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TCI Completes Money Laundering Risk Review

by Mike Godfrey, Lowtax.net, Washington
04 July, 2017

The Turks and Caicos Islands recently completed a national risk assessment on money laundering and terrorist financing, under the guidance of the Financial Market Integrity Unit of the World Bank.

The assessment, using the World Bank's self-assessment methodology, aimed to identify the primary money laundering and terrorist financing risks in the territory. It also sought to facilitate the making of comprehensive action plans to decrease levels of risk by strengthening controls and supervisory oversight, and to meet international standards established by the Financial Action Task Force, the intergovernmental body tasked with maintaining the integrity of the international financial system.

Attorney General Rhondalee Braithwaite Knowles commented: "This exercise will provide an opportunity for the Turks and Caicos Islands to evaluate whether existing legislative and administrative arrangements are adequate and sufficient to address existing and emerging threats in line with international standards. The assessment will also assist the Turks and Caicos Islands, including financial sector stakeholders, to apply a risk-based approach in their business practices. We have had the support of both public and private sector stakeholders and are very grateful for their collaboration."


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