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Turks and Caicos Islands Embraces Risk-Based Approach to Combat Money Laundering

The Turks and Caicos Islands has taken a major step forward in its fight against money laundering and terrorist financing with the release of its first National Risk Assessment report.

A Comprehensive Analysis of Money Laundering Risks

The document, approved by the Cabinet in August 2017, is a comprehensive analysis of the money laundering and terrorist financing risks faced by the jurisdiction. According to the Attorney General, Hon. Rhondalee Braithwaite Knowles OBE, the National Risk Assessment is a crucial tool in developing an effective framework to prevent money laundering and combat terrorist financing.

Development of the National Risk Assessment

The report was prepared with the assistance of World Bank experts who led several workshop sessions involving over 50 stakeholders from both the public and private sectors. The workshops aimed at creating a comprehensive understanding of the risks faced by the jurisdiction and developing a consistent approach to mitigate them.

Implementation of FATF Recommendations

The National Risk Assessment is based on the Financial Action Task Force (FATF) recommendations, which provide a global standard for combating money laundering and terrorist financing. The report will be used by private and public sector stakeholders to understand the national risks to the financial sector and implement effective measures to combat those risks.

Background

The FATF is an inter-governmental body established in 1989 to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. The Turks and Caicos Islands has committed to implementing the FATF recommendations as part of its efforts to combat money laundering and terrorist financing.

Related Resources

• The FATF Recommendations 2012
• The FATF Guidance: National Money Laundering and Terrorist Financing Risk Assessment

Contact Us

For more information on the National Risk Assessment, please contact:

• The TCI Attorney General Chambers at <This email address is being protected from spambots. You need JavaScript enabled to view it.>
• The Compliance Unit at the Turks and Caicos Financial Services Commission at <This email address is being protected from spambots. You need JavaScript enabled to view it.>