TCI ISSUES NATIONAL ANTI-MONEY LAUNDERING AND COMBATING TERRORIST FINANCING AND PROLIFERATION FINANCING STRATEGY 2021-2023
The Turks and Caicos Islands has released its updated National Anti-Money Laundering and Combating Terrorist Financing and Proliferation Financing Strategy 2021-2023 (“National Strategy 2021-2023“) setting out the main objectives which will be undertaken by the Government in collaboration with other stakeholders in order to improve the TCI’s AML/CFT/CPT regime and ensure that it continues to align with the Financial Action Task Force (FATF) recommendations.
The National Strategy 2021-2023 builds upon the National Strategy 2018 taking into account threats and risks identified in the 2017 National Risk Assessment, the deficiencies noted in the MER and the Anit-Money Laundering Committee's Strategic Plan 2020-2023. The National Strategy 2021-2023 sets out goals which embodies the actions necessary to achieve the Anti-Money Laundering Committee’s strategic priorities. The actions within each goal are assigned to specific agencies to develop and implement with a lead agency being identified in each case.
The National AML/CFT Strategy is a two-year framework document for use by private and public sector stakeholders to implement effective measures to combat risks to the financial sector.
Announcing the release of the National Strategy 2021-2023, chair of the national Anti-Money Laundering Committee, Attorney General, Hon. Rhondalee Braithwaite Knowles OBE QC said: “The ultimate goal of the Anti-Money Laundering Committee in producing this updated National Strategy is to supplement the Anti-Money Laundering Committee's strategic plan and provide a guide to the stakeholders as they implement the actions required to advance the Turks and Caicos Islands as a secure and well-regulated international financial center which is effective in mitigating against money laundering, terrorist financing and proliferation financing. Through these goals and supporting actions the Anti-Money Laundering Committee will ensure that the measures, systems and processes to combat Money Laundering, Terrorist Financing and Proliferation Financing are robust and effective and that the legislative and regulatory infrastructure of the Turks and Caicos Islands’ financial services sector is fully implemented..”
For more information on the National Anti-Money Laundering and Combating Terrorist Financing and Proliferation Strategy 2021-2023, please contact the TCI Attorney General Chambers at:
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