Financial Crime World

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Mutual Evaluation Report of Turks and Caicos Islands for FATF Compliance

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The Financial Action Task Force (FATF) has released a Mutual Evaluation Report (MER) on the anti-money laundering and combating the financing of terrorism (AML/CFT) framework of Turks and Caicos Islands. The report assesses the country’s compliance with various AML/CFT criteria, including customer due diligence (CDD), enhanced due diligence (EDD), and other regulatory aspects.

Addressing Deficiencies in AML/PTF Code and Regulations

Criterion 10: Customer Due Diligence Provisions

Turks and Caicos Islands has taken steps to address deficiencies via amendments to the AML/PTF Code and Regulations. The report highlights that these changes have redefined the term “legal entity” and applied CDD provisions to trusts, remedying previously existing deficiencies.

Initially rated as Partially Compliant with Recommendation 14, Turks and Caicos Islands has made progress in addressing previous weaknesses. The Money Transmitters (Amendment) Ordinance 2021 has amended Section 2 of the Money Transmitters Ordinance to define money transmission more broadly.

Key Findings

  • TCI has addressed all deficiencies via amendments to the AML/PTF Code and Regulations.
  • The CDD provisions now apply to trusts, remedying previously existing deficiencies.
  • The report highlights that TCI has taken steps to address previous deficiencies, including redefining the term “legal entity” and applying CDD provisions to trusts.

Conclusion

Turks and Caicos Islands is re-rated as Compliant with Recommendation 10. The report concludes that the country has addressed all deficiencies and is compliant with the relevant AML/CFT standards.