Financial Crime World

Turks and Caicos Islands Enhances Anti-Money Laundering and Sanctions Compliance Measures

The Turks and Caicos Islands is strengthening its anti-money laundering (AML) and sanctions compliance measures to prevent illicit financial flows and maintain the integrity of its financial system. The country’s efforts are led by key stakeholders from various sectors, including the Attorney General, Financial Services Commission, Director of Public Prosecutions, Royal Turks and Caicos Islands Police Force, Customs Department, and Financial Intelligence Agency.

The Anti-Money Laundering Committee (AMLC)

  • The AMLC is established under Section 115 of the Proceeds of Crime Ordinance
  • Chaired by the Attorney General, the committee brings together key stakeholders to advise on matters related to money laundering, terrorist financing, and the financing of proliferation
  • Functions include developing a national plan of action, issuing codes and guidance, and advising on the authorisation of payment out of the National Forfeiture Fund

Coordination Efforts

  • The Attorney General’s Chambers plays a critical role in coordinating the country’s efforts to prevent money laundering and terrorist financing
  • Led by the Attorney General, who serves as the Legal Adviser to the Government and the House of Assembly, the office advances and protects the interests of the Turks and Caicos Islands in international disputes

Supervisory Authorities

  • The Financial Services Commission is responsible for monitoring compliance by licensees with all laws, codes, and guidance relating to money laundering or the financing of terrorism
  • The commission serves as the supervisory authority for regulated financial businesses, including Designated Non-Financial Businesses and Professions (DNFBPs)

Investigation and Prosecution

  • The Director of Public Prosecutions is responsible for instituting and undertaking 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 ML/TF cases to lead to the prosecution of criminals before the court

Prevention and Interdiction

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

Financial Intelligence Agency

  • The Financial Intelligence Agency serves as the unit to receive Suspicious Activity Reports made by Financial Businesses and DNFBPs
  • Upon receipt of these reports, 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

Regulations and Penalties

  • The country has implemented regulations that require financial businesses and DNFBPs to report suspicious transactions
  • Penalties have been established for non-compliance with these regulations

The Turks and Caicos Islands’ commitment to combating money laundering and terrorist financing is evident in its participation in international efforts to prevent illicit financial flows. The country’s AML and sanctions compliance measures are designed to maintain the integrity of its financial system, protect national security, and promote transparency and accountability.

By strengthening its AML and sanctions compliance measures, the Turks and Caicos Islands demonstrates its dedication to maintaining a safe and secure financial environment for its citizens and international partners alike.