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Turks and Caicos Islands: Key Players in Anti-Money Laundering Efforts

In a bid to combat money laundering and terrorist financing, the Turks and Caicos Islands has established a robust anti-money laundering (AML) framework. At the forefront of this effort are several key players who work together to prevent, detect, and prosecute financial crimes.

National Coordination Efforts: The Attorney General’s Chambers

Leadership Role

The Attorney General’s Chambers plays a crucial role in national coordination efforts, providing legal advice to the government and advancing the interests of the Turks and Caicos Islands internationally. The Attorney General is also responsible for processing requests for assistance in mutual legal assistance matters and applicable conventions.

Compliance Supervision: Turks and Caicos Islands Financial Services Commission

Monitoring Compliance

The Turks and Caicos Islands Financial Services Commission has a specific mandate to monitor compliance by licensees with all laws, codes, and guidance relating to money laundering or the financing of terrorism. The Commission is also responsible for supervising designated non-financial business and professions (DNFBPs) and taking appropriate enforcement action for breaches of AML/CFT obligations.

Criminal Confiscation Proceedings: Director of Public Prosecutions

Conducting Proceedings

The Director of Public Prosecutions has the power to institute and undertake criminal proceedings against any person before any court in respect of any offense against any law in force in the Islands. The DPP is also responsible for conducting criminal confiscation proceedings, which seek to recover the financial benefit gained by a person as a result of committing a criminal offense.

Investigating Money Laundering Cases: Royal Turks and Caicos Islands Police Force

Investigating Crimes

The Royal Turks and Caicos Islands Police Force investigates and develops money laundering (ML) and terrorist financing (TF) cases to lead to the prosecution of criminals before the court and to recover the proceeds of crime. A senior officer of the RTCIPF may apply for production orders in relation to criminal conduct, criminal recovery investigations, and money laundering investigations.

Preventing Illicit Goods: Customs Department

Preventing and Interdicting Illegal Drugs

The Customs Department is responsible for collecting import and export duties on behalf of the Turks and Caicos Islands Government. One of its core functions is preventing and interdicting illegal drugs and other prohibited and restricted goods, while facilitating legitimate trade and international travel.

Financial Intelligence Agency: Receiving and Analyzing Suspicious Activity Reports

Receiving SARs

The Financial Intelligence Agency plays a central role in the Turks and Caicos Islands anti-money laundering regime by receiving suspicious activity reports (SARs) made by financial businesses and DNFBPs. Upon receipt of SARs, the Agency conducts enquiries to develop the information, which is then assessed for its relevance and usefulness to other financial intelligence units or law enforcement agencies.

Conclusion

These key players work together to prevent, detect, and prosecute money laundering and terrorist financing in the Turks and Caicos Islands. Their efforts are essential in maintaining a robust AML framework that protects the integrity of the financial system and supports national security.