A team from the Financial Market Integrity Unit of the World Bank Group is in the Turks and Caicos Islands to assist in the completion of a National Risk Assessment on Money Laundering and Terrorist Financing.   The risk assessment process itself is organized, led and undertaken by the national Anti-Money Laundering Committee using the World Bank Group’s self-assessment methodology. The Hon. Attorney General Rhondalee Braithwaite Knowles OBE chairs the Anti-Money Laundering Committee.

The assessment aims to identify the primary money laundering and terrorist financing (ML/TF) risks in the country through a comprehensive analysis that will facilitate the making of comprehensive action plans to allow for a consistent approach to decrease the levels of risks,  and strengthen controls and supervisory oversight in each sector.  This will help allocate resources for the fight against money laundering and terrorism financing more effectively and efficiently, while meeting international standards as established by e.g., the Financial Action Task Force (FATF). 

The World Bank Group has assisted the Turks and Caicos Islands in understanding the underlying methodology and in the use of the tool. This way, the Turks and Caicos Islands will build the capacity to undertake future risk assessments with no or minimal external support. The self-assessment methodology supports collaboration between the different government agencies and private sector parties that are jointly responsible for the country’s anti-money laundering and counter terrorism financing efforts. The World Bank Group has supported over seventy (70) countries in performing their national risks assessments since 2010.

The Turks and Caicos Islands National Risk Assessment was launched during the first initial workshop which was held over the period October 21-23, 2014. This second and final workshop marks the end of the NRA project with around fifty stakeholders and representatives from both the public and private sectors from 26^th and 27^th June 2017 at the Blue Haven Resort Conference Room on Providenciales, Turks and Caicos Islands from 8am to 4:30pm daily with a half day closed policymakers’ workshop on 28^th June 2017.

Attorney General Rhondalee Braithwaite Knowles said “This exercise will provide an opportunity for the Turks and Caicos Islands to evaluate whether existing legislative and administrative arrangements are adequate and sufficient to address existing and emerging threats in line with international standards. The assessment will also assist the TCI, including financial sector stakeholders to apply a risk-based approach in their business practices.  We have had the support of both public and private sector stakeholders and are very grateful for their collaboration.”

For more information on the National Risk Assessment, please contact Khalila Astwood Principal Crown Counsel, International at the TCI Attorney General Chambers at This email address is being protected from spambots. You need JavaScript enabled to view it. or Paul Coleman Head of the Compliance Unit at the Turks and Caicos Financial Services Commission at: This email address is being protected from spambots. You need JavaScript enabled to view it.

ENDS

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NOTES FOR THE EDITOR

DISCLAIMER

The National ML/TF Risk Assessment of the Turks and Caicos Islands was conducted as a self-assessment by the Turks and Caicos Islands Authorities, using a methodology developed by the World Bank. Any findings from the assessment are those of the Turks and Caicos Islands authorities, and do not reflect any views of the World Bank Group.

1. What is the National Risk Assessment for Money Laundering and Terrorist Financing (ML/FT)?

The National Risk Assessment is an advisory package developed by the Financial Market Integrity Unit of the World Bank to assist countries in identifying and contending with their risks posed by money laundering and terrorism financing. It has been developed over the past five years as a result of its work with numerous countries on AML/CFT related issues.

The National Risk Assessment supports countries in conducting self-assessments through a systematic and organized process designed to address their specific challenges and needs. The World Bank offers the self-assessment tool, guidance, advisory services and help in undertaking assessments. The process involves the participation of the public and private sector and aims to build a durable mechanism to deal with on-going risks.

The self-assessment tool is developed based on recommended good practices and international standards, including those established by the Financial Action Task Force (FATF).

2. How does it operate?

The risk assessment is organized, led and owned by the country, ensuring the development of the country’s own capacity to undertake future risk assessments with none or minimal external support.

The World Bank Group provides a recommended process (which can be adapted according to country circumstances), the risk assessment tool, training on the tool, and guidance to contribute to the strength and reliability of the assessment.

Central to the NRA package is an Excel-based tool developed by the World Bank to identify the main money laundering and terrorism financing risks. It does this by examining the regulatory, institutional, and economic environment within the country.  It looks at the threats, i.e. the scale and patterns of the suspected illicit financial flows linked to crime and/or terrorism. The tool also examines the vulnerabilities i.e. the weaknesses or gaps in a country’s defenses against money laundering/terrorist financing. 

