Financial Crime World

Turks and Caicos Islands Intensifies Anti-Money Laundering Efforts

The Turks and Caicos Islands is taking bold steps to strengthen its anti-money laundering (AML) regime, ensuring the country’s financial systems are safe from misuse. In this article, we’ll delve into the measures being taken by the government to combat money laundering and terrorist financing.

Establishment of the Anti-Money Laundering Committee

At the heart of these efforts is the Anti-Money Laundering Committee (AMLC), established under Section 115 of the Proceeds of Crime Ordinance. The AMLC is chaired by the Attorney General and comprises representatives from various government agencies, including:

  • Financial Services Commission: responsible for supervising regulated financial businesses and taking enforcement action against any breaches of AML/CFT obligations.
  • Royal Turks and Caicos Islands Police Force: investigates and develops ML/TF cases.
  • Customs Department: prevents and interdicts illegal drugs and other prohibited and restricted goods.
  • Financial Intelligence Agency (FIA): receives Suspicious Activity Reports made by financial businesses and designated non-financial businesses and professions (DNFBPs).

The Role of the Financial Intelligence Agency

The FIA plays a crucial role in the fight against money laundering, serving as the unit responsible for receiving and assessing Suspicious Activity Reports. The agency conducts enquiries into these reports, assesses their relevance and usefulness to other law enforcement agencies, and develops various products, including:

  • Intelligence reports: provides valuable information to law enforcement agencies.
  • Financial profiles: helps identify potential money laundering activities.

Director of Public Prosecutions: Bringing Offenders to Justice

The Director of Public Prosecutions (DPP) has the power to institute and undertake criminal proceedings against individuals suspected of money laundering or terrorist financing offenses. The DPP also conducts criminal confiscation proceedings to recover the proceeds of crime from those convicted of such offenses.

Government Commitment: Working Together to Combat Money Laundering

The government is committed to working with international partners to combat money laundering and terrorist financing, ensuring that the Turks and Caicos Islands remains a safe and secure destination for businesses and individuals alike. By strengthening its AML regime, the country aims to prevent the misuse of its financial systems and maintain its reputation as a trusted financial hub.