Terrorism Financing Prevention Methods in Turks and Caicos Islands Under Scrutiny
Anti-Money Laundering and Counter-Terrorist Financing Measures Put to the Test
A recent on-site evaluation has shed light on the anti-money laundering (AML) and counter-terrorist financing (CFT) measures currently in place in the Turks and Caicos Islands. The assessment, conducted by a team of experts between September 10th and 21st, 2018, aimed to determine the effectiveness of the island nation’s AML/CFT system and identify areas for improvement.
Background
The evaluation was based on the 2012 FATF Recommendations and prepared using the 2013 Methodology. The assessment analyzed the level of compliance with international standards and provided recommendations for strengthening the country’s anti-money laundering and counter-terrorist financing framework.
Evaluation Process
The assessment was informed by information provided by the Turks and Caicos Islands government as well as observations made by the evaluation team during their on-site visit. The findings of the report have been reviewed and endorsed by the Financial Action Task Force (FATF), a global organization that sets standards for anti-money laundering and counter-terrorist financing efforts.
Key Findings
While the full report is expected to be released in the coming weeks, initial indications suggest that the Turks and Caicos Islands may need to take additional steps to prevent terrorism financing and strengthen its AML/CFT system. The following key areas were highlighted as requiring attention:
- Enhancing customer due diligence: The evaluation team recommended that financial institutions improve their customer due diligence procedures to prevent money laundering and terrorist financing.
- Strengthening reporting requirements: The report suggested that the government consider introducing new reporting requirements for suspicious transactions to enhance the effectiveness of the AML/CFT system.
- Improving international cooperation: The evaluation team emphasized the importance of strengthening international cooperation to combat money laundering and terrorist financing.
Conclusion
The on-site evaluation has provided valuable insights into the anti-money laundering and counter-terrorist financing measures currently in place in the Turks and Caicos Islands. By addressing the key areas highlighted in the report, the country can enhance its AML/CFT system and prevent terrorism financing.