TCI receives support from the World Bank for National Risk Assessment

The Turks and Caicos Islands (TCI) is undertaking a National Risk Assessment (NRA) this year in line with the Financial Action Task Force (FATF) recommendations that each country assesses its own money laundering and terrorist financing risks.
The TCI NRA which aims at creating a comprehensive and evidence-based understanding of the risks the jurisdiction is facing will start this month.

Around fifty stakeholders and representatives from both the public and private sectors will convene for a three day workshop at the Regents Palms in Providenciales on 21, 22 and 23 October 2014. 
The workshop is to facilitate comprehensive exchanges of views and analyses to allow for a consistent approach to assessing the levels of risks, controls and supervisory oversight in each sector.

Participants will be divided into a number of working groups following a risk assessment methodology developed by the World Bank. The methodology encourages delegates to consider factors related to money laundering, terrorist financing threats and vulnerabilities in their individual areas of expertise.  A risk rating will be assigned based upon quantitative and qualitative data discussed and evaluated during workshop sessions.

Announcing the launch of the National Risk Assessment, The Attorney General Ms. Rhondalee Braithwaite Knowles said: “This is a major initiative here in the Turks and Caicos Islands which will enable us to develop an effective framework to prevent money laundering and combat terrorist financing.”

World Bank experts Ms. Lisa Bostwick, Ms. Francisca Fernando and Mr. Roberto Biel will lead the various workshop sessions. A data gathering process across sectors will follow the initial workshop. Subsequently the last phase of the initiative will consist of a risk assessment report combined with an action plan addressing shortcomings or necessary change of focus for the TCI. The National Risk Assessment is expected to conclude by June 2015.