Progress in Anti-Money Laundering and Counter-Terrorist Financing Measures

The Caribbean Financial Action Task Force (CFATF) has acknowledged significant progress made by the Turks and Caicos Islands in strengthening its framework to tackle money laundering and terrorist financing. As a result, the country has been re-rated on two key recommendations.

From Partially Compliant to Largely Compliant

Since its 2020 mutual evaluation, the Turks and Caicos Islands has been working to address technical compliance deficiencies identified by the CFATF. The country’s efforts have paid off, with the CFATF upgrading its rating from “partially compliant” to “largely compliant” on:

Recommendation 13: Correspondent Banking
Recommendation 28: Regulation and Supervision of DNFBPs (Designated Non-Financial Business and Professions)

Enhanced AML/CFT Framework

These improvements bring the Turks and Caicos Islands’ total number of compliant or largely compliant recommendations to 37 out of 40. The CFATF has acknowledged the country’s progress in strengthening its anti-money laundering and counter-terrorist financing measures.

Commitment to International Standards

The upgrade reflects the Turks and Caicos Islands’ commitment to addressing the concerns raised by the CFATF during its mutual evaluation. The country’s efforts demonstrate a clear intent to enhance its AML/CFT framework and prevent financial crime.

Full Compliance Remains a Goal

As the country continues to work towards full compliance with the FATF Recommendations, it remains committed to protecting its financial system from illicit activities.

Access the Full Report

The full report by the CFATF can be accessed online, providing further details on the Turks and Caicos Islands’ progress in addressing AML/CFT technical compliance deficiencies.