Key Documents

December 28, 2011

July 17, 2013

June 6, 2014

Important Facts

The U.S. State Department labels East Timor as a monitored jurisdiction. East Timor has a small economy, with limited data available regarding illicit funds and limited awareness, even by stakeholders, of money laundering issues. The economy is primarily cash-based, with only 45 percent of adults having access to financial services. Of the four major banks in the country, three are branches of foreign banks, chartered in Australia, Portugal and Indonesia, and are subject to reporting requirements of their home jurisdiction. There are no reliable estimates for the amount of illicit funds in the economy or the ways in which money is laundered. Though most experts agree that corruption is the largest source of criminal proceeds in the country. Other potential areas of concern include tax evasion, drug trafficking, fraud and trafficking in persons. Other vulnerabilities that make East Timor an attractive location for money laundering and financial crimes are the use of the U.S. dollar and the unregulated flow of cash across the borders.

-Source: 2017 International Narcotics Control Strategy Report (INCSR)

KYC Covered Entities: Banks, microfinance institutions, money exchanges and remitters, insurance companies and brokers, casinos, financial and real estate service providers, accountants, auditors, and financial consultants
STR Covered Entities: Banks, microfinance institutions, money exchanges and remitters, insurance companies and brokers, casinos, financial and real estate service providers, accountants, auditors, and financial consultants
Enhanced Due Diligence Procedures for PEPs: Foreign: No; Domestic: No
Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 1 (2015); Convictions: 0 (2015)

-Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rank : 30/129

Score : 6.31/10

Rank : 93/180

Score : 38/100

Rank : N/A

Score : N/A