Financial Crime World

Preventing Financial Crime in Turks and Caicos Islands: The Crucial Role of Regulators

Introduction

The Turks and Caicos Islands is taking a robust approach to preventing financial crime through the establishment of various regulatory bodies. These entities are tasked with ensuring that financial institutions and other businesses adhere to anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations.

The Anti-Money Laundering Committee (AMLC)

The AMLC is at the helm of this effort, established under Section 115 of the Proceeds of Crime Ordinance. Chaired by the Attorney General, the AMLC brings together representatives from various government agencies, including:

  • Financial Services Commission
  • Royal Turks and Caicos Islands Police Force
  • Customs Department

The AMLC is responsible for advising the Governor on matters related to preventing money laundering, terrorist financing, and the financing of proliferation. This includes developing a national plan of action, coordinating with international authorities, and issuing codes and guidance to ensure compliance.

“The AMLC plays a critical role in protecting the financial system of Turks and Caicos Islands from being used for illicit activities,” said an official at the Attorney General’s Chambers. “We work closely with other regulatory bodies to ensure that our efforts are coordinated and effective.”

The Financial Services Commission

The Financial Services Commission is another key player in preventing financial crime, as it has a specific mandate to monitor compliance by licensees with AML/CFT laws and regulations. The Commission also supervises DNFBPs (designated non-financial businesses and professions) under the Proceeds of Crime Ordinance.

“The Turks and Caicos Islands Financial Services Commission is committed to ensuring that all financial institutions and businesses operating in our jurisdiction comply with AML/CFT regulations,” said a spokesperson for the Commission. “We work closely with other regulatory bodies to ensure that our efforts are coordinated and effective.”

Other Regulatory Bodies

  • Director of Public Prosecutions (DPP): Responsible for instituting and undertaking criminal proceedings against individuals or entities suspected of committing AML/CFT-related offenses.
  • Royal Turks and Caicos Islands Police Force: Committed to investigating and prosecuting AML/CFT-related offenses.
  • Customs Department: Plays an important role in preventing financial crime by monitoring and controlling the movement of goods and services.
  • Financial Intelligence Agency: Responsible for gathering and analyzing financial intelligence to prevent money laundering and terrorist financing.

Conclusion

The regulators in Turks and Caicos Islands play a crucial role in preventing financial crime by ensuring compliance with AML/CFT regulations and coordinating their efforts to prevent illicit activities. The government has implemented various regulations and guidelines to ensure that all businesses operating in the jurisdiction comply with these laws.