Financial Crime World

Turks and Caicos Islands Tightens the Screw on Money Laundering

A Comprehensive Approach to Combating Illicit Financial Dealings

The Turks and Caicos Islands has recently strengthened its anti-money laundering (AML) regulations, introducing a range of measures aimed at rooting out illicit financial dealings. At the heart of these efforts is the Anti-Money Laundering Committee (AMLC), established under Section 115 of the Proceeds of Crime Ordinance.

Key Stakeholders Join Forces

The AMLC brings together key stakeholders from across government and regulatory bodies to coordinate the fight against money laundering, terrorist financing, and the financing of proliferation. These stakeholders include:

  • The Attorney General of the Turks and Caicos Islands: Chair of the AMLC and advisor to the Governor on national plans of action, policy development, and international cooperation.
  • The Financial Services Commission (FSC): Responsible for monitoring compliance by licensees with all laws, codes, and guidance relating to money laundering or the financing of terrorism.
  • The Royal Turks and Caicos Islands Police Force: Empowered to investigate and develop ML/TF cases, with senior officers able to apply for Production Orders under the Proceeds of Crime Ordinance.
  • The Director of Public Prosecutions: Plays a critical role in prosecuting individuals involved in money laundering activities.
  • Customs Department: Works closely with the AMLC to identify and disrupt illicit financial transactions.

Collaboration Key to Success

The Financial Intelligence Agency plays a central role in receiving Suspicious Activity Reports (SARs) from financial businesses and designated non-financial business sectors (DNFBPs). The Agency conducts enquiries to develop this information, which is then assessed for its relevance and usefulness to other FIUs or law enforcement agencies.

Annual Reports to Enhance Transparency

As part of its commitment to transparency, the AMLC is required to provide an annual report on its work to the Governor. These reports will outline progress made in combating money laundering and terrorist financing, as well as any challenges faced by the committee and regulatory bodies.

By working together, the Turks and Caicos Islands can ensure that its financial systems remain safe from illicit activities and maintain a strong reputation as a trustworthy jurisdiction.