Financial Crime World

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Turks and Caicos Islands Make Significant Progress in Anti-Money Laundering Efforts

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The Turks and Caicos Islands have made significant progress in their anti-money laundering efforts, according to a recent report by the Caribbean Financial Action Task Force (CFATF).

High Level of Commitment

The CFATF report praised the Turks and Caicos Islands for their high level of commitment to addressing money laundering and terrorist financing.

“We note that there has been favourable recognition within international and regional organizations of the tremendous effort that the TCI has expended to meet the international standards,” said a government spokesperson.

Programme of Work Planned

The report also noted that a programme of work is now being planned by the Anti-Money Laundering Committee (AMLC) for Cabinet’s approval, to address the issues highlighted in the Report. The AMLC will be working closely with the private sector to ensure that the necessary measures are implemented.

Follow-up Report Due November 2020

The Turks and Caicos Islands will provide their first follow-up report to the CFATF in November 2020, which is expected to demonstrate significant progress in addressing money laundering and terrorist financing. The government is committed to ensuring that the islands remain a high-risk jurisdiction for money laundering and terrorist financing.

Government Commitment

The Government of the Turks and Caicos Islands has expressed its commitment to combating money laundering and terrorist financing.

“TCI’s AML/CFT risk management program is incorporated in the National Security Strategy recently approved by the Cabinet,” said HE the Governor Mr. Nigel Dakin. “We are committed to working collaboratively with the private sector to achieve our goal of a high level of compliance.”

Background

The CFATF is an inter-governmental body that aims to combat money laundering and terrorist financing in the Caribbean region. The organization works to promote effective implementation of legal, regulatory and operational measures for combating these threats.

Key Facts

  • The CFATF report highlights the significant progress made by the Turks and Caicos Islands in addressing money laundering and terrorist financing.
  • A programme of work is being planned by the Anti-Money Laundering Committee (AMLC) to address the issues highlighted in the Report.
  • The Turks and Caicos Islands will provide their first follow-up report to the CFATF in November 2020.

Resources

  • Full Report by the CFATF
  • For more information about the Government’s efforts to combat money laundering and terrorist financing, please contact the Government Press Office at [email address] or [phone number].