Financial Crime World

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Financial Crime Reporting Requirements in Turks and Caicos Islands Under Scrutiny

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The Turks and Caicos Islands have established a robust framework to combat financial crime and money laundering, with various government agencies working in tandem to prevent and detect illicit activities.

Key Agencies Playing a Crucial Role

Attorney General’s Chambers

  • Responsible for national coordination of efforts to prevent financial crime

Financial Services Commission (FSC)

  • Monitors compliance by licensees with laws and regulations related to money laundering
  • Supervisory authority for designated non-financial businesses and professions (DNFBPs)

Director of Public Prosecutions

  • Leads confiscation proceedings against individuals who have gained financially from committing crimes

Financial Intelligence Agency Takes Centre Stage

The Financial Intelligence Agency, established under the Financial Intelligence Agency Ordinance, plays a pivotal role in:

  • Receiving Suspicious Activity Reports
  • Conducting enquiries to develop information
  • Assessing this information for relevance and usefulness to other financial intelligence units or law enforcement agencies

Customs Department Ensures Proper Trade and Travel

The Collector of Customs is responsible for:

  • Collecting import and export duties on behalf of the Turks and Caicos Islands Government
  • Preventing and interdicting illegal drugs and other prohibited goods
  • Collaborating with the Royal Turks and Caicos Islands Police Force to investigate ML/TF cases

Regulatory Framework

Proceeds of Crime Ordinance Cap 3.15

  • Provides for the functions of the Anti-Money Laundering Committee (AMLC)
  • Includes advising on a national plan of action, developing policies, and issuing codes and guidance

Anti-Money Laundering and Prevention of Terrorist Financing Regulations 2010

  • Prescribes that the FSC may be the supervisory authority for DNFBPs

Annual Reports

The AMLC is required to provide an annual report on its work to the Governor, providing insight into the effectiveness of the Turks and Caicos Islands’ anti-money laundering regime.