Turks and Caicos: AML Victory

Turks and Caicos Islands Achieves Major Victory in Fight Against Terrorism Financing

A Significant Development in Anti-Money Laundering and Counter-Terrorist Financing

The Caribbean Financial Action Task Force (CFATF) has re-rated the Turks and Caicos Islands on two key recommendations related to anti-money laundering and counter-terrorist financing (AML/CFT). This move comes after the country made substantial progress in strengthening its framework to tackle money laundering and terrorist financing since its 2020 mutual evaluation.

Commitment to Improving AML/CFT Measures

The CFATF’s positive assessment reflects the Turks and Caicos Islands’ commitment to improving its AML/CFT measures, which were assessed as part of the organization’s enhanced follow-up process. The report highlights the country’s efforts to address technical compliance deficiencies identified in the mutual evaluation, resulting in improved ratings on two key recommendations.

Key Recommendations Addressed

The CFATF has upgraded the Turks and Caicos Islands’ rating from “partially compliant” to “largely compliant” on:

Recommendation 13: Correspondent Banking - This recommendation relates to the regulation of correspondent banking, which is crucial in preventing money laundering and terrorist financing.

Additionally, the country’s rating has been upgraded from “partially compliant” to “compliant” on:

Recommendation 28: Regulation and Supervision of Designated Non-Financial Businesses and Professions (DNFBPs) - This recommendation deals with the regulation and supervision of DNFBPs, which are essential in preventing money laundering and terrorist financing.

A Significant Achievement

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 significant achievement demonstrates the country’s dedication to combating terrorism financing and money laundering.

Testimony to Commitment to Effective AML/CFT Measures

The CFATF’s re-rating is a testament to the Turks and Caicos Islands’ commitment to implementing effective AML/CFT measures, which are essential for maintaining a safe and secure financial system. The country’s progress in this area will undoubtedly contribute to its reputation as a trusted and responsible jurisdiction in the global financial community.