Financial Crime World

Turks and Caicos Islands Enhances Financial Crime Prevention Framework

The Turks and Caicos Islands (TCI) has reaffirmed its commitment to combating financial crime by continuously strengthening its anti-money laundering (AML) and combating the financing of terrorism (CFT) framework. In line with international standards, the island nation’s AML/CFT regime continues to evolve and improve.

A Comprehensive Framework in Place since 1988

The TCI has had a comprehensive AML/CFT regime in place since 1988, with recent enhancements incorporating CFT measures. This robust framework enables the country to effectively prevent and combat financial crime.

Key Features of the TCI’s AML/CFT Regime:

  • Comprehensive anti-money laundering and combating the financing of terrorism (AML/CFT) framework
  • Recent enhancements incorporating CFT measures
  • Membership in the Caribbean Financial Action Task Force (CFATF)
  • Associate membership in the global Financial Action Task Force (FATF)

International Cooperation and Best Practices

As a member of the CFATF, the TCI undergoes regular mutual evaluations to assess the effectiveness of its AML/CFT framework. The country’s technical representatives participate in bi-annual plenary meetings with other CFATF members to discuss policy and share best practices.

International Cooperation:

  • Regular mutual evaluations by CFATF
  • Bi-annual plenary meetings with other CFATF members
  • Annual ministerial level meetings for high-level discussions on regional initiatives and implementation of FATF recommendations

A Safer Environment for Businesses and Individuals

By maintaining its commitment to international standards and cooperation, the TCI aims to strengthen its financial crime prevention framework and ensure a safer environment for businesses and individuals operating within its jurisdiction.

Benefits:

  • A robust AML/CFT regime in place since 1988
  • Recent enhancements incorporating CFT measures
  • International cooperation and best practices shared through CFATF membership
  • A safer environment for businesses and individuals