Non Financial Business Overview

Designated Non Financial Businesses and Professions Overview

The fight against Money Laundering and Terrorist Financing

The continuing ability of the Turks and Caicos Islands Financial Services Industry to attract legitimate clients with funds and assets which are clean and untainted by criminality depends in large upon the Turks and Caicos Islands reputation as a sound, well regulated and supervised jurisdiction.

Over recent years financial institutions have become more experienced and proficient in identifying the introduction and subsequent use of illicit funds. Criminals, in response, are constantly looking at new ways to give the proceeds of their criminal activity an appearance of legitimacy.

Recent experience has shown that by virtue of their interface with the financial sector, the professions of Lawyers, Accountants and Real Estate Agents, are providing a further opportunity for criminals. These professions are being exploited with criminals and money launderers utilising the services involved particularly in the field of property and other financial transactions.

It is also well known that those businesses dealing in items of high value, such as jewellery, luxury cars, and boats are attractive to criminals as they become their prized possessions giving the appearance of legitimacy in the community in which they live.

In response to the changing landscape of money laundering and terrorist financing, inter-governmental and international standard setting organisations, notably the Financial Action Task Force (FATF) and the Caribbean FATF (CFATF) styled body have extended the scope of recommended international prevention measures.

FATF recommendations now include Anti-Money Laundering and Combating Terrorist Financing responsibilities to a group of businesses and professions collectively named as Designated Non Financial Businesses and Professions. (Referred to as DNFBP).

To maintain a well regulated Financial Services Industry the Turks and Caicos Islands Government has taken a further step to enhance its position globally. The Turks and Caicos Islands Proceeds of Crime Ordinance (POCO) and The Anti-Money Laundering and Prevention of Terrorism 2010 Regulations (The Regulations) have been amended in response to the FATF recommendations.

In the Turks and Caicos Islands DNFBPs encompass Lawyers, Accountants, Real Estate Agents and Dealers in High Value Goods. A more detailed definition is recorded in the Regulations.

The Turks and Caicos Islands Financial Services Commission as the Supervisory Authority

In accordance with Regulation 23 of the Regulations, The Commission has been appointed the sole supervisory authority of all DNFBPs for the purposes of Section 148F (2) of the POCO. The Regulations seek to reduce businesses’ vulnerability to being used for money laundeering or terrorist financing.

As the Supervisor, the Commission is required to:

• Establish and maintain a Register of all DNFBPs.
• Monitor compliance with the Regulations.
• Take appropriate enforcement action.

More information

Please contact: Head – Compliance Unit. Turks and Caicos Islands Financial Services Commission.

Telephone: (649) 946 5314 / 941 8311 Or by email at dnfbp@tcifsc.tc