Financial Crime World

Financial Intelligence Agency of the Turks and Caicos Islands: Combating Money Laundering and Financial Crimes

The Financial Intelligence Agency of the Turks and Caicos Islands (FIA-TCI) plays a crucial role in combating money laundering, terrorist financing, and other financial crimes. In this article, we will discuss the FIA-TCI’s efforts to combat financial crimes and highlight some key points related to its mandate and activities.

Recent Reports and Developments

The FIA-TCI has published several reports, including a 3rd Enhanced Follow Up Report & Technical Compliance Re Rating. The agency has also signed memoranda of understanding with Haiti and Guyana. These developments demonstrate the FIA-TCI’s commitment to international cooperation in combating financial crimes.

Increase in Suspicious Activity Reports (SARs)

The FIA-TCI has observed an increase in SARs related to social media scams, highlighting the growing threat of online financial crimes. In response, the agency has issued a Fraud Alert to warn the public about these scams and encourage reporting entities to be vigilant.

Outreach and Awareness Sessions

The FIA-TCI completed its 2023/24 round of Outreach and Awareness sessions for reporting entities, which aim to educate and inform stakeholders about their obligations in combating financial crimes. These sessions are an essential part of the agency’s efforts to prevent financial crimes and ensure compliance with regulations.

  • The FIA-TCI is mandated to receive, store, analyze, and disseminate intelligence related to suspected money laundering, terrorist financing, and proliferation financing.
  • Reporting entities, including DNFBPs and NPOs, are obligated to report all attempted and completed suspicious transactions to the FIA-TCI.

Sanction Orders within the TCI

Sanction Orders within the Turks and Caicos Islands are mainly derived from those issued by the UN and the EU. The agency works closely with international partners to ensure compliance with these sanctions and prevent financial crimes.

For more information on combating money laundering, terrorist financing, and other financial crimes, please visit the following websites:

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