Turks and Caicos Islands

New Documents

TCI Regulator Highlights CFATF Statement on Sint Maarten

The Turks and Caicos Islands Financial Services Commission issued a public notice, highlighting a recent statement by the Caribbean Financial Action Task Force.

January 4, 2021

Turks and Caicos Islands Removes One Entity from Iraq Sanctions List

The Financial Services Commission of Turks and Caicos Islands issued a notice regarding the removal of one entity on the Iraq financial sanctions list.

December 30, 2020

TCI Attorney General Amends Democratic Republic of the Congo Sanctions List

December 23, 2020

TCI Attorney General Adds 36 Entries to Belarus Sanctions List

December 23, 2020

Turks and Caicos Islands Amends DRC Sanctions Entries

December 23, 2020

News

Weekly Roundup: UK Regulators Again Criticize HSBC’s AML Program, UK Financial Institutions File Record Number of SARs, and More

Austrian court upholds fine against bank employees, German lenders push lawmakers to scrap individual liability, and more, in the weekly roundup.

November 9, 2019

Caribbean Banks Found Workarounds After Losing Correspondent Accounts

At least nine Caribbean banks that have lost access to U.S. correspondent accounts as a result of the “de-risking” trend now access U.S. dollars indirectly, usually at higher costs, through their ties to U.K. and other overseas financial institutions, sources told ACAMS moneylaundering.com.

August 7, 2018

Midweek Roundup: France Lobbies for Softer BNP Penalty, Moneyval Warns on Bosnia-Herzegovina, and More

June 4, 2014

Midweek Roundup: U.S. Reportedly Worked with Cartel to Gather Data, JPMorgan to Strengthen Checks on Cash Deposits, and More

January 15, 2014

Midweek Roundup: JPMorgan to Make ‘Unprecedented’ Compliance Effort, Prelate Outlines Vatican’s Parallel Banking, and More

September 18, 2013

Enforcement Actions

0 Items Found

Key Documents

Turks and Caicos Amends Anti-Money Laundering and Prevention of Terrorist Financing Code

April 28, 2011

Turks and Caicos Islands Issues Updated AML/CFT Regulations

July 29, 2010

U.K. Issues Counter-Terrorism Order 2010 to Extend to Turks and Caicos Islands

March 17, 2010

Turks and Caicos Publishes Amended Proceeds Of Crime Ordinance 2010

May 24, 2010

Turks and Caicos Issues Revised Edition of AML/CTF Laws

August 31, 2009

Turks Caicos Releases Proceeds of Crime Ordinance 2007

October 5, 2007

UK Issues Anti-Terrorism Order 2002 Applicable to Six Overseas Territories

July 16, 2002

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 : 57/141
Score : 5.35/10

TRANSPARENCY INTERNATIONAL i

Rank : N/A
Score : N/A

Tax Justice Network i

Rank : 92/133
Score : 78/100