The World Bank’s guidance and advice includes assistance for countries in establishing a Working Group made up of experienced country-based practitioners from government and, as appropriate, private sector, which deal with the assessment and its outcomes. 

3. Where has the World Bank’s National risk assessment been carried out?

Following requests, the World Bank National risk assessment tool has been used by over 70 countries in Europe, the Caribbean, Latin America, Asia and Africa. Thirty of these risk assessment have been completed, while the rest are currently continuing.

The World Bank’s national risk assessment tool faces growing demand from new countries. Approximately 25 countries are discussing with the World Bank future use of the World Bank’s national risk assessment tool and training.

On Wednesday, July 20, 2016, in Grand Turk, Turks and Caicos Islands, Hon. Attorney General Rhondalee Braithwaite-Knowles announced four new senior legal appointments within the Attorney General’s Chambers.

Three new appointments as Principal Crown Counsel saw Mrs. Khalila Astwood-Tatem becoming the first Principal Crown Counsel with responsibility for International matters, Ms. Yaa McCartney as the Principal Crown Counsel with responsibility for commercial matters and Ms. Clemar Hippolyte taking the reins as Principal Crown Counsel with responsibility for litigation.

First, Mrs. Khalila Astwood-Tatem, a Grand Turk native, practiced for many years in the Bahamas, first as an Associate and then as a Partner at Evans & Co. Now, she returns home to the Turks and Caicos Islands Attorney General’s Chambers, where she became Senior Crown Counsel and then Principal Crown Counsel and lead on commercial matters. Through training and development opportunities, Mrs. Astwood-Tatem has gained quality experience and expertise in commercial law. These include; Development Agreements, land acquisition, public-private partnerships, company law, civil litigation and appeals, industrial relations and employment, probate and wills, real property and conveyancing, personal Injuries. Whilst also offering  legal advice/opinions on a wide spectrum of issues such as; constitutional and administrative law, international compliance, combatting anti-money laundering, and mutual legal assistance.  As lead in this new division on international initiatives which have an impact on domestic law, such as the Caribbean Financial Action Task Force (CFATF) and Exchange of information for Tax Purposes, Mrs. Astwood-Tatem’s experience make her best suited to take on responsibility for responding to international requests; advising on international conventions and agreements and advising on various issues which touch and concern international law and international relations.

Second, the daughter of the Turks and Caicos Islands’ sole national hero, Ms. Yaa McCartney has a legacy of public service.  Ms McCartney joined the Attorney General’s Chambers right out of law school and practiced first as a criminal prosecutor for many years prosecuting criminal trials and appeals in all courts in the Turks and Caicos Islands before rising to the level of Senior Crown Counsel conducting civil litigation before all of the courts and tribunals on behalf of the Government and statutory bodies as well as dealing with complex commercial agreements and advices.  Training and development opportunities have contributed to Ms. McCartney’s skills in the areas of criminal prosecutions, civil and commercial litigation, employment law, advice and opinion writing, and the drafting and negotiation of commercial agreements which will serve her well in her new role as lead on commercial matters.

Third, Ms. Clemar Hippolyte hails from St. Lucia where she worked first as an Associate at Larcher Barnard & Associates then McNamara & Company thereby gaining a wealth of experience in administrative law, employment law, judicial review, civil and commercial litigation, personal injury, commercial contract negotiation, opinions and mediation before joining the Attorney General’s Chambers as Senior Crown Counsel.  Ms. Hippolyte’s quality experience in litigation matters, especially before the Courts of the Turks and Caicos Islands is a particular asset in her new role.

Finally, as the new Deputy Attorney General, Dr. Michael Dillon is responsible for the management of the legal and administrative work flow within the Attorney General’s Chambers.  Dr. Michael Dillon originates from Dublin Ireland where he authored the first and leading textbook on the law of intoxication, Law of Intoxication as a defence to violent and non-violent offences as an exhaustive and practical analysis of the current law of Ireland, England and Wales, United States of America, Canada, Scotland, South Africa, Australia and New Zealand.

A practicing barrister appearing on a near daily basis before courts, tribunals and decision-makers for many years in Criminal and Civil litigation, Dr. Dillon brings to the Attorney General’s Chambers in the Turks and Caicos Islands, significant advisory experience involving opinion work.  He has expertise in criminal law especially involving any issue of intoxication or mental disorder, significant Judicial review experience, commercial law including franchise law and breach of confidentiality, mental health law, administrative law, professional negligence, financial services law, personal injuries, human rights and civil liberties, and constitutional law.

Dr. Dillon has worked in Ireland, the United States of America, England and Wales, and Australia.

