AML/CTF
TCI AML/CFT National Risk Assessment
The Turks and Caicos Islands released its first Money Laundering and Terrorist Financing National Risk Assessment (NRA) in October 2017.
The objective of the TCI National Risk Assessment was to create a comprehensive and evidence-based understanding of the money laundering and terrorist financing risks faced by the jurisdiction. This information was to be used by private and public sector stakeholders to implement effective measures to combat those risks
The Cabinet approved the National Risk Assessment Report in August 2017. The risk rating for each sector is provided below.
|
Sector |
Risk Rating |
|
Banking |
Medium High |
|
Corporate Service Providers |
Medium High |
|
Independent Legal Professionals |
Medium High |
|
Trust Company |
Medium High |
|
Investments |
Medium |
|
Real Estate |
Medium |
|
Money Services Business |
Medium |
|
Accountants |
Medium |
|
High Value Dealers |
Medium |
|
International Insurance |
Medium Low |
|
Domestic Insurance |
Low |
The NRA and the National AML/CFT Strategy 2018 – 2019 can be accessed via the links below:
- The TCI AML/CFT National Risk Assessment Report
- National Anti-Money Laundering and Combating the Financing Terrorist Strategy 2018 – 2019
The TCI is preparing to update its 2017 NRA in 2022.