Turks and Caicos Islands

New Documents

The Turks and Caicos Islands’ Financial Services Commission announced the renewal of two entries under the Terrorism and Terrorist Financing sanctions regime as well as the U.K.’s Terrorist-Asset Freezing etc. Act 2010, as extended to the jurisdiction.

The Turks and Caicos Islands’ Financial Services Commission announced an amendment to its Guinea-Bissau financial sanctions list.

News

Enforcement Actions

0 Items Found


Important Facts

  • The U.S. Department of State labels the Turks and Caicos as a jurisdiction of concern. The Turks and Caicos Islands is vulnerable to money laundering due to its significant offshore financial services sector and deficiencies in its anti-money laundering and counterterrorist financing regime. Corruption is a problem, and the country’s geographic location makes it a transshipment point for narcotics traffickers. The former Premier of Turks and Caicos and several members of his cabinet are currently on trial for corruption and money laundering. According to press reports, the former Premier and ministers allegedly misappropriated over $20 million between 2003 and 2009. Turks and Caicos Islands remains a tax haven for those seeking to evade domestic tax reporting requirements. The TCIFSC, an independent statutory body, is tasked with supervising the financial services sector, including the offshore sector, and is responsible for the oversight of company formation and registration. The TCIFSC licenses and supervises banks, money transmitters, mutual funds and funds administrators, investment dealers, trust companies, insurance companies and agents, company service providers, international business companies (IBCs), and designated nonfinancial businesses.
  • KYC Covered Entities: Banks, credit card services, company managers, domestic insurance companies, insurance brokers/agents, investment dealers, money transmitters, mutual funds,
  • professional trustees, dealers in high-value goods, dealers in precious metals and stones, estate agents, casinos, accountants, auditors, and lawyers
  • STR Covered Entities: Banks, credit card services, company managers, domestic insurance companies, insurance brokers/agents, investment dealers, money transmitters, mutual funds,
  • professional trustees, dealers in high-value goods, dealers in precious metals and stones, estate agents, casinos, accountants, auditors, and lawyers
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes Domestic: Yes
  • Money Laundering Criminal Prosecutions: Prosecutions: N/A; Convictions: N/A
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 15 High : 0
Largely Compliant : 9 Substantial : 0
Partially Compliant : 16 Moderate : 6
Non-Compliant : 0 Low : 5

BASEL i

Rank : N/A
Score : N/A

TRANSPARENCY INTERNATIONAL i

Rank : N/A
Score : N/A

Tax Justice Network i

Rank : 92/133
Score : 78/100