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This Public Notice serves to bring to the attention of all financial businesses the Financial Sanctions Notice, FSN-24-20, which  was issued  by the Attorney  General ‘s Chambers on March 5, 2020. The notice advises that 3 entities have been added 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 advises 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 referenced Financial Sanctions Notice.

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  full  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 1 of Schedule 2 which 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 14 of 2020