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Turks and Caicos Islands Takes Aggressive Stance Against Money Laundering

The Turks and Caicos Islands has taken significant steps to combat money laundering in the territory, with a range of measures aimed at preventing and detecting illicit activity.

Championing the Fight Against Money Laundering

At the heart of these efforts is the Anti-Money Laundering Committee (AMLC), which was established under the Proceeds of Crime Ordinance. The AMLC brings together key stakeholders from across the territory to advise on and implement anti-money laundering measures.

• Members include:
  • Attorney General
  • Collector of Customs
  • Managing Director of the Financial Services Commission
  • Commissioner of Police
  • Director of the Financial Intelligence Agency
  • Director of Public Prosecutions

Together They Work to Prevent Money Laundering and Terrorist Financing

The AMLC’s functions are multifaceted, encompassing:

• Policy development
• Code and guidance issuance
• Coordination with international partners
• Support for the Governor in their efforts to prevent money laundering, terrorist financing, and the financing of proliferation.

A Key Role for the Attorney General’s Chambers

The Attorney General’s Chambers plays a pivotal role in advancing the interests of the Turks and Caicos Islands in the international arena, including on anti-money laundering matters. The Chambers also processes requests for assistance related to Mutual Legal Assistance and Conventions.

Annual Reports and Accountability

The AMLC is required to provide an annual report on its work to the Governor, ensuring transparency and accountability in its efforts to combat money laundering.

Strengthening Financial Services Commission Role

The Financial Services Commission has a critical mandate under the Proceeds of Crime Ordinance, including:

• Monitoring compliance by licensees with anti-money laundering laws
• Supervising designated non-financial businesses and professions (DNFBPs)
• Taking enforcement action for breaches of anti-money laundering obligations.

Key Partners in the Fight Against Money Laundering

The Director of Public Prosecutions plays a crucial role in conducting criminal confiscation proceedings under Part II of the Proceeds of Crime Ordinance. The Royal Turks and Caicos Islands Police Force investigates money laundering cases, while the Customs Department works to prevent and interdict illicit goods.

A Strong Partnership Against Money Laundering

The Turks and Caicos Islands’ anti-money laundering efforts are underpinned by a strong partnership between key stakeholders, including law enforcement agencies, regulatory bodies, and international partners. This collaborative approach ensures that the territory is well-equipped to prevent and detect money laundering activity.

The Future of Anti-Money Laundering in the Turks and Caicos Islands

As the Turks and Caicos Islands continues to strengthen its anti-money laundering regime, it remains committed to staying ahead of emerging threats and adapting to changing global trends. With a robust framework in place, the territory is well-positioned to maintain its reputation as a safe and secure financial jurisdiction.