Turks and Caicos: Law of Offshore
Table of Statutes
This page was last updated on 13 Sept 2018.
This is a non-exhaustive list of the main Turks and Caicos statutes affecting offshore and non-resident business. The statutes are listed in alphabetical order – click on the statute for a fuller description of the statute, the legal regime it forms part of, or in some cases the text of the law.
Banking Ordinance 1979
Business Licensing Ordinance 1983
Company Ordinance 1981
Confidential Relationship Ordinance 1979
Employment Ordinance 2004
Encouragement of Development Ordinance 1972
Immigration Ordinance 1992
Insurance Ordinance 1989
Insurance Regulations 1990
Investment Dealers Licensing Ordinance 2001
Limited Partnership Ordinance 1992
Merchant Shipping Acts 1884-1967
Merchant Shipping (Pleasure Craft) Direction 1996
Mutual Funds Ordinance 1998
Mutual Legal Assistance (USA) Ordinance 1991
Proceeds of Crime Ordinance 1998
Proceeds of Crime (Money Laundering) Regulations 2000
Trust Ordinance 1990
Trustees (Licensing) Ordinance 1992
Trustees Licensing Exemption Ordinance 1992
Trustees (Licensing) Regulations 1992
Voidable Dispositions Ordinance 1998
The Financial Services Commission is a government department and is responsible for the industries which currently have a licensing regime (i.e. banking, insurance and trustees), the registry of companies and the registry of trademarks and patents. Licensing regimes are expected for mutual fund administrators and company service providers. In response to pressure from the OECD and the FATF, as well as the UK government, the FSC arranged the passing of the Proceeds of Crime Ordinance in 1998 and the Proceeds of Crime (Money Laundering) Regulations 2000; as a result the Turks & Caicos did not appear on the FATF's money-laundering blacklist.
In addition, the UK’s Sanctions and Anti-Money Laundering Bill, which will take effect by the end of 2020, will force the setup of public ownership registers. The end of secrecy regarding tax may have siome effect on the economic prosperity of the Turks and Caicos Islands.