Turks and Caicos Islands Banking Regulations Compliance: Commission Gears Up for Enhanced Oversight

The Financial Intelligence Authority (FIA) has taken significant steps to strengthen banking regulations compliance in the Turks and Caicos Islands by outlining its expanded scope of powers under the newly enacted Ordinance. This move aims to enhance oversight and combat corrupt practices within public bodies.

Enhanced Powers for Investigation and Enforcement

Under the revised framework, the Commission will now have the authority to:

• Receive and maintain records of declarations submitted by individuals in positions of public trust
  • Examine these declarations
  • Request additional information
  • Make inquiries to verify their accuracy
• Investigate the practices and procedures of public bodies to identify:
  • Corrupt activities
  • Vulnerabilities that may facilitate corrupt acts
• Provide guidance and assistance to public body management on implementing changes necessary to reduce corruption

Register of Interests: Increasing Transparency and Accountability

The Commission has also been tasked with maintaining a Register of Interests, which aims to:

• Increase transparency within the financial sector
• Ensure accountability among individuals in positions of public trust

Expected Outcomes

These enhanced powers are expected to significantly bolster the Commission’s efforts in ensuring banking regulations compliance in the Turks and Caicos Islands, ultimately contributing to a more transparent and corruption-free financial environment.

By expanding its scope of powers, the Financial Intelligence Authority is committed to:

• Strengthening banking regulations compliance
• Combatting corrupt practices within public bodies
• Enhancing transparency and accountability within the financial sector

This move demonstrates the Commission’s dedication to creating a secure and stable financial environment for the Turks and Caicos Islands.