Financial Crime World

Turks and Caicos Islands Intensifies Efforts to Detect Money Laundering

The Turks and Caicos Islands is taking a proactive approach to combatting money laundering and terrorist financing by strengthening its anti-money laundering committee (AMLC) and implementing measures to prevent the financial system from being misused.

Anti-Money Laundering Committee (AMLC)

The AMLC is chaired by the Attorney General and comprises representatives from various government agencies, including:

  • Collector of Customs
  • Managing Director of the Financial Services Commission
  • Commissioner of Police
  • Director of the Financial Intelligence Agency
  • Director of Public Prosecutions

Functions of the Anti-Money Laundering Committee (AMLC)

The AMLC’s primary functions are to:

  • Advise the Governor on the prevention of money laundering, terrorist financing, and the financing of proliferation
  • Develop a national plan of action
  • Participate in international efforts
  • Issue codes and guidance for financial institutions to follow

Role of the Attorney General’s Chambers

The Attorney General’s Chambers plays a crucial role in coordinating the country’s efforts against money laundering and terrorist financing. The chambers are responsible for:

  • Processing requests for assistance in accordance with mutual legal assistance agreements and applicable conventions

Financial Services Commission

The Financial Services Commission is heavily involved in anti-money laundering efforts, monitoring compliance by licensed financial institutions and designated non-financial businesses and professions (DNFBPs) with laws and regulations relating to money laundering and terrorist financing.

Law Enforcement Agencies

The Director of Public Prosecutions is responsible for prosecuting criminal cases related to money laundering and confiscation, while the Royal Turks and Caicos Islands Police Force investigates and develops ML/TF cases to lead to prosecution. The Customs Department plays a critical role in preventing illegal drugs and other prohibited goods from entering the country.

Financial Intelligence Agency

The Financial Intelligence Agency is responsible for:

  • Receiving suspicious activity reports from financial businesses and DNFBPs
  • Conducting enquiries to develop information
  • Assessing the relevance and usefulness of the information received
  • Developing various products, including:
    • Intelligence reports
    • Spontaneous disseminations
    • Financial profiles

International Cooperation

The Turks and Caicos Islands is working closely with international partners to share information and best practices in combating money laundering and terrorist financing.

In summary, the Turks and Caicos Islands is committed to intensifying its efforts to detect and prevent money laundering and terrorist financing through a multi-agency approach and international cooperation.