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Turks and Caicos Islands Takes a Stand Against Money Laundering

The Turks and Caicos Islands has taken significant steps to prevent money laundering in its jurisdiction. The government has established the Anti-Money Laundering Committee (AMLC) to advise on the prevention of money laundering, terrorist financing, and the financing of proliferation.

Key Players in the Fight Against Money Laundering

The AMLC is chaired by the Attorney General, who is also the Legal Adviser to the Government and the House of Assembly. The committee’s members include:

  • The Collector of Customs
  • The Managing Director of the Financial Services Commission
  • The Commissioner of Police
  • The Director of the Financial Intelligence Agency
  • The Director of Public Prosecutions

Role of Key Players

Each member plays a crucial role in preventing and detecting money laundering. Here’s a brief overview of their responsibilities:

  • The Attorney General: Chairs the AMLC and advises on legal matters related to anti-money laundering.
  • The Collector of Customs: Prevents and interdicts illegal drugs and other prohibited and restricted goods, while facilitating legitimate trade and international travel.
  • The Managing Director of the Financial Services Commission: Monitors compliance by licensees with all laws, codes, and guidance relating to money laundering or the financing of terrorism.
  • The Commissioner of Police: Investigates and develops money laundering/terrorist financing cases to lead to prosecution.
  • The Director of the Financial Intelligence Agency: Receives Suspicious Activity Reports (SARs) made by financial businesses and designated non-financial businesses and professions (DNFBPs), conducts enquiries, and assesses the information for relevance and usefulness.

Coordinating Efforts Against Money Laundering

The Turks and Caicos Islands government has established a multi-agency approach to prevent money laundering. Here’s an overview of the key agencies involved:

  • The Director of Public Prosecutions: Institutes and undertakes criminal proceedings against any person before any court in respect of any offence against any law in force in the Islands.
  • The Royal Turks and Caicos Islands Police Force: Investigates and develops money laundering/terrorist financing cases to lead to prosecution.

Preventing Money Laundering

The Customs Department plays a crucial role in preventing and interdicting illegal drugs and other prohibited and restricted goods, while facilitating legitimate trade and international travel.

Financial Intelligence Agency Plays Key Role

The Financial Intelligence Agency is responsible for receiving Suspicious Activity Reports (SARs) made by financial businesses and DNFBPs. The agency conducts enquiries to develop the information, which is then assessed for its relevance and usefulness to other Financial Intelligence Units or law enforcement agencies (LEAs).

Annual Report on AMLC’s Work

The AMLC is required to provide an annual report on its work to the Governor, providing a comprehensive overview of the efforts made to prevent money laundering in the Turks and Caicos Islands.

In conclusion, the Turks and Caicos Islands has taken significant steps to prevent money laundering in its jurisdiction. The government, through various agencies and committees, is working together to prevent and detect money laundering, terrorist financing, and the financing of proliferation.