AML/CFT Partners

Anti-Money Laundering Committee

The AMLC is the formal mechanism for the national coordination of risk assessments and AML/CFT policy. The functions of the AMLC are specified in section 116 of POCO and includes to advise the Governor in relation to the detection and prevention of ML, TF, and the PF, and on the development of a national plan of action to include recommendations on effective mechanisms to enable the competent authorities in the Islands to coordinate with each other concerning the development and implementation of policies and activities to combat ML, TF and PF. The AMLC is responsible for co-ordinating the assessment of risks.

The AMLC comprises the following competent authorities-

• Attorney General’s Chambers
• Financial Services Commission
• Financial Intelligence Agency
• Royal Turks and Caicos Islands Police Force
• Office of the Director of Public Prosecutions
• Customs Department
• Immigration Department
• Integrity Commission
• Gaming Control Commission

The AMLC is chaired by the Honorable Attorney General. The Managing Director of the Financial Services Commission is the deputy chair.

The Commission’s AML/CFT Strategy is informed by the National Action Plan (NAP) set out by the AMLC. The Commission reports on its progress in meeting the goals set out in the NAP on a quarterly basis.

The AMLC also provides an avenue for the Commission and other AMLC members to engage with the private sector through the Public/Private Stakeholder Forum, which is a sub-committee of the AMLC. The mandate of the Public/Private Stakeholder’s Forum (hereinafter referred to as the ‘Forum’) is

• To forge and develop a collaborative partnership between the private and public sectors in the TCI for the mitigation of the jurisdiction’s ML/TF risk.
• To design, coordinate and deliver effective AML/CFT training and build awareness about ML/TF risk in the TCI, with the goal of mitigating the jurisdiction’s ML/TF risk.
• To promote and facilitate consistent participation and representation by relevant private and public sector stakeholder groups in the activities of the Forum.
• To provide a platform for candid, constructive dialogue between the public and private sectors on improving the long-term management of ML/TF risks in the TCI, including legislative change and enforcement structures.
• To coordinate the collection and maintenance of AML/CFT related statistics and other trend data from private sector stakeholders to feed into the AMLC’s evolving understanding of and response to the TCI’s ML/TF risks.
• To act as a forum for engaging with the general public on AML/CFT matters.
• To be guided by the AMLC’s work program and any other ad hoc initiatives which might require the Forum’s support.

Further opportunities for collaboration between the public and private sector, as well as domestic cooperation between public agencies is achieved through other subcommittees of the AMLC as follows:

• Public/Private Stakeholders’ Forum (PPSF) 
  Mandate: Actions related to stakeholder engagement, training, awareness raising, risk assessment, consultation, legislative change
• The Financial Crime Focus Group (FCFG) 
  Mandate: Actions related to investigation, tracing, freezing, prosecution, confiscation, asset recovery, statistics, risk assessment, training, international cooperation, legislative change
• The Counter-terrorism and Proliferation Financing Focus Group (CTPFFG) 
  Mandate: Actions related to combatting terrorist financing, weapons proliferation, statistics, risk assessment, training, legislative change, international cooperation, civil recovery
• The Supervisor’s Forum (SF) 
  Mandate: Actions related to improving supervision (of FIs, CSPs, NPOs, DNFBPs, Casinos), training, statistics, enforcement actions, legislative change

The Anti-Money Laundering Committee (AMLC) is established by the Proceeds of Crime Ordinance. It is the national AML/CFT policy making body and it plays a leading role in setting the National AML/CFT strategy. The National Strategy is approved by the Cabinet and the strategic objectives identified in the National Strategy aims to improve the country’s AML/CFT system. The National Strategy is operationalized through the National Action Plan.

The membership of the AMLC consists of the Attorney General’s Chambers, Financial Services Commission, Financial Intelligence Agency, Royal Turks and Caicos Islands Police Force, The Office of the Director of Public Prosecutions, Customs Department, The Integrity Commission and the Gaming Control Commission. The AMLC is chaired by the Honourable Attorney General and reports to the Governor.