This Public Notice, from the Turks and Caicos Islands Financial Services Commission, serves to bring to the attention of all financial businesses, the following Financial Sanctions Notices which were issued by the Attorney General’s Chambers on January 20, 2020:
- FSN-04-20, which concern an amendment which have been made to an existing listing under the United Kingdom’s Terrorist-Asset Freezing etc. Act 2010 (Part 1, including Part 1 of Schedule 2 was extended to the Turks and Caicos Islands);
- FSN-05-20, which concerns the renewal of two existing entries under the United Kingdom’s under Anti-Terrorism, Crime and Security Act 2001 (ATCSA 2001); and
- FSN-06-20, which concerns the removal of 15 entities from the Iraq financial sanctions regime.
Obligations of financial businesses in response to the Financial Sanctions Notices
The Financial Services Commission wishes to advise its licensees and registrants, 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 (as amended), to pay careful attention to the Financial Sanctions Notices.
All financial businesses must:
- check whether they maintain any accounts or hold any funds or economic resources for the persons set out in the Annex to the full Notice which can be accessed via the Financial Sanctions Notices;
- freeze such accounts, and other funds or economic resources;
- suspend the provision of any financial services to that person;
- refrain from dealing with the funds or assets or making them available (directly or indirectly) to such persons unless licensed by the Governor;
- report any findings to the Governor, together with any additional information that would facilitate compliance with the United Kingdom’s Terrorist-Asset Freezing Act (Part 1, including Part 1 of Schedule 2 was extended to the Turks and Caicos Islands);
- provide any information concerning the frozen assets of designated persons that the Governor may request. Information reported to the Governor may be passed on to other regulatory authorities or law enforcement.
Financial businesses should also inform the Commission if they have any dealings with the designated persons and provide information on the measures applied in relation to them.
AML Supervision Department
Turks and Caicos Islands Financial Services Commission.