Turks and Caicos Islands Takes Strides to Combat Money Laundering and Terrorist Financing

Reaffirming Commitment to International Standards

The Turks and Caicos Islands (TCI) has reaffirmed its commitment to adhering to international standards in preventing money laundering and combating terrorist financing. With a framework of Anti-Money Laundering (AML) legislation in place since 1988, the TCI has successfully integrated Combating the Financing of Terrorism (CFT) measures into its regulatory regime.

Alignment with International Best Practices

As a member of the Caribbean Financial Action Task Force (CFATF), the TCI is aligned with international best practices and subject to regular evaluations by the CFATF’s Mutual Evaluation Program. This assessment enables authorities to assess the effectiveness of the country’s AML/CFT framework, ensuring it meets global standards.

Regional Engagement and Cooperation

The TCI actively participates in regional forums, including:

• Bi-annual plenary meetings for technical representatives: These meetings bring together technical experts from across the region to discuss AML/CFT policies and share best practices.
• Annual ministerial gatherings: These gatherings provide an opportunity for ministers responsible for AML/CFT to make key decisions on policy and direction.

By engaging with international partners through these platforms, the TCI strengthens its capacity to combat money laundering and terrorist financing, thereby maintaining a secure financial environment for its citizens and businesses.

Commitment to Transparency, Accountability, and Cooperation

The island nation’s commitment to AML/CFT standards reflects its dedication to transparency, accountability, and cooperation in the global fight against illicit financial activities. By working closely with regional partners and adhering to international best practices, the TCI continues to solidify its position as a responsible and secure jurisdiction in the Caribbean region.

The Turks and Caicos Islands’ efforts demonstrate its commitment to combating money laundering and terrorist financing, and its collaboration with international partners serves as an example for other countries to follow.