Financial Crime World

Turks and Caicos Islands Takes Significant Steps in Combating Money Laundering

Port of Spain, Trinidad and Tobago - December 20th, 2022

The Caribbean Financial Action Task Force (CFATF) has given a boost to the Turks and Caicos Islands’ efforts to combat money laundering and terrorist financing, re-rating the country on 14 of the 40 FATF Recommendations.

Significant Progress Made by Turks and Caicos Islands

Following its mutual evaluation in 2020, Turks and Caicos Islands had been in an enhanced follow-up process. As part of this process, the country has reported back to the CFATF on the progress made to strengthen its anti-money laundering and counter-terrorist financing (AML/CFT) framework.

Key Areas of Improvement

  • Non-profit organisations: Moved from partially compliant to largely compliant
  • Customer due diligence: Now fully compliant
  • Money Value Transfer Services: Upgraded from partially compliant to compliant
  • Wire Transfers: Improved from partially compliant to largely compliant

Other Areas of Improvement

  • Designated Non-Financial Businesses and Professions (DNFBPs) customer due diligence: Moved from partially compliant to largely compliant
  • DNFBPs other measures: Now fully compliant
  • Regulation and Supervision of Financial Institutions: Upgraded from partially compliant to largely compliant
  • Guidance and Feedback: Improved from partially compliant to largely compliant
  • Other Forms of International Co-operation: Now fully compliant

CFATF’s Positive Assessment

The CFATF has also maintained the largely compliant rating for Recommendation 2 (National co-operation and co-ordination) and the compliant rating for Recommendation 18 (Internal Controls and foreign branches and subsidiaries).

Turks and Caicos Islands Takes Steps to Meet New Requirements

The report also highlights measures taken by Turks and Caicos Islands to meet the requirements of FATF Recommendations that have changed since its 2017 mutual evaluation, taking into account any new measures since the mutual evaluation.

This positive development is a significant step forward for the Turks and Caicos Islands in its efforts to combat money laundering and terrorist financing.