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Turks and Caicos Islands’ Progress in Addressing Money or Value Transfer Services Deficiencies

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Recommendation 14: Overcoming Technical Deficiencies

The Mutual Evaluation Report (MER) for Turks and Caicos Islands highlights two key technical deficiencies related to Money or Value Transfer Services (MVTS). These are:

Technical Deficiencies

• Lack of proactive measures: The country has not been taking proactive steps to identify natural or legal persons carrying out MVTS business without a license.
• Limited scope of activities regulated: The Money Transmitters Ordinance does not include all activities captured in the FATF Standards, resulting in a limited scope of activities being regulated.

Addressing Deficiencies

The Money Transmitters (Amendment) Ordinance 2021 has addressed these technical deficiencies by:

Key Amendments

• Broadened definition of money transmission: The ordinance now includes payment of a corresponding sum in any other form within the definition of money transmission.
• Penalties for non-compliance: It is now an offense to carry on Money Services Business (MSB) without a license, with penalties for non-compliance.

Current Status

The report concludes that Turks and Caicos Islands has effectively addressed the technical deficiencies related to Recommendation 14. The country is now rated as Compliant with R.10 (which includes R.14), indicating its progress in meeting international standards on anti-money laundering and combating the financing of terrorism.