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The Turks and Caicos Islands Financial Services Commission (“The Commission”) considers it necessary to issue this public statement following developments in Ukraine as it is desirable for the protection of the public and the reduction of crime and unlawful activities being conducted through the TCI Financial Services Industry. These developments in Ukraine underscore the continuing need for the TCI Financial Services Industry to be alert and ever that systems and controls to conduct enhanced due diligence when dealing with actual or potential politically exposed persons as required by the TCI laws are robust. Financial businesses should be aware of the possible impact current events may have on patterns of financial activity and must ensure that appropriate risk analysis is being conducted which weigh risks related to particular customers and flows of funds. The Commission advices financial businesses particularly regulated financial businesses to establish and maintain systems and controls to counter the risk they might be used to further unlawful activities. Financial businesses must also comply with their legal obligations under the Proceeds of Crime Ordinance 2007 and the Anti-Money Laundering and Prevention of Terrorist Financing Regulations 2010. It particularly important that close attention is paid to the requirements in relation to Politically Exposed Person, Customer Due Diligence and transaction monitoring. The Commission expects all relevant financial businesses to consider the impact of these developments on their anti-money laundering policies and procedures on a risk sensitive basis. We further advise that all required steps be taken to ensure financial businesses continue to meet their legal and regulatory anti-money laundering and reporting obligations. The Commission wishes to advise the general public, including all regulated and other financial businesses to continue monitoring sanctions and counter-measures applied by bodies such as the EU, UN, and UK such as the lists issued by the EU on March 6, 2014 and March 17, 2014 – EU Regulation 208/2014 and EU Regulation 269/2014 respectively. 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