Turks and Caicos Islands Make Strides in Financial Compliance Efforts

The Caribbean Financial Action Task Force (CFATF) has released a positive assessment of the Turks and Caicos Islands’ progress in combating money laundering and terrorist financing. The islands have made significant strides in strengthening their framework to meet international standards.

Background

In 2020, the CFATF conducted a mutual evaluation report that assessed the effectiveness of the Turks and Caicos Islands’ anti-money laundering and counter-terrorist financing (AML/CFT) measures. The report identified technical compliance deficiencies that needed to be addressed.

Recent Progress

The CFATF has re-rated the Turks and Caicos Islands on two key recommendations:

Upgrades in Compliance

• Recommendation 13: Correspondent Banking: The country’s measures have been upgraded from partially compliant to largely compliant.
• Recommendation 28: Regulation and Supervision of DNFBPs (Designated Non-Financial Businesses and Professions): The Turks and Caicos Islands has made significant progress, upgrading its rating from partially compliant to compliant.

Implementation of New Measures

The country has implemented new measures in response to changes in the Financial Action Task Force (FATF) Recommendations since the 2020 mutual evaluation. These efforts demonstrate the Turks and Caicos Islands’ commitment to strengthening its AML/CFT framework.

Resulting Rating

As a result of this progress, the Turks and Caicos Islands is now rated as Compliant or Largely Compliant with 37 out of the 40 FATF Recommendations. This marks a significant improvement from its previous ratings and reflects the country’s dedication to financial compliance.