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Turks and Caicos Islands Makes Progress in Anti-Money Laundering Efforts
Receives Improved Ratings from CFATF
The Caribbean Financial Action Task Force (CFATF) has upgraded the Turks and Caicos Islands’ ratings on two key anti-money laundering recommendations following a comprehensive review of its progress. The country’s efforts to strengthen its framework against money laundering and terrorist financing have been deemed satisfactory by the CFATF, which has re-rated the islands on two out of 40 Recommendations.
Enhanced Follow-up Process
The Turks and Caicos Islands had been subject to an enhanced follow-up process since the adoption of the CFATF mutual evaluation report in 2020. The report assessed the effectiveness of the country’s anti-money laundering and counter-terrorist financing measures, as well as its compliance with the Financial Action Task Force (FATF) Recommendations.
Significant Progress Made
In response to the findings of the mutual evaluation, the Turks and Caicos Islands has made significant progress in addressing technical compliance deficiencies. As a result, the CFATF has upgraded its ratings on two key recommendations:
- Recommendation 13: Correspondent Banking
- Re-rated from partially compliant to largely compliant
- Recommendation 28: Regulation and Supervision of DNFBPs
- Re-rated from partially compliant to compliant
Improved Ratings Reflect Commitment to AML Framework
The CFATF report also examined whether the Turks and Caicos Islands’ measures meet the requirements of FATF Recommendations that have changed since its 2020 mutual evaluation. The review took into account any new measures implemented by the country since the evaluation.
Following this review, the Turks and Caicos Islands is now rated as Compliant or Largely Compliant with 37 out of the 40 FATF Recommendations. This significant improvement reflects the country’s commitment to strengthening its anti-money laundering framework and improving its international reputation.