Turks and Caicos Advances Fight

Turks and Caicos Islands See Progress in Fighting Money Laundering and Terrorist Financing

The Turks and Caicos Islands has made significant strides in bolstering its framework to combat money laundering and terrorist financing, according to the Caribbean Financial Action Task Force (CFATF). As a result of these efforts, the country has been re-rated on two key FATF Recommendations.

Improvements in Addressing Technical Compliance Deficiencies

According to the CFATF’s report, the Turks and Caicos Islands has demonstrated notable improvements in addressing technical compliance deficiencies identified during its 2020 mutual evaluation. The country has taken concrete steps to strengthen its anti-money laundering and counter-terrorist financing (AML/CFT) measures.

Key Recommendations

Correspondent Banking: The CFATF has re-rated the Turks and Caicos Islands as “largely compliant” on Recommendation 13, which pertains to correspondent banking. This improvement reflects the country’s efforts to enhance its regulatory framework and improve supervision of financial institutions.
Designated Non-Financial Businesses and Professions (DNFBPs): The CFATF has re-rated the Turks and Caicos Islands as “compliant” on Recommendation 28, which deals with the regulation and supervision of DNFBPs. This upgrade acknowledges the country’s progress in strengthening its oversight of DNFBPs and ensuring their compliance with AML/CFT regulations.

Enhanced Measures and Reputation

The CFATF report also assesses whether the Turks and Caicos Islands’ measures meet the requirements of FATF Recommendations that have changed since the 2020 mutual evaluation. The report takes into account any new measures implemented by the country since the evaluation.

As a result of these improvements, the Turks and Caicos Islands is now rated as Compliant or Largely Compliant with 37 out of the 40 FATF Recommendations. This progress reflects the country’s commitment to strengthening its AML/CFT framework and improving its reputation as a responsible financial jurisdiction.