PUBLIC NOTICE No 1 of 2019 13th, March 2019 – FINANCIAL ACTION TASK FORCE PUBLIC STATEMENTS
This Public Notified issued by the Turks and Caicos Islands Financial Services Commission refers to specific Public Statements issued by the Financial Action Task Force (FATF) dated 22nd February 2019.
The FATF is an inter-governmental policy making body whose objectives is to set AML/CFT standards and to promote effective implementations of legal, regulatory and operational measures to combat ML/TF and other threats to the integrity of the global financial system. The FATF produces public documents as required providing warnings, calls for action and information.
The Financial Services Commission wishes to advise the general public, including all regulated, supervised, and other persons who are required to comply with the requirements of the Anti-Money Laundering and Prevention of Terrorist Financing Regulations, 2010 (as amended) and the Anti-Money Laundering and Prevention of Terrorist Financing Code 2011, to note the concerns expressed by the FATF with respect to the jurisdictions named in this Public Notice. When evaluating country risk, relevant persons must consider the money laundering and/or terrorist financing risks associated with each jurisdiction and apply appropriate or enhanced customer due diligence measures when dealing with customers or transactions involving any of the jurisdictions that have been identified by the 22nd February FATF Public Statement.
All regulated and other persons must continue to monitor these periodic statements issued by the FATF as well as the other sanctions and counter-measures applied by bodies such as the European Union, the United Nations, the United Kingdom and the United States Department of the Treasury, the Office of Foreign Assets of Control (OFAC). 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.
Regulated and supervised persons should be able to advise the Commission if they have any dealings with the above stated countries and to provide information on the level of enhanced due diligence adopted in relation to these countries, including business relationships with persons or entities.