Turks and Caicos Islands’ progress in strengthening measures to tackle money laundering and terrorist financing
Port of Spain, Trinidad and Tobago, December 20th, 2022 – As a result of Turks and Caicos Islands’ progress in strengthening its framework to tackle money laundering and terrorist financing since their 2020 mutual evaluation, the Caribbean Financial Action Task Force (CFATF) has re-rated the country on 14 of the 40 Recommendations.
Turks and Caicos Islands has been in an enhanced follow-up process, following the adoption of the CFATF mutual evaluation, which assessed the effectiveness of Turks and Caicos Islands’ anti-money laundering and counter-terrorist financing (AML/CFT) measures and the country’s compliance with the FATF Recommendations. In line with the CFATF Procedures for mutual evaluations, Turks and Caicos Islands has reported back to the CFATF on the progress it has made to strengthen its AML/CFT framework.
This report analyses Turks and Caicos Islands’ progress in addressing the technical compliance deficiencies identified in the Mutual Evaluation.
To reflect this progress, the CFATF has re-rated Turks and Caicos Islands on the following Recommendations:
8 – Non-profit organisations from partially compliant to largely compliant
10 – Customer due diligence from partially compliant to compliant
14 – Money Value Transfer Services from partially compliant to compliant
16 – Wire Transfers from partially compliant to largely compliant
15- New Technologies from partially compliant to non-compliant
17 – Reliance on third parties from partially compliant to compliant
19 - Higher-risk countries from partially compliant to compliant
22 – Designated Non-Financial Businesses and Professions (DNFBPs): Customer Due Diligence from partially compliant to largely compliant
23 – DNFBPs: Other Measurers from partially compliant to compliant
26 – Regulation and Supervision of Financial Institutions from partially compliant to largely compliant
34 – Guidance and Feedback from partially compliant to largely compliant
40 – Other Forms of International Co-operation from partially compliant to compliant
The CFATF agreed to maintain the largely compliant for Recommendation 2 (National co-operation and co-ordination) and the compliant rating for Recommendation 18 (Internal Controls and foreign branches and subsidiaries).
The report also looks at whether Turks and Caicos Islands’ measures meet the requirements of FATF Recommendations that have changed since its 2017 mutual evaluation, taking into account any new measures since the mutual evaluation.
Click here to access the FUR