Financial Crime World

Turks and Caicos Islands Makes Progress in Combating Terrorism Financing

The Caribbean Financial Action Task Force (CFATF) has re-rated the Turks and Caicos Islands on two key recommendations related to combating money laundering and terrorist financing, highlighting the country’s efforts to strengthen its anti-money laundering and counter-terrorist financing framework.

A Significant Development

The positive re-rating is a direct result of the country’s commitment to improving its Anti-Money Laundering/Counter-Terrorism Financing (AML/CFT) measures. The Turks and Caicos Islands submitted a report to the CFATF outlining the progress made in addressing technical compliance deficiencies identified during the 2020 mutual evaluation.

Progress Made

The CFATF has upgraded the Turks and Caicos Islands’ rating from partially compliant to largely compliant on two key recommendations:

Correspondent Banking (Recommendation 13)

  • The country’s improved ability to regulate and oversee banks that provide services to other financial institutions.
  • Enhanced capacity to monitor high-risk transactions and prevent money laundering.

Designated Non-Financial Businesses and Professions (DNFBPs) (Recommendation 28)

  • Improved regulation and supervision of high-risk sectors such as real estate agents, law firms, and accountants.
  • Enhanced capacity to monitor and prevent terrorist financing in these sectors.

A Testament to the Country’s Commitment

The re-rating brings the total number of recommendations that the Turks and Caicos Islands is compliant or largely compliant with to 37 out of 40. This significant progress reflects the country’s commitment to combating terrorism financing and money laundering in line with international standards.

Enhanced Regional Cooperation

The CFATF’s recognition of the Turks and Caicos Islands’ efforts will likely contribute to enhanced regional cooperation and collaboration in the fight against financial crime. The country’s improved rating is a testament to its dedication to strengthening its AML/CFT framework and ensuring a safer financial environment for both residents and international partners.