Turks and Caicos Islands’ progress in strengthening its framework to tackle money laundering and terrorist financing

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 re-rated the country on 2 of the 40 Recommendations.

The Turks and Caicos Islands has been in an enhanced follow-up process, following the adoption of the CFATF mutual evaluation report, which assessed the effectiveness of the Turks and Caicos Islands’ anti-money laundering and counter-terrorist financing (AML/CFT) measures and the country’s compliance with the FATF Recommendations. In line with the CFATF Procedures for the Fourth Round of AML/CFT Mutual Evaluations, the Turks and Caicos Islands has reported back to the CFATF on the progress it has made to strengthen its AML/CFT framework.

This report analyses the Turks and Caicos Islands’ progress in addressing the technical compliance deficiencies identified in the mutual evaluation.   

To reflect this progress, the CFATF has re-rated the Turks and Caicos Islands on the following Recommendations:

13 – Correspondent Banking from partially compliant to largely compliant

28 – Regulation and Supervision of DNFBPs from partially compliant to compliant

The report also looks at whether the Turks and Caicos Islands’ measures meet the requirements of FATF Recommendations that have changed since its 2020 mutual evaluation, taking into account any new measures since the mutual evaluation.  

The Turks and Caicos Islands is now rated as Compliant or Largely Compliant with 37 out of the 40 FATF Recommendations.