Public Notice CFATF PUBLIC STATEMENT
The Turks and Caicos Islands Financial Services Commission (“The Commission”) considers it necessary to issue this public statement in relation to Guyana. On May 29, 2014, The Caribbean Financial Action Task Force (CFATF) issued a “CFATF Public Statement” as a successor to the CFATF Public Statement issued November 20, 2013. This Public Statement identifies Guyana as having significant strategic deficiencies in their AML/CFT regime and having failed to make significant progress in addressing the deficiencies. Guyana has not complied with their Action Plan developed with the CFATF to address these deficiencies. The CFATF considers Guyana to be a risk to the international financial system. A copy of the CFATF Public Statement who can be accessed by link: https://www.cfatf-gafic.org/index.php?option=com_content&view=article&id=1662%3Acfatf-publicstatement-miami-florida-may-26th-2014&catid=609%3Apublic-statements&Itemid=663&lang=en The Commission therefore advises the financial services industry to take into account the fact that the relevant financial institution is from a country that does not have adequate AML/CFT systems. Financial institutions in the Turks and Caicos Islands should consider the risk associated with doing business with Guyana and apply enhanced due where applicable on transactions involving financial institutions in Guyana. The financial services industry in the Turks and Caicos Islands is further advised to take into account the risk involved in the formation of or continuance of business relationships with persons or financial institutions in Guyana. The “CFATF Public Statement” also identifies Belize a jurisdiction with strategic AML/CFT deficiencies that has made significant progress in addressing these deficiencies. Therefore, the CFATF noted that Belize and the CFATF should continue to work together to ensure that Belize’s reform process is completed. The Commission wishes to advise the general public, including all regulated and other persons to continue monitoring these period statements issued by the CFATF as well as the other sanctions and counter-measures applied by bodies such as the EU, UN, UK and FATF. Updates of such measures are also periodically made available on the Commission’s Website on the “Sanctions” tab. However, it should be noted that the most current information can be obtained directly from the body issuing the statement or counter-measure.
J. Kevin Higgins Managing Director