Turks and Caicos Islands Upgraded by CFATF for Financial Crime Prevention Efforts

The Caribbean Financial Action Task Force (CFATF) has upgraded its rating of the Turks and Caicos Islands, recognizing the country’s progress in strengthening its anti-money laundering and counter-terrorist financing (AML/CFT) framework.

Key Enhancements

• The CFATF has re-rated the Turks and Caicos Islands as Largely Compliant on Recommendations 13 and 28.
  • Recommendation 13 pertains to correspondent banking, while Recommendation 28 focuses on the regulation and supervision of designated non-financial businesses and professions (DNFBPs).
• The upgrade demonstrates the Turks and Caicos Islands’ commitment to implementing effective measures to prevent financial crime and comply with international standards set by the Financial Action Task Force (FATF).

Progress Assessment

The CFATF’s re-rating was based on a thorough review of the Turks and Caicos Islands’ compliance with FATF Recommendations, which were adopted since the 2020 mutual evaluation.

Key Benefits of the Upgrade

• The country has achieved a rating of Compliant or Largely Compliant on 37 out of the 40 FATF Recommendations.
• The upgrade is a testament to the Turks and Caicos Islands’ efforts to tackle money laundering and terrorist financing, and it is likely to have a positive impact on the country’s reputation as a jurisdiction committed to regulatory compliance.

Conclusion

The CFATF’s re-rating of the Turks and Caicos Islands reflects the country’s dedication to strengthening its AML/CFT framework and ensuring that it meets international standards in preventing financial crime.