Financial Crime World

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Financial Intelligence Agency of Turks and Caicos Islands (FIA-TCI)

Recent Developments and Updates

The Financial Intelligence Agency of Turks and Caicos Islands (FIA-TCI) has recently made several key announcements, including:

Enhanced Follow Up Report & Technical Compliance Re Rating

  • The FIA-TCI has published its 3rd Enhanced Follow Up Report & Technical Compliance Re Rating following re-ratings at the 55th Caribbean Financial Action Task Force (CFATF) Plenary.
  • This achievement demonstrates the agency’s commitment to improving its technical compliance and effectiveness in combating money laundering and terrorist financing.

Memoranda of Understanding Signed with Haiti and Guyana

  • During the CFATF Plenary, the FIA-TCI signed memoranda of understanding with Haiti and Guyana, further strengthening international cooperation and collaboration in the fight against financial crime.

Fraud Alert Issued on Social Media Scams

  • The FIA-TCI has observed an increase in suspicious activity reports related to social media scams and has issued a Fraud Alert to warn citizens about these potential threats.

Outreach and Awareness

The FIA-TCI is committed to educating the public and reporting entities about their roles in preventing financial crime. Recent outreach and awareness activities include:

Conducted Outreach and Awareness Sessions

  • The agency conducted outreach and awareness sessions for reporting entities from March to April 2024.
  • These sessions aimed to educate attendees on the importance of reporting suspicious transactions and the FIA-TCI’s role in combating financial crime.

Upcoming Sessions and Contact Information

  • Reporting entities are encouraged to attend upcoming sessions and can contact administration@fia.tc for more information.

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

The FIA-TCI requires all financial institutions, including DNFBPs and NPOs, to report all attempted and completed suspicious transactions. Key statistics on SARs/STRs reported for fiscal years 2016/17 to 2020/21 include:

Financial Sanctions

  • The TCI’s Sanction Orders are mainly derived from UN and EU sanctions, enacted domestically to give them force of law.
  • The Governor is the competent authority for implementing targeted financial sanctions, with delegated functions to the Attorney General’s Chambers.
  • Sanction notices can be viewed on the Office of the Attorney General’s website.