The Turks and Caicos Islands has released its first National Anti-Money Laundering and Combating the Financing of Terrorist Strategy 2018-2019 (“National AML/CFT Strategy “) setting out the main objectives which will be undertaken by the Government in collaboration with other stakeholders in order to improve the TCI’s AML/CFT regime and ensure that it continues to align with the Financial Action Task Force (FATF) recommendations.
TCI’s National Risk Assessment Report, which the Cabinet approved in August 2017, forms the basis for this National Strategy. The National Risk Assessment identified areas where further actions are necessary to improve the TCI’s AML/CFT framework and reduce vulnerability to money laundering and terrorist financing. The required work has been put into action points and summarised in a National Action Plan. This Strategy sets out goals which embody the action points identified during the national risk assessment process.
The Cabinet approved the National AML/CFT Strategy in May 2018. The National AML/CFT Strategy is a two-year framework document for use by private and public sector stakeholders to implement effective measures to combat risks to the financial sector.
Announcing the release of the National AML/CFT Strategy, chair of the National Anti-Money Laundering Committee, Attorney General, Hon. Rhondalee Braithwaite Knowles OBE said: “The ultimate goal of the Anti-Money Laundering Committee in producing this National Strategy is to provide a guide to our jurisdiction of actions required to be undertaken in order to advance the TCI as a secure and well-regulated international financial centre which is effective in mitigating against money laundering, terrorist financing and the financing of weapons proliferation.”
For more information on the National AML/CFT Strategy, please contact the TCI Attorney General Chambers at: The Strategy will be available on the websites of the Attorney General’s Chambers as well as that of the Financial Services Commission, Royal Turks and Caicos Islands Police Force, the Customs Department and the Financial Intelligence Agency

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