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Turks and Caicos Islands Steps Up Compliance with International Anti-Money Laundering Standards

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The Turks and Caicos Islands (TCI) has reaffirmed its commitment to international standards of regulation in preventing and detecting money laundering and combating terrorist financing.

A Comprehensive Framework for Anti-Money Laundering Legislation

In accordance with its obligations, the TCI has implemented a comprehensive framework of Anti-Money Laundering (AML) legislation since 1988. This framework has been enhanced to include Combating the Financing of Terrorism (CFT). The TCI’s AML/CFT framework is designed to prevent and detect money laundering activities, while also combating terrorist financing.

Membership with International Organizations

As a member of the Caribbean Financial Action Task Force (CFATF), an Associate Member of the prestigious Financial Action Task Force (FATF), the TCI is subject to regular assessments and evaluations of its AML/CFT framework. The CFATF, a FATF-styled regional body with similar structure and function to the FATF, works closely with member countries to ensure compliance with international standards.

Regular Assessments and Evaluations

The TCI’s participation in bi-annual plenary meetings for technical representatives and annual ministerial meetings enables the country to engage with regional experts and policymakers on AML/CFT issues. This collaborative approach facilitates the sharing of best practices and ensures that the TCI remains at the forefront of efforts to combat money laundering and terrorist financing in the region.

Benefits of Membership

• Regular assessments and evaluations of AML/CFT framework
• Sharing of best practices with regional experts and policymakers
• Compliance with international standards for preventing and detecting money laundering and combating terrorist financing