RBs) accounted for 64% of the SARs/STRs
  • Money Service Businesses (MSBs) reported 1%
  • Private Banks (PBs) reported 8%
  • Denominated Non-Financial Business and Professions (DNFBPs) accounted for 24%

Denominated Non-Financial Business and Professions (DNFBPs)

• Increase in SARs/STRs: DNFBPs reported an increase in SARs/STRs by 33% compared to the previous fiscal year.
• Industry Breakdown:
  • Gaming establishments accounted for 5%
  • Law firms/attorneys accounted for 4%
  • Company service providers accounted for 3%
  • Real estate agency/agents accounted for 8%

Cash Declarations

• Threshold Amount: The threshold amount set by the TCIG is USD10,000.00 for both inward and outward declarations.
• Trends: Cash declarations were reported to be moving atypical volumes of cash may be involved in money laundering.

Additional Information

Charts included in the report provide further information on SARs/STRs reported by FIs and DNFBPs from FY18/19 to FY22/23, as well as cash declarations reported by the Customs Department.