Financial Crime World

Financial Intelligence Agency Report: Turks and Caicos Islands

Overview of Key Points

The Financial Intelligence Agency (FIA) of the Turks and Caicos Islands has released a report covering the period from April 1, 2022, to March 31, 2023. This article summarizes the key points from the report.

Financial Institutions (FIs)

  • Reporting Rate: FIs reported 37 or 74% of Suspicious Activity Reports (SARs)/Suspicious Transaction Reports (STRs) to the FIA.
  • Breakdown by Type:
    • Retail Banks (RBs): accounted for 32 or 64% of SARs/STRs
    • Money Service Businesses (MSBs): reported only 1 or 2%
    • Private Banks and other Financial Institutions: accounted for 4 or 8%

Decreases in SARs/STRs

  • Compared to the previous fiscal year (FY21/22), there was a decrease of 13 or 26% in SARs/STRs reported.
  • Compared to FY20/21, there was a decrease of 16 or 30% in SARs/STRs reported.

DNFBPs (Designated Non-Financial Businesses and Professions)

  • Reporting Rate: DNFBPs accounted for 12 or 24% of SARs/STRs reported to the FIA.
  • Main Contributors:
    • Gaming establishments: 5 or 10%
    • Law Firms/Attorneys: 5 or 10%
    • Company Service Providers and Real Estate Agency/Agents: 1 each or 2%

Increases in DNFBPs

  • Compared to FY21/22, there was an increase of 3 or 33% in SARs/STRs reported by DNFBPs.
  • Compared to FY20/21, there was an increase of 7 or 140% in SARs/STRs reported by DNFBPs.

Cash Declarations

  • Total Amount: The Customs Department reported a total of USD119,313.19 in cash declarations.
  • Incoming vs Outgoing:
    • Majority (USD20,000.00) was for incoming cash.