Financial Crime World

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Turks and Caicos Islands Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) Measures

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Summary

The Mutual Evaluation Report assesses the AML/CFT measures in place in the Turks and Caicos Islands as of September 2018. The evaluation analyzes the level of compliance with the Financial Action Task Force (FATF) 40 Recommendations and provides recommendations for strengthening the AML/CFT system.

Key Findings

The report highlights several key findings regarding the AML/CFT measures in the Turks and Caicos Islands:

  • Risk Assessment: The National Risk Assessment (NRA) did not fully address the risks associated with:
    • Legal persons and arrangements
    • Designated Non-Financial Businesses and Professions (DNFBPs)
    • Financial Institutions (FIs)
  • Risk Mitigation: Competent authorities have undergone restructuring to combat money laundering and terrorist financing risks, and significant changes have been made to the AML/CFT framework.
  • Prioritization of Risks: Efforts by authorities are not fully prioritized based on the risks posing the most significant threats to the Turks and Caicos Islands.
  • Sectoral Understanding: The banking sector has demonstrated some understanding of money laundering and terrorist financing risks, but this knowledge does not transcend across the entire financial sector.
  • Financial Intelligence Agency (FIA): The FIA’s administrative and investigative frameworks have been improved to detect money laundering and terrorist financing matters.

Recommendations

The report provides several recommendations for strengthening the AML/CFT system in the Turks and Caicos Islands, including:

  • Developing a comprehensive risk-based approach to supervision.
  • Enhancing the understanding of risks associated with DNFBPs and FIs.
  • Improving the quality and quantity of Suspicious Transaction Reports (STRs) received by financial intelligence units.
  • Strengthening the capacity of law enforcement agencies to investigate and prosecute money laundering and terrorist financing cases.

Note

Please note that this summary is based on a truncated version of the report, and there may be additional recommendations or findings not included in what you’ve shared.