INTRODUCTION
This Public Notice, issued by the Turks and Caicos Islands Financial Services Commission (the Commission), refers to specific Public Statements issued by the Financial Action Task Force (FATF) dated 21 February, 2020.
The FATF is an inter-governmental policy making body whose objectives are 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 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, financial businesses 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 21 February, 2020 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 (EU), the United Nations (UN), the UK’s Office of Financial Sanctions Implementation (OFSI) and the US Department of the Treasury’s Office of Foreign Assets of Control (OFAC). Updates of such measures are also periodically made available on the Commission’s website on the News 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 advise the Commission if they have any dealings with the above-stated countries, and provide information on the level of enhanced due diligence adopted in relation to these countries, including business relationships with persons or entities from these countries.