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Financial Intelligence Agency - Annual Report 2022/23 Summary
The Financial Intelligence Agency (FIA) has released its annual report for 2022/23, highlighting trends and statistics related to Suspicious Activity Reports (SARs)/Suspicious Transaction Reports (STRs) submitted from January 1st to March 31st, 2023.
Key Findings
- Reduced SARs/STRs: Compared to the previous fiscal year (FY21/22), there was a reduction of 13% or 26% in SARs/STRs reported.
- Retail Banks (RBs): RBs accounted for 32% or 64% of the total SARs/STRs, making them the highest contributors to SARs/STRs submitted within the Turks and Caicos Islands over the last five years.
- Designated Non-Financial Businesses and Professions (DNFBPs): DNFBPs accounted for 12% or 24% of the total SARs/STRs, with Gaming establishments, Law Firms/Attorneys, Company Service Providers, and Real Estate Agency/Agents contributing to the reports.
- Cash Declarations: The Customs Department reported cash declarations exceeding the threshold amount of USD10,000.00, which are analyzed by the FIA for potential money laundering activities.
Key Statistics
| Category | FY22/23 | Change from Previous Year |
|---|---|---|
| Total SARs/STRs | 37% (74%) | -13% (-26%) |
| Retail Banks (RBs) | 32% (64%) | +2% (+4%) |
| Designated Non-Financial Businesses and Professions (DNFBPs) | 12% (24%) | +3% (+33%) |
These statistics provide valuable insights into the trends and patterns of suspicious activities in the Turks and Caicos Islands, helping the FIA to identify areas that require further attention and resources.