Turks and Caicos Islands is largely compliant according to the Financial Action Task Force (FAFT)

December 29, 2022•2 Minutes
RTC Director RTC Director

The Turks and Caicos Islands has further improved its technical compliance with the 40 Financial Action Task Force (FATF) Recommendations relating to anti-money laundering and countering terrorist financing (AML/CFT).

In November 2019, the Turks and Caicos Islands went through its Fourth Round Mutual Evaluation, a report that analyzed the level of compliance with international standards on combatting money laundering as well as the financing of terrorism and proliferation. The evaluation was conducted by the Caribbean Financial Action Task Force (CFATF), the regional standard setter of the Financial Action Task Force (FATF).

Since the publication of its mutual evaluation report on January 20th, 2020, the Turks and Caicos Islands has made significant progress in improving technical compliance by making amendments to the legislative regime, especially in the restructuring of the Anti-money laundering committee to include key stakeholders.

As a result of the Turks and Caicos Islands’ progress in strengthening its framework to tackle money laundering and terrorist financing since their 2020 mutual evaluation, the Caribbean Financial Action Task Force (CFATF) has published its December 2022 Follow Up Report (FUR) re-rating the country on 14 of the 40 Recommendations.

This Follow Up Report analyses the progress of Turks and Caicos Islands in addressing the technical compliance requirements of the recommendations being re-rated. Technical compliance re-ratings are given where sufficient progress has been demonstrated.

The Caribbean Financial Action Task Force reports that the Turks and Caicos Islands has now received largely compliant or compliant ratings on 35 of the 40 Recommendations for technical compliance. Overall, the Report concludes that the Turks and Caicos Islands has made significant progress in addressing the technical compliance deficiencies and only minor deficiencies remain.

This now places the Turks and Caicos Islands amongst the leading jurisdictions assessed so far on technical compliance.