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Turks and Caicos Islands Makes Progress in Combating Money Laundering and Terrorist Financing
[Image: Turks and Caicos Islands flag]
Port of Spain, Trinidad and Tobago - November 2, 2023 - The Caribbean Financial Action Task Force (CFATF) has commended the Turks and Caicos Islands for its efforts to strengthen its anti-money laundering and counter-terrorist financing (AML/CFT) framework.
Progress in Strengthening AML/CFT Framework
Following a mutual evaluation in 2020, the CFATF placed the country under an enhanced follow-up process. The evaluation assessed the effectiveness of the Turks and Caicos Islands’ AML/CFT measures and compliance with FATF Recommendations. In response, the country has made significant progress in addressing technical compliance deficiencies identified in the evaluation.
Key Areas of Progress
- Correspondent Banking (Recommendation 13): The country’s rating has been upgraded from partially compliant to largely compliant.
- Regulation and Supervision of DNFBPs (Designated Non-Financial Business and Professions) (Recommendation 28): The country’s rating has been upgraded from partially compliant to compliant.
Commitment to Improving AML/CFT Framework
The CFATF’s report highlights the Turks and Caicos Islands’ commitment to improving its AML/CFT framework. With these upgrades, the country is now rated as Compliant or Largely Compliant with 37 out of the 40 FATF Recommendations.
Quote from Official Spokesperson
“This is a significant achievement for the Turks and Caicos Islands,” said [official spokesperson]. “We are committed to maintaining a strong anti-money laundering and counter-terrorist financing regime that protects our financial system and upholds international standards.”
CFATF’s Evaluation and Monitoring Process
The CFATF’s evaluation is an important step in ensuring that countries adhere to global AML/CFT standards. The organization will continue to monitor the Turks and Caicos Islands’ progress and provide guidance on further improvements.
Accessing the Full Report
The full report from the CFATF can be accessed here [link].