AML/CFT

Overview

The Turks and Caicos Islands (TCI) is a member of the Caribbean Financial Action Task Force (CFATF), a regional body of the Financial Action Task Force (FATF). The FATF sets international standards to combat money laundering, the financing of terrorism and proliferation financing. The FATF has issued recommendations on preventing money laundering and combating terrorist financing and proliferation financing. The TCI has committed to implementing the FATF standard of regulation relating to the prevention and detection of money laundering and the combating of terrorist financing and proliferation financing.

What is money laundering?

Money laundering is a financial crime in which the source of illegally acquired money or goods is hidden from law enforcement and financial regulators by generating the appearance of legitimacy for the illicit gains.

What is terrorist financing?

Terrorist financing involves the solicitation, collection, or provision of funds with the intention that they may be used to support terrorist acts or organisations.

What is proliferation financing?

Proliferation financing refers to the act of providing funds or financial services which are used, in whole or in part, for the manufacture, acquisition, possession, development, export, trans-shipment, brokering, transport, transfer, stockpiling or use of nuclear, chemical or biological weapons and their means of delivery and related materials (including both technologies and dual-use goods used for non-legitimate purposes), in contravention of national laws or, where applicable, international obligations.

As a member of the CFATF the TCI is subject to the CFATF’s ongoing programme of mutual evaluation of its members for the assessment of member country’s AML/CFT framework. The TCI also participates in bi-annual plenary meetings for technical representatives and annual ministerial meetings where AML/CFT policies and decisions are made at a regional level.