OVERVIEW OF THE FIA
To identify perpetrators of money laundering, terrorist financing and connected crimes for dissemination to relevant authorities for further investigation.
That where it occurs, perpetrators of money laundering, terrorist financing and connected crimes are detected and brought to justice, ultimately becoming a deterrent to the commission of these offences in the Turks and Caicos Islands.
Professionalism – In interaction with work colleagues, public offices and the public.
Courtesy – Commitment to and work towards ensuring a harmonious work environment
Quality work and products – Pride in our work and product output
History of the Financial Intelligence Agency
The Financial Intelligence Agency (FIA) serves as the Financial Intelligence Unit (FIU) for the Turks and Caicos Islands (TCI) and is one of more than 150 FIUs making up the Egmont Group. The Egmont Group is an informal network of national FIUs which provides a platform for the secure exchange of expertise and financial intelligence to combat money laundering and terrorist financing (ML/TF). An FIU is a central, national authority responsible for receiving and, as permitted, requesting, analyzing and disseminating to competent authorities disclosures of financial information concerning suspected proceeds of crime and potential financing of terrorism or required by national legislation or regulation to combat money laundering and terrorism financing.
The Financial Intelligence Agency of the Turks and Caicos Islands, formerly called the Financial Intelligence Unit (FIU), was established as a statutory body with the commencement of the FIA Ordinance in October 2014. The FIA is responsible for the receipt, storage, analysis and dissemination of information related to Anti Money Laundering and Combating the Financing of Terrorism and connected crimes in observance of the Financial Action Task Force (FATF) international standards on combating money laundering and the financing of terrorism and proliferation.
The FIA previously existed within the operational structure of the Financial Crimes Unit (FCU) of the Royal Turks and Caicos Islands Police Force (RTCIPF) and shared the work space wherever the FCU was located, namely Williams Plaza on Old Airport Road, then in 2007 Traveler’s Rest, Francis Rigby Building on Airport Road and September 2012 Police Headquarters – B Division on Old Airport Road Providenciales. It was subsequently relocated to Cabot House Leeward Highway Providenciales in March 2014.
When was the FIU established in the Turks and Caicos Islands?
What is the FIA’s purpose?
- It is the national agency responsible for the receipt, analysis and dissemination of intelligence relating to Anti Money Laundering and Combating the Financing of Terrorism AML/CFT.
- TCI signatory to international conventions to prevent money laundering and terrorist financing.
- Protection of the Financial Systems – There are international sanctions and penalties for countries which do not have systems and procedures in place to deal with AML/CFT. This can affect our economy and ultimately our livelihoods.
What Type of FIU is FIA-TCI?
Formerly Administrative/Law enforcement hybrid meaning that the unit received, analysed and disseminated SAR/STRs in addition to the carrying out of criminal investigations arising from Money Laundering/ Terrorist Financing activities. Since the passage of the FIA Ordinance in June 2014 and its assent on 17th October 2014 the FIU, now called the Financial Intelligence Agency of the Turks and Caicos Islands (FIA-TCI) was established as a Statutory, independent, Administrative FIU governed by a Board of Directors.
Why is it necessary to have a FIU?
To comply with international standards, particularly the Financial Action Task Force – FATF 40 recommendations.
The FATF Recommendations set out a comprehensive and consistent framework of measures which countries should implement to combat money laundering and terrorist financing, as well as the financing of proliferation of weapons of mass destruction. Countries have diverse legal, administrative and operational frameworks and different financial systems, and so cannot all take identical measures to counter these threats. The FATF Recommendations, therefore, set an international standard, which countries should implement through measures adapted to their particular circumstances. The FATF Standards comprise the Recommendations themselves and their Interpretive Notes, together with the applicable definitions in the Glossary. Taken from the FATF website on 30/01/2015 https://www.fatf-gafi.org/topics/fatfrecommendations/documents/fatf-recommendations.html
What laws are relevant to the FIA?
- Proceeds of Crime Ordinance 2007
- Financial Intelligence Agency Ordinance 2014
- Proceeds of Crime (Amendment) Ordinance 2014
- Prevention of Terrorism Ordinance 2014
There are also Codes, Regulations and Guidelines namely the:
- Anti-Money laundering and Prevention of Terrorist Financing Regulations 2010
- Anti-Money laundering and Prevention of Terrorist Financing Code 2011,
- Non-Profit Organisations Regulations 2013.
What else does the FIA do?
- Outreach and Awareness to reporting entities
- Active participation in regional and International bodies regarding AML/CFT.
What are some of the jobs/ roles of staff in the FIA?
- Information Technology (IT)
- Intelligence Gathering
Heads of FIA-TCI (Past and Present):
Inspector Dwayne Baker – Director of FIA (17/08/2014 – Present)
Acting Inspector Dwayne Baker – Officer in Charge of FIU (22/09/2012 – 16/08/2014)
Inspector Willin Belliard – Head of FIU (08/2011 – 21/09/2012)
Inspector Kenville Charles – Head of FCU/ FIU (03/2010 – 08/2011)
Assistant Superintendent Mark Knighton – Head of FCU/FIU (2007 – 2011)