Turks and Caicos Islands Makes Progress in Combating Terrorist Financing

The Caribbean Financial Action Task Force (CFATF) has recognized significant progress made by the Turks and Caicos Islands in strengthening its anti-money laundering and counter-terrorist financing framework. This achievement marks a major milestone in the country’s efforts to combat terrorist financing through financial institutions.

Progress on Key Recommendations

Following a mutual evaluation report adopted by the CFATF in 2020, the Turks and Caicos Islands has reported back on the progress made to address technical compliance deficiencies identified in the assessment. As a result of this effort, the CFATF has upgraded the country’s rating on two key recommendations:

Recommendation 13: Correspondent Banking

• Upgrade from Partially Compliant to Largely Compliant: The Turks and Caicos Islands has implemented new measures to strengthen its correspondent banking practices, ensuring that financial institutions are better equipped to detect and prevent terrorist financing.

Recommendation 28: Regulation and Supervision of DNFBPs (Designated Non-Financial Business and Professions)

• Upgrade from Partially Compliant to Fully Compliant: The country has enhanced its regulatory framework for DNFBPs, such as real estate agents and lawyers, to ensure that they are adequately supervised and report suspicious transactions effectively.

International Recognition

The CFATF’s upgrades reflect the Turks and Caicos Islands’ commitment to combating terrorist financing through its financial institutions. With 37 out of 40 FATF Recommendations now rated as Compliant or Largely Compliant, the country strengthens its position in the international community’s fight against money laundering and terrorism financing.

Conclusion

The progress made by the Turks and Caicos Islands demonstrates its dedication to protecting its financial system from terrorist financing risks. This achievement is a testament to the country’s efforts to strengthen its anti-money laundering and counter-terrorist financing framework, ensuring a safer and more secure environment for its citizens and businesses.