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Turks And Caicos Review Flags Up Money Laundering Risks

by Mike Godfrey, Lowtax.net, Washington
09 November, 2017

The Turks and Caicos Islands has published the results of its first money laundering and terrorist financing national risk assessment, spanning the period from October 2014 to August 2017.

The assessment exercise was conducted using the risk assessment tool developed by the World Bank, and by reference to the recommendations of the Financial Action Task Force, the global anti-money laundering and countering the financing of terrorism standard setter.

The risk assessment concludes the risk of money laundering occurring within the territory is "medium high", and the risk of terrorist financing is "low."

The following sectors were assessed as having a medium high risk rating for money laundering and terrorist financing: banking, investment, gaming, corporate service providers, independent legal professionals, and trust company businesses. The real estate sector was assessed as posing a medium risk, as was the money services business sector, accountants, and high-value goods dealers. The domestic insurance sector was assessed as low risk.

The territory's Government says it will use the results of the assessment to target areas vulnerable to risk, including by allocating more resources to these areas.


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