Financial Crime World

Anti-Money Laundering and Combating the Financing of Terrorism Efforts in Turks and Caicos Islands

Enhanced Follow-Up Report Published by TCI Financial Intelligence Agency (FIA)

The Turks and Caicos Islands Financial Intelligence Agency (FIA) has published its 3rd Enhanced Follow Up Report & Technical Compliance Re Rating. This report comes after re-ratings at the 55th Caribbean Financial Action Task Force (CFATF) Plenary.

Key Highlights:

  • The FIA’s report provides an update on the country’s progress in addressing anti-money laundering and combating the financing of terrorism (AML/CFT) deficiencies.
  • The report includes a technical compliance rating, which assesses the FIA’s ability to implement AML/CFT regulations.

Memoranda of Understanding Signed with Haiti and Guyana

The TCI Financial Intelligence Agency has signed memoranda of understanding with Haiti and Guyana at the CFATF Plenary. These MOUs aim to strengthen cooperation on AML/CFT efforts between the three countries.

Benefits:

  • Enhanced information sharing and coordination on AML/CFT matters.
  • Improved detection and prevention of money laundering and terrorist financing activities.

Emerging Typology: Social Media Scam Alert

The FIA has issued a Fraud Alert on an emerging trend of social media scams in the TCI. The alert provides insight into scam tactics and tips for individuals to safeguard themselves.

Key Points:

  • Scammers use social media platforms to trick victims into sending money or sensitive information.
  • Individuals should be cautious when receiving unsolicited messages or requests from unknown sources.
  • Report any suspicious activity to the FIA or local authorities.

Outreach and Awareness Sessions Completed

The FIA has completed its 2023/24 round of Outreach and Awareness sessions. These sessions aimed to ensure reporting entities are aware of their obligations to report suspicious transactions.

Goals:

  • Educate reporting entities on AML/CFT regulations and requirements.
  • Encourage voluntary reporting of suspicious activity.

Suspicious Activity Reports (SARs) and Suspicious Transaction Reports (STRs)

The FIA has provided the number of SARs and STRs received for fiscal years 2016/17 to 2020/21. This data highlights the importance of reporting suspicious activities to prevent money laundering and terrorist financing.

Key Statistics:

  • Number of SARs: [Insert numbers]
  • Number of STRs: [Insert numbers]

Financial Sanctions Notices

The TCI’s Office of the Attorney General has published sanction notices, which can be viewed on their website. These notices provide information on individuals or entities subject to financial sanctions.

Resources:

  • [Link to Attorney General’s Chambers]
  • [Link to Caribbean Financial Action Task Force]
  • [Link to EGMONT Group]
  • [Link to Financial Action Task Force]
  • [Link to INTERPOL]
  • [Link to Royal Turks and Caicos Islands Police Force]
  • [Link to Turks and Caicos Islands Financial Services Commission]
  • [Link to Turks and Caicos Islands Government]
  • [Link to Turks and Caicos Islands Integrity Commission]
  • [Link to Turks and Caicos Islands Sanctions List]
  • [Link to United Nations]
  • [Link to United Nations Consolidated Sanctions List]