Turks and Caicos Islands Take Steps to Combat Money Laundering and Terrorist Financing
Strengthening Anti-Money Laundering (AML) Framework
The Turks and Caicos Islands (TCI) has reaffirmed its commitment to adhering to international standards aimed at preventing and detecting money laundering, as well as combating the financing of terrorism. The island nation has had a framework of AML legislation in place since 1988, which has been updated to include Combating the Financing of Terrorism (CFT) regulations.
International Cooperation and Evaluation
As a member of the Caribbean Financial Action Task Force (CFATF), an Associate Member of the Financial Action Task Force (FATF), the TCI is subject to regular evaluations of its AML/CFT framework. The CFATF conducts mutual evaluations of its members to assess their compliance with international anti-money laundering and combating terrorist financing standards.
Key Benefits of International Cooperation
- Staying up-to-date with best practices
- Ensuring regulations are aligned with international norms
- Maintaining a secure financial environment for citizens
- Protecting the integrity of the economy
Ongoing Efforts to Combat Money Laundering and Terrorist Financing
TCI representatives participate in bi-annual technical meetings and annual ministerial gatherings to discuss AML/CFT policies and make decisions at the regional level. By taking proactive steps to combat money laundering and terrorist financing, the TCI aims to maintain a secure financial environment for its citizens and protect the integrity of its economy.
Conclusion
The Turks and Caicos Islands’ commitment to adhering to international standards against money laundering and terrorist financing is a crucial step in maintaining a secure financial environment for its citizens. The ongoing efforts to stay up-to-date with best practices and ensure regulations are aligned with international norms demonstrate the island nation’s dedication to protecting the integrity of its economy.