Turks and Caicos Enhances Transparency

Turks and Caicos Islands Enhances Transparency with UK on Beneficial Ownership Information

A New Era of Cooperation in Combating Financial Crime

The Turks and Caicos Islands has taken a significant step towards enhancing transparency and combating financial crime by entering into an agreement with the UK government to exchange information on beneficial ownership of corporate and legal entities. This move is a major development in the fight against illicit financial flows and promotes a level playing field for businesses operating in their jurisdictions.

Key Provisions of the Agreement

Establishment of a Central Register: Both parties will establish and maintain a central register containing accurate and current information on beneficial owners.
Access to Information: The register will provide access to this information for law enforcement and tax authorities in both jurisdictions.
Effective Date: The agreement came into effect on April 10, 2016.

A Broader Effort Towards Transparency

The arrangement is part of a broader effort by the UK government to ensure that Overseas Territories like the Turks and Caicos Islands have robust systems in place to disclose beneficial ownership information. In a letter to the Overseas Territories, the Prime Minister emphasized the importance of transparency in combating financial crime and corruption.

A Growing International Trend

The agreement reflects the growing international trend towards greater transparency and cooperation in the fight against financial crime. By sharing information on beneficial ownership, both the UK and the Turks and Caicos Islands can work more effectively together to prevent illicit financial flows and promote a level playing field for businesses operating in their jurisdictions.

Conclusion

The Turks and Caicos Islands’ agreement with the UK government marks an important milestone in the fight against financial crime. By enhancing transparency and cooperation, both parties can work towards creating a safer and more secure business environment for all.