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Turks And Caicos Gearing Up For Money Laundering Review

by Mike Godfrey, Lowtax.net, Washington
28 December, 2017

The Turks and Caicos Islands' Financial Services Commission has reminded licensees of the upcoming evaluation of the territory's anti-money laundering and countering the financing of terrorism (AML/CTF) regime.

The "Fourth Round Mutual Evaluation" will be conducted by the Caribbean Financial Action Task Force (CFATF), the organization of states and territories of the Caribbean basin who have agreed to implement common counter-measures against money laundering and terrorism financing.

The evaluation will assess the Turks and Caicos Islands' legal and institutional AML/CTF framework, including the powers and procedures of its competent authorities, and will also look at the extent to which this framework is producing results expected of it.

The Commission says it has agreed with the CFATF that the on-site element of the mutual evaluation, initially planned for March 2018, will be delayed until the two weeks commencing September 10, 2018, due to the recent hurricanes that hit the territory.

The Commission has advised the territory's private and public sectors that the Attorney General will be putting forward names of representatives the CFATF assessment team can interview during their visit to the territory. The Commission says briefing sessions will be held to familiarize those chosen with the approach and expectations of the CFATF assessors during interviews.

Following the completion of the evaluation, a final Mutual Evaluation Report, summarizing the CFATF's conclusions on the Turks and Caicos' AML/CTF regime, will be published.


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