In announcing these new appointments, the Attorney General said, “over the last few years we have made great progress in developing the professional staff, legal resources and better service delivery standards in the provision of quality legal work. The professional development of the Chambers continues to improve, along with a solid reputation of responsiveness to the legal needs of the public sector. As the Chambers continues to evolve, the skills of the professional staff in particular will be critical in managing our operational effectiveness.  These individuals bring to their new appointments the experience and expertise needed to meet the challenges of their new responsibilities through proven track records of quality legal expertise in practice, leadership, team building, financial and relationship management.  I am very pleased with the appointments of these new additions to our senior management team.”

CARIBBEAN FINANCIAL ACTON TASK FORCE
XLIV PLENARY NOVEMBER 2016
PROVIDENCIALES, TURKS AND CAICOS ISLANDS

This week, the Turks and Caicos Islands hosts for the first time, the Caribbean Financial Action Task Force (CFATF) XLIV Plenary and Working Groups Meetings at the Tropicana on Providenciales from 7-10thNovember 2016.

By way of background, the Turks and Caicos Islands was unanimously elected as Deputy Chair of the CFATF, the premier Anti-money laundering and combating terrorism financing regional compliance body, at its XLII Plenary in Port of Spain, Trinidad and Tobago on 24th November 2015. Hon. Attorney General Rhondalee Braithwaite Knowles holds that position as Attorney General and Prime Contact of the Turks and Caicos Islands. 

That election leads to the Turks and Caicos Islands becoming the Chair of the CFATF during this week's Plenary hosted by the Turks and Caicos Islands on Providenciales. The current chair of the CFATF is Trinidad and Tobago and that position is held by Trinidad and Tobago's Attorney General Hon. Faris Al Rawi. 

The CFATF is an FATF-style inter-governmental regional body for the Caribbean which plays a critical role in promoting compliance through monitoring and evaluating member states in an effort to achieve compliance with the FATF Recommendations. The FATF is the premier global inter-governmental organization that sets the standards for preventing money laundering, combatting terrorist financing and the financing of weapons proliferation (AML/CFT). Globally 180 jurisdictions have joined the FATF and FATF-style bodies. 

Compliance with the FATF internationally endorse standards protect the integrity of the global financial system by increasing the transparency of the financial system (making it easier to detect criminal activity) and give countries the capacity to successfully take action against money launderers and terrorist financiers. 

The benefits of compliance with the FATF standards include - 

1) securing a more transparent and stable financial system that is more attractive to foreign investors

2) ensuring that financial institutions are not vulnerable to infiltration or abuse by organized crime groups

3) building the capacity to fight terrorism and trace terrorist money

4) meeting binding international obligations and avoid the risk of sanctions or other actions by the international community

5) avoiding becoming a haven for criminals

The CFATF comprises 26 countries from South and Central America and the Caribbean, with a total population of approximately 80 million persons. These countries include Jamaica, the Bahamas, Venezuela, Bermuda, the Virgin Islands, Belize and the Cayman Islands. 

The Turks and Caicos Islands was last evaluated by the CFATF in 2008 and will be assessed again under the new FATF standards as to the effective implementation of the AML/CFT public sector and private sector systems in the first half of 2017. Work has begun on the completion of a National Risk Assessment within the Turks and Caicos Islands with public and private sector participation.

This week's meetings will primarily deal with the recent evaluation of Jamaica. About 175 delegates from regional governments and public bodies charged with monitoring compliance with AML/CFT matters have travelled to Providenciales to attend the Plenary and related meetings and events hosted by the Attorney General's Chambers partnering with the Ministry of Finance, the Customs department, the Ministry of Tourism, the Office of the Director of Public Prosecutions, the Financial Intelligence Agency, the Financial Services Commission, the Financial Industry Association, the Bar Council and the British Caribbean Bank.

The Plenary and meetings are held in closed sessions and are only open to registered delegates, however, there will be an Opening Ceremony open to invited guests and the media scheduled for 9am - 9:45am on Wednesday November 9, 2016 at the Tropicana, the Bight, Providenciales.

Braithwaite Knowles said "It is an honour to accept the Chairmanship of the CFATF on behalf of the Turks and Caicos Islands. This demonstrates the commitment and capacity of the Turks and Caicos Islands to transparency in our financial systems and to playing a key leadership role in regional efforts to achieve compliance with these important standards."

For further information, please contact by email: This email address is being protected from spambots. You need JavaScript enabled to view it.