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This Public Notice 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 19th
February 2020:

  • FSN-16-20, which concerns the suspension of one individual and the removal of one
    individual from the Zimbabwe financial sanctions regime.
  • FSN- 17-20, which concerns the amendment by the European Council of 2 entries to the
    ISIL (Da’esh) and Al-Qaida Organisations 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, 20 I 0 (as amended), and the Anti-Money Laundering and Prevention of
Terrorist Financing Code 2011 (as amended), to pay careful attention to FSN-16-20 and FSN-17-

All financial businesses must:

  1. check whether they maintain any accounts or hold any funds or economic resources for
    the persons set out in the Annex to the fu ll Notice which can be accessed via the
    Financial Sanctions Notices;
  2. freeze such accounts, and other funds or economic resources;
  3. refrain from dealing with the funds or assets or making them available (directly or
    indirectly) to such persons unless licensed by the Governor;
  4. 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 l of Schedule 2 was extended to the Turks and Caicos Islands);
  5. 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.

Public Notice 7 of 2020