Turks and Caicos Islands’ Financial Intelligence Unit Operations: A Key Player in Combating Money Laundering and Terrorism Financing

Introduction

The Turks and Caicos Islands (TCI) has a robust Financial Intelligence Unit (FIU), which plays a crucial role in combating money laundering and terrorist financing activities. As part of the Egmont Group, an informal network of national FIUs, the TCI FIU is committed to promoting international cooperation and protecting the global financial system.

History of the Financial Intelligence Agency

Established as a statutory body under the FIA Ordinance in October 2014, the Financial Intelligence Agency (FIA) replaced the previous FIU structure. The agency is responsible for implementing the country’s Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) framework, which adheres to international standards set by the Financial Action Task Force (FATF).

Key Milestones:

• 2007: FIU relocated from Williams Plaza to Traveler’s Rest
• September 2012: FIU moved again to the police headquarters
• March 2014: FIA settled into its current location at Cabot House on Leeward Highway, Providenciales

Leadership and Team

Under the leadership of Inspector Dwayne Baker, who has been Director of FIA since August 2014, the agency continues to play a vital role in combating financial crimes and promoting national security. The team has undergone various changes over the years, with notable individuals such as Acting Inspector Dwayne Baker, Inspector Willin Belliard, Inspector Kenville Charles, and Assistant Superintendent Mark Knighton contributing to its growth and development.

International Cooperation

As the TCI FIU continues to work towards strengthening its capabilities and improving international cooperation, it remains an essential component of the country’s efforts to combat money laundering and terrorist financing. By sharing expertise and best practices with fellow Egmont Group members, the FIA is helping to protect the global financial system from illicit activities.

Conclusion

The Turks and Caicos Islands’ Financial Intelligence Unit Operations are a key player in combating money laundering and terrorism financing. With its robust framework, experienced leadership, and commitment to international cooperation, the TCI FIU continues to make significant contributions to protecting the global financial system.