Financial Crime World

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Turks and Caicos Islands’ Financial Intelligence Agency: Recent Developments

The Turks and Caicos Islands (TCI) Financial Intelligence Agency (FIA-TCI) has recently published its 3rd Enhanced Follow Up Report & Technical Compliance Re Rating following a re-rating at the 55th Caribbean Financial Action Task Force (CFATF) Plenary.

Recent Events

  • Re-Rating and Enhanced Follow Up Report: The FIA-TCI published its 3rd Enhanced Follow Up Report & Technical Compliance Re Rating, demonstrating the agency’s commitment to implementing anti-money laundering (AML) and combating the financing of terrorism (CFT) measures.
  • Memoranda of Understanding Signed with Haiti and Guyana: During the CFATF Plenary, FIA-TCI signed memoranda of understanding with Haiti and Guyana, further strengthening international cooperation on AML/CFT matters.

Emerging Typology: Social Media Scam

A social media scam has been identified as an emerging typology in the TCI, involving the use of social media to deceive online users. The FIA has issued a Fraud Alert to raise awareness about this threat and encourage vigilance among citizens and businesses alike.

Outreach and Awareness

The FIA completed its 2023/24 round of Outreach and Awareness sessions for reporting entities, aimed at ensuring they are aware of their obligations to report suspicious transactions. The agency encourages attendance at future AML/CFT Outreach & Awareness sessions.

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

Reporting entities in the TCI are obligated to submit SARs/STRs to the FIA, which contribute to efforts to deter money laundering and terrorist financing. The agency provides data on the number of SARs/STRs reported for fiscal years 2016/17 to 2020/21.

Financial Sanctions Notices

The Governor of the TCI is the competent authority for implementing targeted financial sanctions, with some functions delegated to the Attorney General’s Chambers (AGC). Sanction notices can be viewed on the Office of the Attorney General’s website.