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Turks and Caicos Islands Exemplars of Successful Anti-Money Laundering Programs, Say Experts

A recent evaluation of the Turks and Caicos Islands’ Anti-Money Laundering (AML) / Counter-Terrorist Financing (CFT) system has yielded a raft of recommendations for strengthening its effectiveness. The assessment, conducted by the Caribbean Financial Action Task Force (CFATF), provides valuable insights into what works in AML program implementation.

Key Findings

The Mutual Evaluation Report, adopted at the 2019 CFATF Plenary held in Antigua and Barbuda, presents an exhaustive analysis of the Turks and Caicos Islands’ AML/CFT measures as of September 2018. By examining the jurisdiction’s level of compliance with the Financial Action Task Force (FATF) 40 Recommendations, experts can identify key factors contributing to its success.

Success Factors

According to the report, the Turks and Caicos Islands have made significant strides in establishing an effective AML/CFT system. The evaluation highlights areas where the jurisdiction excels, including:

  • Robust Customer Due Diligence Procedures: The islands have implemented robust procedures for verifying customer identity and monitoring transactions.
  • Adequate Reporting Requirements: The report notes that the Turks and Caicos Islands have adequate reporting requirements in place to detect and prevent money laundering and terrorist financing.
  • Comprehensive Regulatory Framework: The jurisdiction has a comprehensive regulatory framework in place to oversee AML/CFT compliance.

Areas for Improvement

However, the report also identifies opportunities for improvement. Recommendations focus on:

  • Enhancing Cooperation between Relevant Authorities: Improving cooperation between relevant authorities will enhance the effectiveness of AML/CFT measures.
  • Improving Information Sharing: The report notes that information sharing between institutions and government agencies needs to be improved.
  • Strengthening Oversight Mechanisms: Strengthening oversight mechanisms will ensure that AML/CFT compliance is consistently enforced.

Lessons for Jurisdictions

For jurisdictions seeking to emulate the success of the Turks and Caicos Islands’ AML programs, this evaluation offers a wealth of valuable lessons. By examining the report’s findings and recommendations, practitioners and policymakers can gain insights into effective strategies for implementing robust AML/CFT measures.

Full Mutual Evaluation Report Available Online

The full Mutual Evaluation Report is available online for those interested in learning more about the Turks and Caicos Islands’ AML program and its implementation best practices.